Do I get cash or does the lender pay my creditors directly?

Both models exist. Some lenders deposit funds to you to pay debts yourself, others pay your listed creditors directly as part of the loan process.

How many debts can I consolidate into one loan?

Most lenders will consolidate several accounts at once, limited mainly by the total loan amount they're willing to approve for your income and credit profile.

Will debt consolidation lower my monthly payment?

It can, especially if it replaces higher-rate credit card debt with a lower fixed rate or a longer repayment term, though a longer term can mean more total interest.

Debt consolidation loans to combine multiple debts

Not everyone searching personal loans wants new money for a purchase. A large share want to combine several existing debts, usually credit cards, into a single loan with one fixed payment, ideally at a lower rate than what they're currently paying across cards.

This is a distinct use case from a general personal loan search: the borrower already has a debt total in mind, cares more about the payoff timeline and rate than the loan amount itself, and often wants the lender to pay creditors directly rather than deposit cash.

Direct payment to creditors avoids the temptation to spend the loan proceeds elsewhere
A fixed-rate installment loan replaces revolving credit card balances with a set payoff date
Lenders will want a list of debts and balances to consolidate, not just an income figure
Consolidation only saves money if the new rate is meaningfully lower than the blended rate on existing debts

What it costs

Pricing is driven by credit profile and the total amount being consolidated. Borrowers with steadier income and existing debt at high credit card rates tend to see the most savings, since the new loan's fixed rate just needs to beat the average rate being replaced. Origination fees, where charged, are usually a percentage of the loan taken off the top.

Top 3 by our score

Ranked from our published scoring of public Google reviews for personal loans.

1. Speedy Cash
5.0★ · 1734 reviews

95
2. TitleMax Title Loans
5.0★ · 1651 reviews

94
3. TitleMax Title Loans
5.0★ · 476 reviews

94

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FAQ

Do I get cash or does the lender pay my creditors directly?: Both models exist. Some lenders deposit funds to you to pay debts yourself, others pay your listed creditors directly as part of the loan process.
How many debts can I consolidate into one loan?: Most lenders will consolidate several accounts at once, limited mainly by the total loan amount they're willing to approve for your income and credit profile.
Will debt consolidation lower my monthly payment?: It can, especially if it replaces higher-rate credit card debt with a lower fixed rate or a longer repayment term, though a longer term can mean more total interest.

Enquiries submitted through our contact forms may be shared with partner providers who can carry out the work, and we may earn a referral fee from those introductions. Our rankings and scores are based on our published method only and are not affected by referral fees.