Best Debt Consolidation Loans

High-interest debt can be expensive and time-consuming to pay off, but personal loans for debt consolidation can help. Debt consolidation loans give borrowers the opportunity to pay off several accounts while wrapping up multiple monthly payments into one, typically at a lower APR. This can help you save a significant amount of money.

Debt consolidation loans are usually available at lower interest rates than other types of debt, like credit cards and payday loans. The best personal lenders for debt consolidation can help you pay off debt faster, with a chance to lower your payments and get relief from unmanageable monthly expenses.

Best Personal Loans for Debt Consolidation of 2022



  • Starting interest rate: 5.99%
  • Minimum credit score: Not disclosed
  • Loan terms: 36–84 months

Why We Chose It

Discover Bank offers debt consolidation loans with APRs starting as low as 5.99%. Loans can be received as quickly as one business day, and payments can be made directly to creditors.Pros and Cons


  • No origination fee
  • Pre-approval does not impact credit
  • Same-day loan decisions


  • Credit requirement is not disclosed
  • $39 late payment fee
  • No joint applications or co-signers


Discover launched its first financial product in 1985 and is now one of the largest credit card issuers in the U.S. But the company also offers personal loans for debt consolidation in all 50 states.

Discover’s personal loan stands out with APRs that range up to 24.99% but start as low as 5.99%. Loan amounts start low too, from $2,500 up to $35,000, and come with no origination fee, which can make Discover a much cheaper option than some other lenders. 


Additional benefits include a rate quote with no hard credit pull. Borrowers can get same-day loan approval and receive funds in as little as one business day.

Drawbacks include a $39 fee for late payments. Discover does not disclose credit requirements upfront, but applicants are required to have a household income of at least $25,000 to qualify. Loans can’t be used to pay off secured debt or to pay off a Discover credit card. 

Discover has poor customer ratings on Trustpilot, with customers citing a variety of challenges related to being approved for financial products and managing their accounts, although this isn’t unusual for lenders.

Discover accepts applications for debt consolidation loans online or by phone, at 1-866-248-1255.

Read our full Discover personal loans review.