We break down the best personal loan consolidation options for 2024 — from credit-card-focused lenders to small-business microloans — with APR ranges, loan amounts, and direct-payment features so you can simplify your debt into one manageable payment.
if you're juggling multiple credit cards or loans with different due dates and interest rates, a debt consolidation loan can simplify your finances — and potentially save you money. the idea is straightforward: borrow a single lump sum at a lower rate, pay off your existing debts, and then make one monthly payment going forward.1
consolidation works best when you can qualify for a rate lower than what you're currently paying. most lenders require good to excellent credit for their best rates, but there are options for fair credit too.1
here are our top picks for personal loan consolidation right now.
happy money (formerly payoff) is built specifically for people looking to pay off credit card debt. it offers instant pre-qualification with a soft credit check, so you can see your rate without hurting your score. a standout feature is the ability to pay your creditors directly — happy money sends the funds straight to your card issuers, removing the temptation to spend the loan proceeds elsewhere.
lendingclub is one of the most established names in personal lending. it connects borrowers with investors, which can mean competitive rates for qualified applicants. like happy money, lendingclub offers direct payment to creditors, making the consolidation process seamless. funding is typically fast — often within a few days of approval.
if your credit is less-than-perfect or you're a small business owner, an sba microloan is worth considering. these are smaller loans (up to $50,000) offered through nonprofit intermediaries, and they often come with lower interest rates than traditional personal loans. they're not instant — the application process takes longer — but they can be a lifeline if you're struggling to qualify elsewhere.
| lender | apr range | loan amounts | direct payment |
|---|---|---|---|
| happy money | 7.99% – 29.99% | $5k – $40k | yes |
| lendingclub | 8.98% – 35.89% | $1k – $40k | yes |
| sba microloans | ~8% – 13% | up to $50k | no |
not sure which consolidation tool is right for you? here's a quick guide:
for most people, a personal loan is the safest middle ground: fixed payments, no collateral required, and no ticking clock on a promotional rate.
debt consolidation isn't magic — it's a tool. the real win comes when you stop adding new debt and let the lower interest rate do its work. whichever lender you choose, make sure you understand the apr, any origination fees, and the repayment term before signing.
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