$20,000 debt consolidation loans
If you're carrying around $20,000 across several credit cards, or cards alongside a personal loan or medical debt, a debt consolidation loan combines it into one fixed monthly payment. Whether it saves you money depends on the offer, so here's what to compare.
What to expect when consolidating $20,000
- With $20,000 spread across several accounts, one fixed payment and a set payoff date can make repayment easier to track. Compare whether the total interest actually goes down.
- Some lenders send the money straight to your creditors. If a lender deposits it with you instead, plan to pay each balance off right away.
- Consolidation only lowers your cost if the new loan's APR and fees come in under what you pay now over a similar time frame.
- Each lender sets its own APR, fees and terms based on your credit history, income and existing debt.
Estimate what consolidating could save
Enter your current balances and their APRs, then the APR and term you want to compare. Both are paid off over the same term.
Estimates only, based on the numbers you enter. Not an offer of credit. Lendara is not a lender.
How checking your options works
When you check your options for a $20,000 debt consolidation loan through Lendara, you answer a few questions about the loan you want, your income and your finances. Checking uses a soft credit inquiry, which doesn't affect your credit score.
If participating lenders have options for you, you can compare them side by side: APR, fees, monthly payment, term and total cost. Nothing is accepted until you choose an offer.
If you decide to apply with a lender, that lender may run a hard credit inquiry, which can affect your credit score. The lender, not Lendara, decides whether to approve you and on what terms.
Frequently asked questions
Will consolidating $20,000 lower my payments?
It can, but not always, and a lower monthly payment over a longer term can cost more in total. Enter your balances, their APRs and an APR to compare in the calculator above to see an illustrative comparison.
Does a debt consolidation loan close my credit cards?
Usually not. Paid-off cards typically stay open unless you close them. Keeping balances low afterward is what makes consolidation work.
Is Lendara a lender?
No. Lendara is a free marketplace that connects you with participating lenders. We don't make credit decisions or lend money.
Related guides
- How to Compare Debt Consolidation Loan Offers
How to compare debt consolidation loan offers on APR, origination fees, term length, total cost and prepayment penalties before you consolidate.
- Debt Consolidation Basics
What debt consolidation is, how it generally works, and questions worth asking before you combine multiple balances into one.
- Comparing Offers: APR, Fees and Term
A plain-language guide to the three numbers that matter most when comparing loan or credit offers — APR, fees and term length.
Lendara is not a lender and does not make credit decisions. Lendara is a free online marketplace that connects you with participating lenders, who set their own eligibility rules, rates, fees and terms. Lendara may receive compensation from partners, which may affect which offers appear and their order.