Consumer Advisory: APR Rates Range From 5.99% to 35.99% Maximum APR for qualified consumers
Overwhelmed By Debt? Find A Consolidation Loan That Works For You
Combine multiple debts into one loan with a lower rate and fixed terms, so you know what you owe and when it's due.
About Debt Consolidation
Everything you need to know before consolidating your debts into a single, manageable payment.
What Can You Consolidate
A debt consolidation loan combines multiple debts, including credit cards, medical bills, personal or unsecured loans, into a single, predictable payment. The result is fewer due dates, potential interest savings, and a clearer path to progress. Common debts you can consolidate include credit card balances, medical bills, payday loans, store or retail credit cards, personal loans, and utility or service bills. Instead of juggling multiple payments with different due dates and interest rates, you make one fixed payment each month toward a single loan.
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Complete a short online request with your basic information. We'll review your details and look for a suitable lending option.
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If you accept the offer, you'll complete the final steps with the lending partner and receive your funds directly to your account.
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A quick eligibility check
Simple requirements to help determine whether this option works for you.
- Are 18 years or older
- Are looking for a short-term loan between $250 and $3,000
- Need funds for short-term personal expenses
- Have an active bank account
- Are currently employed or have a regular source of income
- Are looking to repay over 3 to 36 months
Debt Consolidation Guide
A practical breakdown of how debt consolidation works and how to get the best terms.
Debt consolidation is the process of taking out a single new loan to pay off multiple existing debts. Instead of making separate payments to several creditors each month, you make one payment to one lender. The goal is to secure a lower overall interest rate, reduce your monthly payment, or both. Consolidation works best when your new loan carries a lower APR than the weighted average of your existing debts. This is especially effective for credit card debt, where rates often exceed 20% APR.
Debt consolidation loans typically carry APRs between 6% and 36%, depending on your credit score, income, and the amount you need to borrow. If you are currently paying 20% to 25% on credit cards, consolidating at 12% to 15% can save you hundreds or thousands in interest over the life of the loan. For example, consolidating $10,000 in credit card debt from 24% APR to 13% APR over 48 months saves you approximately $3,000 in total interest while giving you a fixed monthly payment and a clear payoff date.
Lenders evaluate your credit score, income, debt-to-income ratio, and employment stability when considering your consolidation application. A credit score above 670 typically qualifies you for competitive rates, but many lenders work with borrowers across all credit ranges. Your debt-to-income ratio, which measures how much of your monthly income goes toward debt payments, is a key factor. A ratio below 40% is generally favorable. Stable employment or consistent income from any source strengthens your application.
Most debt consolidation loans are unsecured, meaning no collateral is required. You are not putting your home, car, or any other asset at risk. The trade-off is a slightly higher interest rate compared to secured options. Secured consolidation loans, such as home equity loans or lines of credit, offer lower rates but require you to pledge an asset. If you default on a secured loan, the lender can claim that asset. Choose unsecured consolidation unless you are confident in your repayment plan and want the lowest possible rate.
The biggest mistake borrowers make after consolidating is continuing to use the credit cards they just paid off. This creates a situation where you have both the consolidation loan payment and new credit card balances, putting you deeper in debt than when you started. To avoid this, consider closing or freezing the accounts you paid off, or at minimum, commit to not charging anything new until the consolidation loan is fully repaid. Also avoid extending your repayment term so far that you end up paying more total interest despite the lower rate.
Covero lets you compare debt consolidation offers from multiple lenders with a single application. There is no commitment and no obligation. Instead of going directly to one lender and accepting whatever terms they offer, you see competing offers side by side so you can choose the lowest rates and best repayment terms available to you. Our platform connects you with trusted lending partners, and your personal information is protected with bank-level SSL encryption.
Learn More About Debt Consolidation
Find answers to the most common debt consolidation questions so you can move forward with confidence
Request FundsNo, checking your rate will not affect your credit score. We use a soft credit inquiry, which lets you explore your loan options without any impact on your credit. A hard inquiry only occurs if you choose to accept a loan offer and proceed with the full application.
You can consolidate a wide range of debts, including credit card balances, medical bills, payday loans, store or retail credit cards, personal loans, and utility or service bills. Debt consolidation allows you to combine multiple payments into a single loan with one monthly payment, often with a lower interest rate and clearer payoff timeline.
Yes. Many of our lending partners work with borrowers who have fair or poor credit. While your credit score may influence your rate or loan amount, we match you with lenders based on your overall financial profile, not just your score. Factors like income stability and debt-to-income ratio also play an important role.
Funding speed depends on the lender you choose. In most cases, once you are approved and accept a loan offer, funds are deposited by the next business day. Some lenders may take 2 to 3 business days, depending on processing times and your bank.
Your savings depend on your current interest rates, the consolidation loan rate you qualify for, and your loan term. Borrowers who consolidate high-interest credit card debt into a lower-rate personal loan commonly save hundreds to thousands of dollars in interest over the life of the loan. Comparing multiple offers through Covero helps you find the most competitive rate.
Debt consolidation loan amounts typically range from $1,000 to $50,000, depending on the lender and your financial profile. The amount you qualify for is based on your credit score, income, existing debt, and the lender's individual criteria. Through Covero, you can see what multiple lenders are willing to offer for your specific situation.
Covero acts as a comparison platform. You fill out one simple application and receive offers from multiple competing lenders. Instead of applying to lenders one by one and risking multiple inquiries, you can compare rates, fees, and terms side by side in one place. There is no obligation to accept any offer, and your personal data is protected with bank-level SSL encryption throughout the process.
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