Debt consolidation loan rates usually range from 6% to 36%, depending on the lender. The best debt consolidation loan rate is 5.95%, from LightStream (a division of SunTrust Bank), with its personal loan offer. Only the most qualified applicants will receive a rate that low, but even LightStream’s maximum APR is relatively low, at 17.29%.
Most lenders don’t offer loans specifically for debt consolidation. Rather, they offer general personal loans that can be used for any purpose, including consolidating debts. The average rate is around 10%, according to the Federal Reserve Bank of St. Louis. So if you can get a lower rate than that, you’re on the right track.
Let’s take a look at some popular personal loans that can be used for debt consolidation, along with their rates.
Debt Consolidation Loan Rates by Lender
- LightStream: 5.95% - 17.29%
- Payoff: 5.99% - 24.99%
- Best Egg: 5.99% - 29.99%
- Achieve Personal Loans: 5.99% - 29.99%
- LendingClub: 6.95% - 35.89%
- Prosper: 6.95% - 35.99%
- Avant: 9.95% - 35.99%
- LendingPoint: 9.99% - 35.99%
- American Express: 6.90% - 19.98%
- Discover: 6.99% - 24.99%
- Wells Fargo: 5.24% - 22.99%
- Marcus by Goldman Sachs: 6.99% - 28.99%
There’s a way that you can estimate your debt consolidation loan rates before applying. If you use WalletHub’s free personal loan pre-qualification tool, you’ll see your odds of being approved with various lenders, along with what rates you might qualify for.
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