Wallet Wisely is an informational site providing advice, tips, and recommendations to help you make informed financial decisions. Some of the products and services we feature may compensate us however that does not influence our opinions and recommendations. We strive to provide the most accurate information and highest editorial integrity.
If you’re carrying a significant amount of high-interest credit card debt, you’re not alone. According to a recent study, the average American household carries around $8,000 in credit card debt. While it can be easy to accumulate this debt, paying it off can be a daunting task. Consolidating your credit card debt can be an effective way to make your debt more manageable and reduce the amount of interest you’re paying.
One of options to consolidate these balances is through a personal loan issued by a bank. Personal loans have lower interest rates than credit cards, which will save you money in the long run and let you pay off that debt quicker. You use the lump sum check to pay down your credit card balances and have one monthly payment. Their duration of these loans is usually anywhere from 1-7 years.
Wallet Wisely has put together a list of the top 5 debt consolidation loans for March 2023. (Current as of 3/22/23)
SoFi Personal Loans
With a SoFi Personal Loan, you can borrow between $5,000 and $100,000. You can also check your rate in 60 seconds without affecting your credit score, and get your loan funded as soon as the same day you’re approved.
Fixed rates as low as 8.99% APR
Same day funding after your loan is approved
Minimum Credit Score: 650
Lightstream
With LightStream personal loans you can borrow between $5,000 and $100,000 and get your loan funded as soon as the same day you’re approved.
Fixed rates as low as 7.99% APR
Same day funding after your loan is approved
Minimum Credit Score: 660
Happy Money
With LightStream personal loans you can borrow between $5,000 and $40,000 and you can check your rate without your credit score being impacted.
Fixed rates as low as 11.50% APR
Same day funding after your loan is approved
Minimum Credit Score: 640
Best Egg
With Best Egg personal loans you can borrow between $2,000 and $50,000 and you can check your rate without your credit score being impacted.
Fixed rates as low as 8.99% APR
Same day funding after your loan is approved
Minimum Credit Score: 600
Upstart
With Upstart personal loans you can borrow between $1,000 and $50,000 and you can get funding by next day.
Fixed rates as low as 8.99% APR
Next day funding after your loan is approved
Minimum Credit Score: 580
