Debt Consolidation Loans

A debt consolidation loan is a personal loan used to combine multiple debts—such as credit card balances, medical bills, or other loans—into a single monthly payment. This often comes with a lower interest rate than your existing debts, helping you save money and simplify your finances.

You can consolidate most types of unsecured debt, including credit card balances, medical bills, store credit accounts, other personal loans, and payday loans. However, secured debts like mortgages and auto loans typically cannot be consolidated with a personal loan.

Initially, there may be a small, temporary impact when the lender performs a hard credit inquiry. However, debt consolidation often improves your credit score over time. Paying off credit cards lowers your credit utilization ratio, and making consistent payments builds a positive payment history.

Debt consolidation may be a good option if: you have multiple high-interest debts, you're struggling to keep track of multiple payments, you can qualify for a lower interest rate than your current debts, and you're committed to not accumulating new debt. Use our calculator to see potential savings.

Upgrade Lender offers debt consolidation loans from $500 to $5,000. The amount you qualify for depends on factors like your credit score, income, and debt-to-income ratio. We recommend borrowing only what you need to pay off your existing debts.

Our APR ranges from 9.99% to 35.99%, depending on your creditworthiness. Many borrowers with good credit qualify for rates significantly lower than typical credit card rates (which often exceed 20%). Check your rate with no impact to your credit score.

You can check your rate in about 2 minutes with no credit impact. If approved, completing the full application takes 5-10 minutes. Once approved, funds are typically deposited within 1-3 business days, so you can start paying off your debts quickly.