How consolidation works
A single loan pays off eligible credit cards or personal loans. You then make one fixed monthly payment instead of managing several revolving balances.
Personal loans
Trade revolving balances for one clear finish line.
A consolidation loan can replace multiple unsecured balances with one fixed-rate payment and payoff date—if the rate and term actually improve your situation.
What determines your rate
Approval, APR, amount, and term depend on creditworthiness, verified income, requested amount, and underwriting. Advertised rates are not guaranteed.
What you gain
A fixed payoff date, one due date, and the potential for lower interest. Your credit may improve as revolving utilization falls, provided you pay on time and avoid rebuilding card balances.
When a loan is not the answer
If the approved APR is too high, the payment is unaffordable, or hardship makes qualification unlikely, adding new debt may not solve the underlying problem.
See your numbers clearly