Consolidate your debt

A debt consolidation loan combines high-interest debt, like credit cards, into one manageable personal loan. Some advantages of debt consolidation loans include lower interest rates, fixed monthly payments, and fewer payment due dates to track.

Payment history contributes to your credit score calculation so it’s an important part of your credit profile. When juggling multiple payments, you risk a payment falling through the cracks. With a debt consolidation loan, you’re left with one payment to manage, meaning fewer chances to miss a payment.

Instead of having multiple debt accounts with variable, high interest rates, an Upstart debt consolidation loan gives you one fixed rate. That means no surprise interest rate hikes and a known monthly payment each month.

Also, interest rates are typically based on just your credit score, which provides a limited view of how responsible you’d be as a borrower. Unlike other lenders, Upstart powered lenders use additional information, like job history, level of education, and your area of study, to find the best rate for you.

Debt consolidation loans are useful for managing revolving lines of credit and high-cost loans that incur steep interest fees. Some of these debt types include: general credit cards, retail credit cards, gas cards, payday loans, and title loans.

You control which accounts to roll into your debt consolidation loan. Depending on the loan amount you qualify for and the state you reside in, Upstart funds loans between $1,000 and $50,000^*.

To check your rate, Upstart will do an initial (soft) inquiry that will not affect your credit score¹. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. Opening a new line of credit might temporarily lower your credit score due to a “hard” credit inquiry.

In the long run, a personal loan may help your credit score if you make consistent, on-time payments.

A debt consolidation loan offers you the convenience of getting your money fast. Funding can happen in as soon as one business day of accepting the loan so you can pay off your high-interest credit cards immediately.⁴