$40,000 debt consolidation loans
If you're carrying around $40,000 across several large balances, such as cards plus an older personal loan, 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 $40,000
- $40,000 is above some lenders' maximum loan size, so fewer lenders may have options. Lenders that do lend this much typically look closely at your income and existing payments.
- Spreading $40,000 over a long term can lower the monthly payment while adding a lot of interest over the life of the loan. Compare the total you would repay, not just the payment.
- If no single offer covers the full balance, compare consolidating your most expensive debts first rather than taking on two new loans at once.
- 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 $40,000 debt consolidation loan through Lendara, you answer a few questions about the loan you want, your income and your finances. Checking your options is free. Partners may run a soft or hard credit check depending on the offer; you'll see details before you apply.
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
Can I get one loan for $40,000 of debt?
Some lenders offer loans this size and some don't. Whether any lender has an option for you depends on that lender's own rules, your income and your existing debt.
Is a longer term a good idea for $40,000?
It depends on what matters more to you. A longer term means a smaller payment but more total interest. Try a few terms in the calculator above to see the trade-off.
Is Lendara the lender for a $40,000 loan?
No. Lendara is a free marketplace that connects you with participating lenders. It doesn't lend money or make credit decisions.
Related guides
- How to Compare the Total Cost of a Loan (Not Just the Monthly Payment)
Why the lowest monthly payment isn't always the least expensive loan, and a step-by-step way to compare offers by APR, fees, term and the total you'll repay.
- 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.
- 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.