Best Debt Consolidation Loans in December 2023

To get a loan from Upstart, you must be a citizen or permanent resident living in the U.S. You must have a current full-time job, a full-time job that starts within six months or another source of income.

Prosper is a peer-to-peer lender that connects borrowers with investors. It offers a fast, easy, online process that lets you prequalify for offers before you submit a full application. You’ll get a fixed interest rate that won’t change over the life of your loan, but you may have to pay an origination fee ranging from 1.00% - 7.99%. Read our full Prosper review.

LightStream emerges as the winner in several important categories. It offers one of the lowest APRs at the time of writing, with rates starting at just 7.49%. Plus, it offers large-amount loans up to $100,000 and gives you a maximum of 144 months to pay them off. However, LightStream does not offer the opportunity to get preapproved for a loan. Read our full LightStream review.

If you’re looking for a large debt consolidation loan, Wells Fargo might be able to help. It offers loans up to $100,000 and repayment terms as long as 12 to 84 months.

Wells Fargo loans don’t include any types of fees, such as origination fees, late fees and prepayment penalties. You can use its online calculator to get an idea of what repayment would look like. On top of that, consumers may receive a loan approval as quickly as one business day. Read our full Wells Fargo review.

Upgrade is another online lender that provides debt consolidation loans up to $50,000. It also offers a relatively long repayment term of up to 84 months, but there’s no penalty for paying off your loan earlier. However, you may have to pay an origination fee (1.85% - 9.99%), and you may have to pay a late fee if you’re more than 15 days behind. Read our full Upgrade review.

SoFi offers some of the largest loan amounts and longest repayment terms on this list of debt consolidation loan companies. You may be able to borrow up to $100,000 and choose a repayment term of up to 24 to 84 months. Plus, you don’t have to worry about being required to pay fees, including an origination fee, on your loan. Read our full SoFi review.

Unlike some other loan companies, Best Egg makes its credit score requirements explicit: You must have a score of at least 600 to take out a loan. Assuming you can meet this and other requirements, you could score an APR as low as 8.99% and may be able to borrow up to $50,000. Best Egg says borrowers with a credit score of at least 700 and a minimum individual annual income of $100,000 can get their lowest APR. Read our full Best Egg review.

Achieve is another lender worth exploring if you’re looking to borrow more than $5,000. Its loans come with an origination fee between 1.99% - 6.99%, and you can choose a repayment term of 24 to 60 months. Achieve also offers a quick funding timeline with consumers receiving their personal loan funds in as little as 48 hours after they are approved.

There are many ways to receive interest rate discounts from Achieve. You can add a qualified co-borrower with sufficient income, pay off qualifying existing debt with at least 50% of your Achieve debt consolidation loan, and prove you have significant retirement savings to earn a lower APR. Read our full Achieve review.

Avant offers personal loans for debt consolidation between $2,000 and $35,000, which you can pay off over the course of 12 to 60 months. Two potential downsides to consider: You might have to pay an origination fee of Up to 4.75%, and you likely can’t apply with a cosigner, which could make it difficult for some consumers with low credit scores to qualify. Read our full Avant review.

Happy Money is a solid option for borrowers with less-than-perfect credit since it specifies a relatively low credit score requirement of 640. With this lender, you can borrow up to $40,000 and pay it off over a maximum period of 60 months. Note that a personal loan through Happy Money can only be used for credit card consolidation. Read our full Happy Money review.

Reach Financial offers personal loans specifically for debt consolidation and credit card refinancing. This lender’s 24-hour funding timeline and perk of supplying free access to your monthly credit score makes it a strong contender for consumers looking to pay off their current debts.

If you take out a Reach Financial personal loan, you may have to pay an origination fee (0% to 8%) of your loan amount. This lender’s rates can also get as high as 35.99%. Reach’s limited loan use may not be a good fit for some consumers. Read our full Reach Financial review.