Consolidation-loan lenders, compared
No lender fits everyone. The right one is the one that beats your current rate.
A consolidation loan pays off your cards and gives you one fixed payment instead. It helps only if the new rate lands below your current blended rate, after the fee. The lender that fits is the one that gives you that rate with the smallest fee. Check your own pre-qualified rate — a soft pull that does not touch your score — before you apply anywhere.
| Lender | APR range | Origination fee | Min. credit / the catch |
|---|---|---|---|
| Your own pre-qualified rate Check first | Your # | — | The only rate that matters. A soft pull, no score hit. |
| Upstart | 7%–36% | 0%–12% | Thin-file friendly, but the fee can be steep. |
| Happy Money | 12%–25% | 0%–5% | Card debt only. Needs a fair-or-better file. |
| Best Egg | 8%–36% | 1%–10% | Fast funding, but the fee comes off the top. |
How the three lenders differ
Each lender pays off your cards and hands you one fixed loan in their place. The money comes from what they charge for that: the APR, plus an origination fee taken off the top. Read each for who it fits, then compare its offer to your own numbers.
Upstart uses more than your score to decide, so it can reach people with a thin credit file. The tradeoff is a wide fee range. On a $10,000 loan, a 12% fee is $1,200 gone before you see a dollar. Read the full Upstart review.
Happy Money lends only to pay off cards, and its rate range is tighter at the top end. It wants a fair-or-better file, so it fits people who are not deep in a hole yet. Read the full Happy Money review.
Best Egg funds fast, often within a day or two. Its fee still comes off the top, so a loan that funds quick can still cost more than a slower one. Read the full Best Egg review.
The "as low as" APR in every ad goes to the strongest credit only. You are very unlikely to be offered it. The rate you are actually offered is the only one that counts.
So run the math on your own number, not the headline. Put your offered APR into the APR calculator and compare it to your current blended rate. If it is not lower after the fee, the loan does not help. Not sure a loan is even the right move? See balance transfer vs. loan.