Credit card debt consolidation loans
A debt consolidation loan can combine several credit card balances into one fixed monthly payment with a set payoff date. Whether it costs less depends on the offer. Here's what to compare, including balance transfer cards.
What to expect when consolidating credit card debt
- List each card's balance, APR and minimum payment first. That's the baseline any consolidation offer has to beat on total cost, not just on the monthly payment.
- A balance transfer card is another option to compare. Check the transfer fee, how long any promotional period lasts and what APR applies afterward.
- After consolidating, the cards are usually still open. Keeping their balances low is what keeps consolidation from adding to your debt.
- 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 consolidating credit card debt through Lendara, you answer a few questions about the loan you want, your income and your finances.
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, the lender reviews your application, may check your credit, and decides whether to approve you and on what terms. Lendara doesn't make that decision.
Frequently asked questions
Is a consolidation loan or a balance transfer better for card debt?
It depends on your balances, how quickly you can repay and the offers you see. A balance transfer may cost less if you can pay it off within the promotional period; a loan gives you a fixed term. Compare the total cost of both.
Will consolidating credit card debt lower my payment?
It can, but not always, and a lower payment over a longer term can cost more in total. Enter your card balances and APRs in the calculator above to see an illustrative comparison.
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
- Debt Consolidation Loan vs. Balance Transfer Card
How a debt consolidation loan and a balance transfer card each combine existing balances, what they cost, what happens when a promotional rate ends, and how to choose.
- 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.
- 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.
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.