Debt consolidation
What it is, how it plays out, and what it does to your credit.
Definition
What is debt consolidation?
The plain meaning, one picture, and four ways to do it.
Worked example
How a debt consolidation loan works
Three balances followed from rate check to last payment.
Credit score
Does debt consolidation hurt your credit?
The short dip, the longer climb, and how to stay safe.
Rates, approval, and credit
How the price is set, what gets a yes, and how to strengthen your file.
Quick answers
Three terms that come up in every loan offer.
- Installment loan or cash advance?
- An installment loan spreads a larger amount over fixed monthly payments. A cash advance covers a small gap and is repaid in one go on your next payday. Compare the two.
- What APR actually tells you
- APR is the yearly cost of a loan including interest and required fees. It lets you compare two offers on equal terms, whatever their length. See our rates.
- Soft check vs. hard check
- A soft inquiry lets a lender preview your credit without affecting your score. A hard inquiry happens when you take the loan and can lower it slightly for a while.
Work it out yourself
Three calculators that use your own numbers.
Done reading?
Check your rate in about three minutes. It is free and won't affect your credit score.