Best debt consolidation loans of November 2024
The best debt consolidation loans for fair credit have low interest rates and no fees


Written by
Writer, Fox Money
Mary Beth Eastman is an award-winning journalist who's covered personal finance for more than seven years. She's an expert on mortgages and personal loans, with bylines featured by The Balance, U.S. News & World Report, and CNN.
Updated October 23, 2024, 7:59 PM EDT

Written by
Writer and editor
Jared Hughes has spent more than eight years covering personal finance, with bylines at the New York Post and NewsBreak.
Fox Money is a personal finance hub featuring content generated by Credible Operations, Inc. (Credible), which is majority-owned indirectly by Fox Corporation. The Fox Money content is created and reviewed independent of Fox News Media. Credible is solely responsible for this content and the services it provides.
Debt consolidation is the process of paying off your debts with a new loan, ideally with a lower interest rate than what you're currently paying. You can lower your monthly payments, reduce interest costs, avoid compound interest, and improve your credit score by consolidating or refinancing debt. Plus, you can simplify your monthly budget by replacing several monthly payments with one.
Personal loans are often used to consolidate debt since they have lower average annual percentage rates (APRs) compared to credit cards, according to the Federal Reserve — 12.49% for two-year personal loans compared to 21.59% for credit cards.
Here’s what to know about getting a debt consolidation loan, including where to find one, how to qualify, and alternatives.
Compare the best debt consolidation loan rates of November 2024
Lender
Fixed (APR)
Loan Amounts
Min. Credit Score
Fox Money rating
6.99% - 35.99%
$2,000 to $50,000
600
Overview
Best Egg ranked second in J.D. Power's Consumer Lending Satisfaction Study, so it should come as no surprise that it’s one of our best picks for a wide range of borrowers. In addition to having relatively low rates and discounts, Best Egg provides loans from $2,000 to $50,000 and may consider applicants with credit scores of at least 600. Terms range from two to five years.
This lender stands out for offering better approval odds for prequalified applicants than many other lenders, according to Credible data. Specifically, prequalified applicants were more than twice as likely to be approved for final loans. Best Egg’s origination fees can reach 9.99%.
pros
- Secured loans available
- Low minimum income requirement
- Scored second in J.D. Power's Consumer Lending Satisfaction Study
- Funds in 1-3 business days
- High close rate on loans through Credible platform
cons
- Origination fees
- No discounts
- Not available in DC, IA, VT, or WV
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Fox Money rating
7.80% - 35.99%
$1,000 to $50,000
620
Overview
Upstart often has one of the lowest minimum APRs available, making it a solid choice for borrowers with good credit or better. Applicants with poor, fair, or little to no credit may also be considered, as Upstart has no minimum credit score requirement (if you apply on the lender's website) and may accept applicants without scores. This lender offers loans between $1,000 and $50,000 with either three- or five-year repayment terms. Upstart may be ideal for you if you have good credit and can qualify for a low APR, or if you have bad credit and need a lender to look beyond your score.
In terms of its drawbacks, Upstart charges origination fees up to 12% on some personal loans. It also has a maximum APR of 35.99%, which is around the highest rate you'll find with a reputable lender, with no discounts available. Upstart also has fewer repayment term options than most lenders.
pros
- May fund in 1 business day
- No minimum credit score requirement on lender site
- Low minimum APR
- Trustpilot score of 4.9/5 stars
cons
- May charge a high origination fee
- No discounts offered
Loan amount
$1,000 to $50,000
Fees
Origination fee
Discounts
None
Eligibility
Available nationwide
Min. income
$12,000
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Fox Money rating
8.91% - 35.99%
$1,000 to $40,000
660
Overview
LendingClub provides personal loans up to $40,000 with repayment terms between two to five years. The company is a strong choice for borrowers with good credit who don’t need funds fast, as LendingClub does not specify funding times on its site.
You can prequalify directly with LendingClub without having to provide your Social Security number, though you will need to provide it if you formally apply. Origination fees may be charged and range from 3% to 8%. LendingClub doesn’t offer discounts for autopay or direct pay.
pros
- Mobile app
- Low minimum income requirement
- High close rate on loans made through Credible
- Available in all states
cons
- Origination fee
- No discounts
- Funding not as fast as some competitors
Loan amount
$1,000 to $40,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all 50 states
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
Within 3 days
Loan uses
Debt consolidation, paying off credit cards
Fox Money rating
8.95% - 17.48%
$5,000 to $40,000
640
Overview
Happy Money, formerly known as Payoff, is an ideal lender for debt consolidation and credit card consolidation loans. The company offers APRs starting at 11.72% and loan amounts up to $40,000. You may be able to qualify for a loan with Happy Money with fair credit, but the best rates are reserved for those with good to excellent credit scores.
The company charges origination fees up to 5%, which is lower than some competitors, and you can receive funding in three to five business days once approved. Check to see if loans are available in your area, as Happy Money doesn’t fund borrowers in Massachusetts or Nevada.
pros
- Mobile app
- Live chat
- Low maximum APR
cons
- Limited loan terms available
- No discounts
- Origination fees
- Not available in MA or NV
Loan amount
$3,000 to $40,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except MA, MS, NV, and OH
Min. income
None
Customer service
Phone, email, chat
Soft credit check
Yes
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only
Overview
SoFi’s personal loan rates are competitive, and that’s far from the only feature that makes this lender one of our best picks for borrowers with good credit. It also offers same-day funding, multiple rate discounts, large loans, and a range of terms — plus no mandatory origination fees. You may be able to borrow between $5,000 and $100,000 and repay it in two to seven years with SoFi.
Unfortunately, SoFi doesn’t allow cosigners, so the lender won’t be a good fit for borrowers with fair or poor credit profiles who want to apply with a friend or family member. SoFi does, however, have a convenient prequalification process than can give you an idea of whether you may qualify for a loan. The lender also provides a seamless online experience and has an admirable Trustpilot consumer review rating of 4.5 out of 5 stars.
pros
- Large loan amounts available
- Autopay and direct pay discounts
- Same day funding
- Long loan terms available
cons
- Not transparent about minimum credit requirements
- 5,000 minimum loan amount
Loan Amount
$5,000 to $100,000
Repayment terms
2 - 7 years
Fees
Option to pay an origination fee in exchange for a lower rate
Discounts
Autopay, direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Fox Money rating
9.99% - 35.99%
$1,000 to $50,000
600
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
- Fair credit borrowers eligible
- Autopay and direct pay discounts
- Can fund in as little as 1 business day
- Mobile app
- Secured loans available
cons
- High maximum origination fee
- Cosigners not accepted on home improvement loans
- Low J.D. Power ranking
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Fox Money rating
11.69% - 35.99%
$1,000 to $50,000
560
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
pros
- Borrowers with bad credit considered
- $25,000 annual income requirement
- Autopay and direct pay discounts available
- Can fund in one business day
cons
- High APRs
- Potentially high origination fees
- Not available in Iowa
Loan amount
$1,000 - $50,000
Repayment terms
3, 5, or 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Min. income
$25,000 annually
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Fox Money rating
Fixed (APR)
6.99% - 35.99%
Loan Amounts
$2,000 to $50,000
Min. Credit Score
600
Overview
Best Egg ranked second in J.D. Power's Consumer Lending Satisfaction Study, so it should come as no surprise that it’s one of our best picks for a wide range of borrowers. In addition to having relatively low rates and discounts, Best Egg provides loans from $2,000 to $50,000 and may consider applicants with credit scores of at least 600. Terms range from two to five years.
This lender stands out for offering better approval odds for prequalified applicants than many other lenders, according to Credible data. Specifically, prequalified applicants were more than twice as likely to be approved for final loans. Best Egg’s origination fees can reach 9.99%.
pros
- Secured loans available
- Low minimum income requirement
- Scored second in J.D. Power's Consumer Lending Satisfaction Study
- Funds in 1-3 business days
- High close rate on loans through Credible platform
cons
- Origination fees
- No discounts
- Not available in DC, IA, VT, or WV
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Fox Money rating
Fixed (APR)
7.80% - 35.99%
Loan Amounts
$1,000 to $50,000
Min. Credit Score
620
Overview
Upstart often has one of the lowest minimum APRs available, making it a solid choice for borrowers with good credit or better. Applicants with poor, fair, or little to no credit may also be considered, as Upstart has no minimum credit score requirement (if you apply on the lender's website) and may accept applicants without scores. This lender offers loans between $1,000 and $50,000 with either three- or five-year repayment terms. Upstart may be ideal for you if you have good credit and can qualify for a low APR, or if you have bad credit and need a lender to look beyond your score.
In terms of its drawbacks, Upstart charges origination fees up to 12% on some personal loans. It also has a maximum APR of 35.99%, which is around the highest rate you'll find with a reputable lender, with no discounts available. Upstart also has fewer repayment term options than most lenders.
pros
- May fund in 1 business day
- No minimum credit score requirement on lender site
- Low minimum APR
- Trustpilot score of 4.9/5 stars
cons
- May charge a high origination fee
- No discounts offered
Loan amount
$1,000 to $50,000
Fees
Origination fee
Discounts
None
Eligibility
Available nationwide
Min. income
$12,000
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Fox Money rating
Fixed (APR)
8.91% - 35.99%
Loan Amounts
$1,000 to $40,000
Min. Credit Score
660
Overview
LendingClub provides personal loans up to $40,000 with repayment terms between two to five years. The company is a strong choice for borrowers with good credit who don’t need funds fast, as LendingClub does not specify funding times on its site.
You can prequalify directly with LendingClub without having to provide your Social Security number, though you will need to provide it if you formally apply. Origination fees may be charged and range from 3% to 8%. LendingClub doesn’t offer discounts for autopay or direct pay.
pros
- Mobile app
- Low minimum income requirement
- High close rate on loans made through Credible
- Available in all states
cons
- Origination fee
- No discounts
- Funding not as fast as some competitors
Loan amount
$1,000 to $40,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all 50 states
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
Within 3 days
Loan uses
Debt consolidation, paying off credit cards
Fox Money rating
Fixed (APR)
8.95% - 17.48%
Loan Amounts
$5,000 to $40,000
Min. Credit Score
640
Overview
Happy Money, formerly known as Payoff, is an ideal lender for debt consolidation and credit card consolidation loans. The company offers APRs starting at 11.72% and loan amounts up to $40,000. You may be able to qualify for a loan with Happy Money with fair credit, but the best rates are reserved for those with good to excellent credit scores.
The company charges origination fees up to 5%, which is lower than some competitors, and you can receive funding in three to five business days once approved. Check to see if loans are available in your area, as Happy Money doesn’t fund borrowers in Massachusetts or Nevada.
pros
- Mobile app
- Live chat
- Low maximum APR
cons
- Limited loan terms available
- No discounts
- Origination fees
- Not available in MA or NV
Loan amount
$3,000 to $40,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except MA, MS, NV, and OH
Min. income
None
Customer service
Phone, email, chat
Soft credit check
Yes
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only