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debt consolidation loans

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2,000 - 40,000Enter from $2,000 - $40,000
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Checking your rate won't affect your credit score

Borrow from $2,000 to $40,0002

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Get your funds as soon as 1 business day1

No pre-payment penalties

Checking your rate won't affect your credit score

Prosper specializes in credit card debt
consolidation loans

$2,000 – $40,000 loans | 3 & 5 year terms3 | Low interest rates

  • Icon: Envelope with moneyLow monthly payment Personal Loan through Prosper


    Pay off your high interest debts with a lower interest loan and pocket any savings.

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    Choose the loan length to customize your monthly payment and rate that work best for you to pay off over 3 years or 5 years.3

  • Icon: Rate SealLow rate Personal Loan through Prosper

    No prepayment penalties

    Save on interest when you pay off early—no added fees!

Check your rate

Checking your rate on a personal loan for debt
consolidation will not affect your credit score

Prosper is one of the best credit card debt consolidation companies on the market

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How consolidation loans work

  1. Check your rate

    Submit your debt consolidation loan application in minutes

  2. Get approved & get your funds

    You can receive your loan in as little as one business day2

  3. Pay off Credit Card Debt

    You'll have a single monthly loan payment, and you could end up saving on interest with a lower interest loan and feel relief!

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Q: What makes a debt consolidation loan through Prosper different?

A: Your personalized experience

A debt consolidation loan through Prosper comes with an excellent support team who can truly personalize their care for your needs

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Frequently asked questions (FAQs) about debt consolidation loans

Find answers to our community’s questions below, or visit our Help Center to learn more.

What is a debt consolidation loan?

A personal loan for debt consolidation is a smart strategy for reducing personal debt, saving money, and simplifying your life. Debts in multiple places can cause headaches and worry. If you get a lower interest loan for debts with higher interest, you could save money on the interest rate. Plus, credit cards often have sky-high APRs, and that is no good in the financial health and wellbeing department. If you have several credit card debts, it is always a good idea to explore what kind of savings you could get with a loan to pay off credit cards.

How does a debt consolidation loan work?

The best debt consolidation loans cover the total amount of all of your combined debt so that you can pay off your different debts upfront, leaving you with one simple monthly payment. The APR on a personal loan for debt consolidation should be lower than that of your prior individual debts and that rate will be fixed—not variable. So, as you pay off your personal loan for debt consolidation, you pay a cumulatively lower amount of interest than you would have if you hadn’t consolidated your debt.

A personal loan for credit card debt consolidation requires you to make only one payment per month. That allows you to plan and budget your life with more clarity and ease. A loan through Prosper is also one of your best options for debt consolidation because you will have personalized support on call. Prosper provides Customer Care Advisors who have the expertise to support you at every step of the way, and a mission to advance your financial well being.

Read more in Prosper’s article A Simple Guide to Debt Consolidation

What is the interest rate on the best debt consolidation loans? How much is it possible to save with a consolidation loan?

Everyone’s interest rate on a personal loan for debt consolidation will be different, so savings will vary. Interest rate offers through a reputable platform like Prosper are determined by a variety of factors related to your creditworthiness. You can use a savings calculator to help you estimate your savings. Depending on how many debts you are consolidating and many other factors, you could qualify for a personal loan with a lower interest rate that could save you serious money.

Learn more by reading Prosper’s article How to Get a Loan for Personal Debt Consolidation

What are the best types of debt to consolidate?

Taking out a personal loan to pay off credit cards could be a great way to save money since personal loans often offer lower interest rates. Credit card interest rates can vary over time, whereas loans to pay off credit card debt through a company like Prosper, come with fixed rates, fixed repayment terms, fast funding1, helpful resources, and the knowledge that you’re supported by a team who cares about your financial wellbeing. Taking out a loan to pay off credit card debt has never been easier or felt better.

Learn more by reading Prosper’s Ultimate Guide to Debt Consolidation eBook.

Are balance transfer credit cards or loans to pay off credit card debt better?

If you're able to consolidate multiple debts, pay lower interest, and—ideally—improve your monthly cash flow, it’s almost always a good idea to do it. In terms of a credit card balance transfer versus a personal loan for debt consolidation, running the numbers will make it clear which tool to choose.

If you already have a low-interest credit card account that can assume all of the rest of your debts from higher interest accounts, that may be a quick and easy way to go. You also may be able to find a credit card with an introductory offer of little to no interest. But you’ll want to pay off all of your debt before the introductory offer period expires, or the remaining balance will be subject to the card’s regular rate, which could be quite high. Plus, many credit card APRs can fluctuate. A personal loan to pay off credit cards through one of the best peer-to-peer lending platforms such as Prosper includes fixed rates, fixed terms, and other potential benefits, which can make it a winning solution.

For much more great information on this topic, check out our articles Credit Cards vs. Personal Loans: Which Is Right for You and Run the Numbers: Is Debt Consolidation Right for You?

Best debt consolidation loans

Take charge of your finances with a quick and easy custom solution. Use a personal loan through Prosper to consolidate debt, pay off credit card bills, finance home improvements, make a big purchase, or pay for healthcare.

Where personal loans meet financial well-being

Not sure if a personal loan is right for you? Learn more about borrowing money, managing debt, and keeping your finances in check.