Roll multiple high-rate balances into one fixed monthly payment. Check your rate in minutes.
Replace multiple statements with a single fixed monthly bill.
Lock in a rate for 2-7 years vs. variable credit card rates.
Know exactly when you will be debt free.
Paying down revolving balances often lifts your credit score.
Lendmate Capital offers fixed-rate consolidation loans up to $50,000 with a soft-pull rate check.
Check My Rate →Soft credit check. Won't affect your credit score.
A debt consolidation loan is a fixed-rate personal loan you use to pay off higher-interest debts, typically credit cards. Your new loan replaces several balances with one predictable monthly payment over 24 to 84 months. Because installment debt is treated differently than revolving debt by the credit bureaus, paying down credit cards with a consolidation loan often improves your utilization ratio and can lift your score within a few billing cycles.
Consolidation works best when the loan APR is meaningfully lower than the weighted average APR of the debts you are consolidating, and when you have the discipline to stop running new balances on the paid-off cards. Run the math: multiply your current balances by their APRs, divide by total balance, and compare that number to the loan offer APR. If the loan rate is lower and the term is reasonable, you will save on total interest.
Origination fees, which reduce the amount you receive at funding, and prepayment penalties, which limit your ability to pay off the loan early. Look for lenders with no prepayment penalty and transparent origination fees built into the APR. Also, make sure the new monthly payment fits your budget with margin, not just your current income.