7 Personal Loan Companies That Help You Pay Off Debt Quickly

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Do you sometimes feel like you’re not making progress on your debt? There’s probably a reason for that: A good chunk of each monthly payment goes toward interest.

If you want to get off the debt treadmill, one strategy is to consolidate your credit cards into a single payment. Personal loan companies can help you lower your interest rate, ensuring more of your monthly payment goes toward reducing your principal. You get out of debt faster and save money doing it.

Best personal loan companies to help you pay off debt

As you research debt consolidation companies, it’s important to look at the terms and determine what will work best for you.

“You’ll have more choices for favorable loan terms when you have good credit and income,” said Tom Drake, a financial analyst and the founder of MapleMoney. “You’ll have a better chance at the lowest interest rate when you prove that you aren’t a default risk.”

Here are seven personal loan companies that offer favorable rates for well-qualified borrowers.

1. LendingTree – Start Shopping Here

LendingTree helps you compare personal loans from multiple lenders at once, including the lenders below. With LendingTree’s online form, you can receive offers from up to 5 different lenders and there will only be a soft pull on your credit, meaning that your score won’t be negatively impacted. We recommend that you start here and comparison shop between lenders in order to get the best rates on your loan. (Note: Student Loan Hero is owned by LendingTree)

See Personalized Rates

2. Citizens Bank

Citizens Bank can be a great choice because it offers competitive rates and charges no fees for debt consolidation. You also can choose from a variety of loan terms and rates. However, this personal lender has the highest minimum credit score requirement on our list.

  • Minimum FICO score: 680
  • Minimum annual income: $24,000
  • Loan amounts: $5,000 to $50,000
  • Loan terms: three, four, five, six, and seven years
  • Interest rates: fixed plus a 0.25% discount for existing Citizens Bank customers and an additional 0.25% discount for autopay
  • Credit check: soft pull for rate estimates
  • Fees: no origination, application, or prepayment fees for debt consolidation loans

Get rates from Citizens Bank and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

3. SoFi

The main advantage of SoFi is the fact that it’s the only personal loan company on this list that allows you to borrow up to $100,000 for debt consolidation. Additionally, SoFi doesn’t have a minimum FICO requirement, which makes it the best way to consolidate debt with bad credit. The minimum annual income is on the high side to make up for it, however.

  • Minimum FICO score: Good or excellent
  • Minimum annual income: $50,000
  • Loan amounts: $5,000 to $100,000
  • Loan terms: three, five, and seven years
  • Interest rates: fixed and variable plus a 0.25% discount for setting up autopay
  • Credit check: soft pull for instant rate quotes
  • Fees: no origination or prepayment fees for debt consolidation loans
  • Hardship program: unemployment program to pause payments temporarily after job loss

Get rates from SoFi and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

4. Earnest

Earnest has a minimum credit score requirement, but it also has a flexible underwriting program that can take into account special circumstances. There’s no income requirement, so Earnest loans can be useful for entrepreneurs.

  • Minimum FICO score: 660
  • Minimum annual income: N/A
  • Loan amounts: $2,000 to $50,000
  • Loan terms: one, two and three years
  • Interest rates: fixed
  • Credit check: soft pull for rate estimates
  • Fees: no origination, application, or prepayment fees on personal loans

Get rates from Earnest and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

5. Payoff

Payoff is a personal loan company that offers loans specifically aimed at consolidating or refinancing your credit card balances. However, the maximum loan amount is on the low end for our list. If you have a smaller amount of debt to consolidate, Payoff might work for you.

  • Minimum FICO score: 640
  • Minimum annual income: N/A
  • Loan amounts: $5,000 to $35,000
  • Loan terms: two, three, four, and five years
  • Interest rates: fixed rate for debt consolidation loans
  • Credit check: soft pull for personal loan rate estimates
  • Fees: origination fee of 2% to 5%, depending on the term

Get rates from Payoff and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

6. Upstart

With a low annual income requirement and a low credit score minimum, Upstart is one of the easiest personal loan companies to qualify for. Plus, Upstart uses alternative items — including work history, education, and earning potential — to supplement your credit profile.

  • Minimum FICO score: 620
  • Minimum annual income: $12,000
  • Loan amounts: $1,000 to $50,000
  • Loan terms: three and five years
  • Interest rates: fixed
  • Credit check: soft pull for rate estimates
  • Fees: origination fee of 1% to 8%

Get rates from Upstart and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

7. LendingClub

LendingClub offers you the chance to use its peer-to-peer lending platform. LendingClub’s eligibility requirements are flexible, and you might be able to get a personal loan when more traditional lenders aren’t willing to look at your situation.

  • Minimum FICO score: 600
  • Minimum annual income: N/A
  • Loan amounts: $1,000 to $40,000
  • Loan terms: three and five years
  • Interest rates: fixed
  • Credit check: soft pull to get a rate estimate
  • Fees: origination fee of 1% to 6%

Get rates from LendingClub and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

Pros and cons of debt consolidation programs

Before you decide to get a loan with one of these debt consolidation companies, it’s important to know what you’re getting into. Debt consolidation can be an effective tool — but only if you’re careful.

Advantages of debt consolidation

The biggest advantage of using a personal loan to pay off your high-interest debt is the fact that you can save money in the long run.

“Credit cards are known for having high interest rates,” said Harlan Landes, a consumer finance expert. “If you can get a lower rate with a personal loan, it could mean a savings of thousands of dollars.”

Using our credit card consolidation calculator, you can see how it’s possible to save more than $7,000 by consolidating to a five-year loan with an interest rate of 8.99%.

Not only are you saving a good chunk of change, but your monthly payment is also lower, resulting in better monthly cash flow. A four-year consolidation loan would keep your monthly payment roughly the same but save you $8,000 in interest and get you out of debt sooner.

Debt consolidation also streamlines your debt management approach. Instead of making several payments each month, you have to make only one.

“If you’re having trouble keeping track of your payments and things are falling through the cracks, a debt consolidation loan can simplify your finances,” said Landes. “Plus, the potential for improved monthly cash flow frees your budget a bit, giving you breathing room and more confidence.”

The risk of debt consolidation loans

“The biggest downside with a consolidation loan is the fact that you could wind up in even more debt if you aren’t careful,” said Drake. “Once you get that personal loan and pay off your credit cards, suddenly you have all this new credit available. It can be tempting.”

It’s not always easy to avoid this temptation, but it’s possible. Start by tracking your spending to see where you can cut back on unnecessary expenses. Then, make sure you have the money in hand before you spend on other items. Shift your mindset to one of saving for what you want to buy. Begin putting a small amount of money aside each week to get used to the idea.

Landes agreed. “Before you consolidate your debt with a personal loan, make sure you change your approach to money,” he said. “Make sure you stop debt spending. Put your credit cards on ice or cut them up if you think you’ll turn around and rack up more debt.”

Change your financial habits before consolidating debt

Landes pointed out that even though it can be disheartening to be in debt, it’s more of a symptom than the actual problem. When you find the underlying cause of your debt, you can focus on fixing that issue. Eventually, the debt will disappear as you take steps to change your financial habits.

Make it a point to cut out some of your expenses or earn more money — or both. Look for ways to ensure that you aren’t spending money on things that don’t matter to you. Once you have your budget under control, you can feel more confident about getting a personal loan to consolidate your debt.

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Forget filling out tons of forms. Finding your best personal loan rate is now easier than ever.

Disclaimer: Student Loan Hero is a subsidiary of LendingTree.
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Lendingtree allows you to compare rates from multiple lenders by filling out one easy form. Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print to help you understand what you are buying. Be sure to consult with a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time.

RATES (APR)loan amount
5.47% – 17.67%1 $5,000 to $100,000
5.59% – 35.99% $1,000 to $50,000
7.99% – 35.89%* $1,000 to $50,000
5.99% – 24.99%3 $5,000 to $35,000
5.99% – 29.99%4 $7,500 to $40,000
4.99% – 23.99% $3,500 to $55,000
compare rates on Lendingtree now
Disclaimer: Student Loan Hero is a subsidiary of LendingTree
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 17.67% APR (with AutoPay). Variable rates from 5.47% APR to 14.700% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.60% APR assumes current 1-month LIBOR rate of 2.27% plus 3.08% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  6. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.

 Important Disclosures for Citizen.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%- 18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
     
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.