Best Debt Consolidation Loans of 2022 Reviewed and Compared
Best Debt Consolidation Loans of 2022 Reviewed and Compared

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If you happen to be in urgent need of a personal loan to consolidate credit card debt or any other active loan, don’t panic.

Your choice of debt consolidation loan lenders is vital in this situation, so make sure you take your time and find your best option.

This article showcases the top online lenders such as MoneyMutual, offering debt relief services. It’s based on in-depth research of the current market and aims for the best terms, competitive interest rates, and low minimum credit score requirement.

After ranking dozens of personal loan companies based on strict criteria, we can say the best option is MoneyMutual, a company that has served over 2,000,000 people, granting easy $5,000 personal loans with no origination fees.

But let’s take it slowly and kick things off with a rundown of 10 best personal loans for debt consolidation.

Best Personal Loans for Debt Consolidation:

1. MoneyMutual: Best Debt Consolidation Loan Overall


  • $5,000 loans
  • 5-minute application, 2-minute approval
  • Money in bank account the next day
  • No origination fee
  • 2m+ users


  • Not available in 3 states in the US

APR: 5.99% to 35.99%

Loan terms: 3 to 72 months

Loan amount: $100 to $5,000

MoneyMutual has served over 2,000,000 people, and we can see why. This platform offers the best personal loans for debt consolidation, with fair terms and no origination fees.

You’re welcome aboard if your credit score is subpar, with loans ranging from just $100 to $5,000. MoneyMutual is a member of the CFEF and the Online Lenders Alliance.

If you have a good credit score, however, you’ll receive better interest rates for any loan over $1,000. On the downside, MoneyMutual is geo-restricted to users from NY, CT, and IL. It works like a charm in the rest of the US, of course.

No origination fee is charged, while the exact interest rates vary between lenders. In most cases, you will stay in that 6% to 36% range.

The loan application process couldn’t be easier. The platform asks no fluff questions and only requires the basic info. If you come prepared with all the standard documents – your ID, SSN, etc. – you’ll wrap everything up in 5 minutes tops.

Once you submit the personal loan application, you’ll be connected to a lender in 2 minutes – yes, that’s 120 seconds!

If you decide to accept the offer, the loan funds will be in your bank account within 1 business day. You can still decline the offer if you think you can get a better one. In that case, simply start the application process again and wait for a new match.

If you have any questions about the loan proceeds, the company, or anything else, you can contact the support team over email or phone. MoneyMutual is active on social media if you want to get a public discussion going.

But before you reach out, we think it’s best to check the FAQ library. It’s easy to navigate and packed with helpful answers to questions users genuinely ask. Overall, MoneyMutual is on par with even the best Egg Personal Loan or industry giants like Marcus By Goldman Sachs.

Check out the best debt consolidation loans at MoneyMutual

2. CashUSA: Good Debt Consolidation Loans for Smaller Amount


  • Loans up to $10,000
  • 6 years to pay the loan back
  • 0 origination fee
  • Fair interest rates
  • Fast loan delivery


  • Higher minimum credit score requirement
  • Could use a revamp

APR: 5.99% to 35.99%

Loan terms: 3-72 months repayment time

Loan amount: $500 to $10,000

In case the $5,000 loan amount MoneyMutual offers is not enough, we have your back. CashUSA steps in with $10,000 loans while keeping the terms fair and sticking to soft credit checks.

You can repay the loan amount you opt for in just 3 months, or take it slow and return the money in 6 years. The minimum loan users can take out is $500, meaning that CashUSA isn’t the best option for smaller loans.

No origination fee here, and you can expect the agreed personal loan in your account within 24 hours, or no more than one business day.

The interest rates vary between 5.99 and 35.99 percent based on your credit history and other terms.

The site looks dated, yes, but it operates swiftly. We detected zero lag in our tests, and loading times are fast. More importantly, the platform is SSL encrypted and safe to use.

Application takes up to 10 minutes to complete and then another 5 minutes for approval.

You can communicate with the CashUSA support staff using email or a dedicated phone line. The site’s representatives are polite and well-versed in all topics related to debt consolidation loans—no robotic auto-replies, too, at least in our experience.

If you need a $10,000 personal loan, head over to CashUSA

3. BadCreditLoans: Best Debt Consolidation Loan for Bad Credit


  • Personal loans with credit score below 500
  • Loan amounts up to $10,000
  • Zero collateral needed
  • Fair interest rate


  • Not BBB accredited
  • Can’t take out more than $1,000 with under-500 credit

APR: 5.99% to 35.99% 

Loan terms: 3 to 72 months

Loan amount: $500 to $10,000

The name says it all. BadCreditLoans is the best option if your credit score is not good – below 500, to be exact.

And surprisingly enough, interest rates remain fair in the 5.99% to 35.99% range. However, there’s a bit of a catch; if your credit score is indeed below 500, the maximum bad credit loan amount you can take out is $1,000. 

Still better than 0 you can get at most other online lenders, right?

If your credit history is better, you can take out loans up to $10,000. The minimum available amount is $500.

Note that while this company has no BBB accreditation, it requires zero collateral. The platform looks sleek and modern, and it’s a breeze to navigate.

The application process won’t take more than 10 minutes of your time, and the approval mostly takes just 2 minutes.

BadCreditLoans offers customer service over the phone. The agents are knowledgeable and professional.

Check out BadCreditLoans

4. PersonalLoans: Best for Bigger Personal Loans


  • $35,000 loans
  • You get the loan funds in 1 business day
  • Various lenders available
  • Top-notch design


  • Origination fee included
  • Loans under $1,000 are not available

APR: 5.99% to 35.99%

Loan terms: 3 to 72 months

Loan amount: $1,000 to $35,000

If your need for a debt consolidation loan goes beyond not only $5,000, but $10,000, our top recommendation is PersonalLoans.

This site offers a vast network of personal loan lenders, offers unsecured personal loans, and allows you to cover credit card debt through a surprisingly easy application process.

The minimum personal loans the company offers are $1,000, meaning that this is not the site to check if you need small loans. We also don’t like the origination fee included in the package.

Zero collateral is required, and you can pay your loan back in just 3 months if you want. In case you need more time, no problem, because the repayment time goes up to 6 years.

The personal loan application process starts right on the front page and takes around 15 minutes from start to finish.

The design is modern, the platform is safe and encrypted, and the payout time is one business day after the loan is approved.

Customer support is on par with the best debt consolidation loan providers out there. The site has a solid selection of resources, and we really like the APR example table that shows you what to expect from personal loan providers.

Speaking of which, the interest rates are in that 5.99% to 35.99% range we aimed for.

PersonalLoans offers loans up to $35k at fair terms

5. FundsJoy: Easiest Personal Loan Approval


  • Effortless application process
  • No origination fee
  • Swift loan approvals
  • Loans up to $5,000


  • Lacking phone customer service

APR: From 4.99%

Loan terms: Up to 96 months

Loan amount: $200 to $5,000

We are yet to encounter an easier-to-use site for consolidation loans than FundsJoy. This website is smooth, neatly organized, modern, with clearly displayed T&Cs across the board.

At FundsJoy, you are at no risk of encountering nasty surprises like hidden fees in the fine print.

You can take out loans anywhere from $200 to $5k, which is the standard among personal loan lenders online these days.

Interest rates start at just 4.99% but go way up to 450% in some cases. The lenders can be surprisingly flexible, which is another plus.

The platform is sleek and elegant but still full of useful resources in the dedicated section. If you’re not too technically proficient, don’t worry. The application has been streamlined to a T, so every step is clear as day with no confusion. This is vital because you will feel more confident about using the site and ultimately taking out a loan.

During the application process, FundsJoy will require you to present your routing number, state ID card, and a few other usual documents. As usual, we recommend coming prepared to make the process fast and smooth.

But even if you’re not prepared and encounter a problem along the way, don’t fret because the FundsJoy customer service is ready to take your question via email. The replies are fairly fast and usually don’t require more than 24 hours.

We would still appreciate a dedicated customer support phone line for immediate communication. The FAQ library is solid, and we recommend checking it out before contacting the support agents.

Check out FundsJoy for easy loans

6. Zippyloan: 5-Minute Personal Loans


  • 5-minute applications
  • $15k loans available
  • 6 years repayment time
  • 100+ lenders available


  • Not available in DC, NY, and WV
  • Could use more resources on the site

APR: 5.99% to 35.99%

Loan terms: Up to 60 months

Loan amount: $100 to $15,000

Zippyloan keeps things simple and effective. You can apply for personal loans straight from the home page and wrap up the loan application process in just 5 minutes.

Once approved, the money will reach your bank the following business day, and you’ll have anywhere between 3 and 72 months to repay the full loan amount.

Loans at Zippy start at $100 and go up to $15,000. You can check the company’s network of 100+ lenders and search through the offers via an elegant, clutter-free interface.

Note that the platform is geo-restricted for users from NY, DC, and WV. The repayment time goes to 60 months.

We have to say that the site’s FAQ section is nothing special and leaves us yearning for more thorough answers and helpful info.

But then again, the support team is top-notch, well-versed in all topics related to debt consolidation loans, highly responsive, and efficient.

Zippyloan utilizes the latest 256-bit SSL encryption. It’s one of the safest platforms to offer loans for debt consolidation. When submitting the request, you’ll only need the basic info like your full name, address info, and income data.

If you need to apply for a loan fast, check out Zipply Loan

7. 247DollarLoan: Fastest Small Personal Loans


  • Loan approvals in 60 seconds
  • Up to $1,000 loan amounts
  • Ease of use and navigation
  • Business loans available to entrepreneurs


  • Needs more educational resources

APR: Varies between lenders

Loan terms: 2 to 4 weeks

Loan amount: $100 to $1,000

If you need a smaller personal loan ASAP, 247DollarLoan is your best option. You can take out anywhere between $100 and $1k and pay the money back within a month.

The application process is smooth and easy. It takes 5 to 10 minutes to apply, and the approval is the fastest we’ve ever encountered – 60 seconds in some cases!

We appreciate that the site took entrepreneurs into consideration by adding business loans. You only have to certify that you earn $800 a month as an entrepreneur, and you’ll be eligible.

The terms are similar if you’re an individual – you need to make $800 a month, and you’re all good. The platform charges no extra fees.

The platform is smooth and mobile-friendly, keeping the user interface clean and efficient. You might even call it too clean because it lacks educational resources and blogs – in our opinion, at least. But still, the page load times are super fast.

We also want to point out how great it is to see a loan site support entrepreneurs and smaller businesses.

Apart from that, the 247DollarLoan support team gets high marks in our book. They are responsive, friendly, and reply to email inquiries in 24 hours tops.

If you need a small loan ASAP, visit 247DollarLoan

8. Upgrade: Best for Bad Credit Score


  • Loans up to $50,000
  • Low fixed interest rates
  • Minimum credit score is only 560
  • No prepayment fee
  • 1m+ customers


APR: 6.95% to 35.97%

Loan terms: 24 to 84 months

Loan amount: $1,000 to $50,000

Upgrade is another top-notch contender for the best debt consolidation loans. Over the years, this platform has borrowed over $15 billion to its users, servicing 1m+ users worldwide.

APR ranges between 6.95 and 35.97 percent, and you have up to 84 months to repay the loan. This is a site for more substantial loans, starting at $1,000 and going way up to $50k.

Low credit score is welcome, with the minimum requirement of just 560. The platform charges up to 8% in origination fees and also includes late fees.

But then again, Upgrade Personal Loans doesn’t charge any prepayment fees. It also offers support for secured and joint loans.

Once approved, the loan funds will be in your banking account in just one business day. For $50,000 loans, that’s impressive.

The site has a dedicated section for debt consolidation, allowing you to specify the multiple loans you are looking to sum up in a single monthly payment. You can lower your interest rate and find a way to lose your debt earlier based on your credit score.

Upgrade is a modern site that’s smooth and safe. It’s easy to navigate, and we detected no lag during our tests.

Check out Upgrade for debt consolidation up to $50,000

9. 247CreditNow: $35k Loans With Poor Credit Score


  • $35,000 loans available
  • 90-second replies
  • Zero hidden fees
  • Effortless navigation


APR: Varies between lenders

Loan terms: Varies between lenders

Loan amount: Up to $35,000

247CreditNow is another valid option if you need to take out a debt consolidation loan up to $35,000. The upper limit is significantly above the usual $5,000 or $10,000 limits.

You’ll find no hidden fees on the site, and we checked the fine print to confirm it. The terms are very clear with every offer you receive.

But the exact terms and interest rates are only visible when you receive the offer, which some users don’t like.

The lowest available loan amount is only $100. You must be a US citizen or a permanent resident to use the site’s services, and you need to confirm that you are making at least $800 a month.

After the approval, the money will be available in one business day. The approval is fast, and you will receive a reply within minutes – or even 90 seconds in some cases.

In aesthetic terms, 247CreditNow could use a refresh but is still 100% safe and operates smoothly.

We appreciate that you can access the Contact page straight from the main menu. Communication options include email and phone. The team is professional, serious, and willing to offer the best debt consolidation data anytime.

Visit 247CreditNow if you need up to $35,000

10. LendingTree: Fair Interest Rates


  • Variety of loans
  • Professional design
  • Free credit report check and payment calculator
  • Helpful resources on the site


  • Origination fee might apply

APR: Starts at 2.99%

Loan terms: 3 to 7 years

Loan amount: $1,000 to $50,000

LendingTree is a pro-level platform that covers many types of loans – not related to debt consolidation, but you can even take out a student loan here.

Anyhow, interest rates get as low as 3 percent, and you can repay your debt in 3 to 7 years. The platform is geared towards bigger loan amounts, ranging between $1,000 and $50,000.

Co-signers are welcome aboard, but the platform also includes an origination fee for most offers, starting at 1%.

In terms of additional resources, LendingTree is one of the best companies in the business. You’ll find free credit checks on the site, something only a few lending sites have. Users can also check the payment calculator for crystal clear terms before even starting the application process.

If you want to learn more about loans, this platform is packed with helpful blogs and resources, covering everything from student loans to debt consolidation.

We appreciate that the platform points out the importance of educating yourself before borrowing money. They don’t just want to lend you money and be over with it, they insist all users must be responsible when borrowing. Kudos for that!

Users have the option of prequalifying for personal loans. That way, you can confirm if you are eligible and check your possible interest rate with no negative impact on your credit history. The site guarantees that only soft checks are performed.

Apart from debt consolidation, the site also offers credit card refinancing, home improvement loans, and more.

Check the best interest rates over on LendingTree

How We Ranked the Best Consolidation Loans

Whenever we rank debt consolidation personal loans and credit unions that offer them, we put each company against a strict set of six benchmarks. This section will explain how we rank debt consolidation companies.

Eligibility and Minimum Credit Score Requirement:

We search for debt consolidation loan providers that only perform soft credit checks and require minimum credit history data. Chances are that you are not in the position to boost your credit score, and that’s OK. This was one of the main reasons why MoneyMutual is our No. 1 choice for credit card debt consolidation.

Loan Amount:

Research has shown that most people seeking unsecured personal loans for debt consolidation seek $500 to $5,000. However, we still singled out several options that go higher, reaching $10,000 or even $35,000. If you need a more substantial personal loan, we recommend PersonalLoans.

Interest Rates and Origination Fees:

Zero is the perfect interest rate but rarely an option, even with the best credit report. We went for debt consolidation loan rates ranging from 5.99% to 35.99%, like the ones available on BadCreditLoans. Also, we highlighted debt consolidation companies that don’t charge any loan origination fee.

Debt Repayment Time:

We searched for sites with the highest flexibility and clear debt payment obligations, the monthly payments you need to make, and full debt consolidation loan rates. It’s nice when you can return the loan funds in lower monthly payments over a more extended period, like 72 months on CashUSA.

Loan Approval Time:

Debt consolidation loans often come with a slight urgency, which is why we highlight debt consolidation loan companies that approve loan requests in 5 to 10 minutes. When your personal loan is approved, it should reach your bank account in no more than one business day.

Ease of Use:

Whether you’re looking for personal loans for debt consolidation, home equity loans, or payday loans, you need to have a clean, easy-to-use interface in front of you. Even younger people seeking student loan refinancing can be less tech-savvy in some cases, and that’s OK.

The companies offering debt consolidation loans online need to offer modern and fast platforms and clearly display all info regarding monthly debt payment, prepayment penalties, debt to income ratio, and anything else.

For quick loans try MoneyMutual

Things You Should Know About Best Debt Consolidation Companies

What is the interest rate on debt consolidation loans?

Depending on your credit score, interest rates for debt consolidation loans vary from 6 to 36 percent. The exact rate is also determined by annual income, credit history, and debt to income ratio.

Is a debt consolidation loan a good idea?

If you have multiple loans with high interest, debt consolidation is 100% a valid option. Some experts recommend you should not take out an unsecured debt consolidation loan if your credit score hasn’t improved since the original personal loan you took out. Also, if you had any past issues like overspending, address them – save money and spend less if possible.

What are debt consolidation loans, and how do they work?

Debt consolidation is taking multiple debts and rolling them into a single loan with a single monthly payment and one interest rate – ideally lower than the original debts. A debt consolidation loan makes it easier to keep things organized, keep track of your credit card balance, loan proceeds, and more.

What should you do before you apply for a debt consolidation loan?

Before consolidating debt at any credit union that offers personal loans, check your current credit score to see if you match the minimum credit score requirements. Then review your credit report to see if everything is in order.

The next step might be to work on improving your credit score or decreasing your credit card debt. Finally, check your balance, transfer credit cards, and see how much money you need. Once done, contact the credit union and apply for that personal loan.

How to qualify for a debt consolidation loan?

The requirements vary between individual lenders, but you will always have to meet the minimum credit score requirement, which is often around 650. Like personal loan rates, the terms vary, and some companies have set the minimum credit score as low as 550. Note that the lower your credit score is and the poorer your credit history gets, the higher the interest rates.

For quick loans try MoneyMutual

Will debt consolidation hurt my credit score?

A debt consolidation loan can hurt your credit score but only briefly. In some cases, a credit union will check your credit history, which can have a negative impact on your credit score. Also, a consolidation loan can lower your credit utilization ratio, which also has a negative credit score impact.

What are the drawbacks of debt consolidation loans?

Drawbacks of debt consolidation loans include possible extra costs like loan origination fees and balance transfer fees. Also, a debt consolidation loan can increase your interest rates and the loan amount you have to pay for.

You also risk overspending, so only opt for credit card consolidation if you are organized, and your savings or checking account can allow it. Don’t take the loan early because you might regret it.

What are the benefits of debt consolidation loans?

One of the main benefits of debt consolidation fast loans online,  is how streamlined your financial sheet becomes. It’s easier to organize your life around a single loan and one monthly payment, right? Also, if your credit score has improved since the original personal loan, debt consolidation can decrease interest rates and, therefore, monthly payments.

Best Ways to Consolidate Debt

There are several ways to take out loans for debt consolidation. Each comes with different terms for minimum credit score, unsecured debt conditions, origination fees, and more. We’ll cover the following four options.

  • Personal loan
  • Home equity loan
  • Credit card balance transfer
  • Debt management program

Personal Loan

Taking out a personal loan is a valid option for credit card debt consolidation. The best personal loans require zero collateral and can be found through lenders online. If your credit score is not the best, a personal loan might be the best option for you.

These loans come with fixed interest rates and support unsecured debt consolidation. You can also prequalify for a personal loan or score significantly lower interest rates with a good credit score.

For quick loans try MoneyMutual

Home Equity Loan

Also known as HELOC, home equity loans can significantly reduce your interest rates if executed properly. These loans usually have no prepayment penalties but are ranked as a riskier strategy because if you miss those monthly payments and fail to repay the loan funds, you risk foreclosure.

But then again, on the upside, the monthly payments are fixed, the interest rates are lower than at those big credit unions and major players like Marcus By Goldman Sachs, and poor credit score is accepted.

Credit Card Balance Transfer

If you decide to transfer balances of several credit cards to one card at a zero-percent interest rate, you can pay off your debts at zero interest throughout the introductory period.

This is a clever option for all borrowers, but the catch is that the minimum credit score requirement is high, usually around 680. But if you qualify, the entire process will become surprisingly smooth and straightforward.

For quick loans try MoneyMutual

Debt Management Program

Another debt consolidation option is joining a debt management program. The program will assign you a monthly payment, often at a reduced interest rate. The monthly payment is fixed, and this is not a loan, meaning you can pull out anytime.

However, joining the program comes with extra fees that you pay with every monthly payment. Another upside is that you can always contact your credit counselor for useful info and educational material.

Best Debt Consolidation Loan Service, Which One is Right for You?

Yes, consolidating credit card debt is a valid option if you find the right credit union that offers personal loans at fair terms and lower interest rates.

We recommend checking the best urgent loan providers on this list and checking their terms for loan and credit card consolidation.

We believe MoneyMutual is the best option but still recommend checking the highlights of every other company to see which lender is the best option for your existing debt.

As always, check all the terms, play it safe, and don’t miss those monthly debt payments. Have a good one!


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