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A debt consolidation loan, also known as a bill consolidation loan, makes paying down debt faster and easier by combining different types of debt—like credit cards and other lines of credit—into one monthly payment. It could simplify your repayment plan, reduce the number of payments you manage, and lower the total interest you pay over the life of the loan.
See how a consolidation loan could work for you
If you answered yes to any of the questions, a debt consolidation loan may be a smart move. Our free loan calculator lets you see your monthly payment, APR, and total interest you may pay over the life of a loan before you apply.
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“Fast and easy to apply with. Money in the bank in two days. Now I can pay off my credit cards high interest. Thank you so much Best Egg. Very reliable Loan.”
Robert of Twin Falls, ID
Quote is an excerpt from actual customer feedback provided via a Best Egg customer survey.
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FAQ
Debt consolidation loans help you combine multiple debts into one monthly payment, often with a lower interest rate, to help simplify your finances and reduce the total interest you pay over time.
Debt consolidation loans can generally be used to combine different types of unsecured debts, including credit card balances, personal loans, medical bills, and other lines of credit.
Best Egg Debt Consolidation Loans will typically allow you to consolidate $2,000-$50,000 of debt. Your actual offer is dependent on multiple factors, so take 5 minutes to plan.
Using a personal loan for debt consolidation can make managing your finances much easier. For example, instead of making multiple payments to different lenders each month, you only have to make one. The repayment terms are typically fixed, which means your payment always stays the same—providing a clear timeline for when you’ll be debt-free.
Debt consolidation loans may also offer lower rates than credit cards, which could help reduce your overall interest charges and save you money over time. Find out if you should use a personal loan or credit card for debt consolidation.
Beyond the qualification requirements to be approved, the biggest risk associated with debt consolidation loans is extending the repayment period to where it no longer helps you save.
Extending your loan term makes monthly payments cheaper, but the result is that you may end up paying more in total interest over time. It’s essential to compare offers and carefully review the terms of any financial product you’re applying for to make sure consolidating your debt is worthwhile.
Consolidating your debt can impact your score both positively and negatively. When you accept a debt consolidation loan offer, a hard inquiry will be placed on your credit report, which could temporarily lower your credit score. If you close a card or loan account after consolidating the debt, this could also lower your credit score due to reducing the average age of your accounts.
On the positive side, paying off multiple debts can lower your credit utilization ratio, benefitting your credit score. And by demonstrating responsible behavior and repaying your loan on time, your history of consistent payments could boost your credit score as well. When managed effectively, debt consolidation typically has a positive impact on your score over time.
Over the life of the loan, the only fee you’ll pay with a Best Egg Debt Consolidation Loan is the one-time origination fee included in the principal loan amount.
There’s also a $15 returned payment fee if your payment doesn’t process (usually due to returned checks or insufficient funds in the bank account).
Applying for a Best Egg Debt Consolidation Loan online is easy, and you’ll find out if you’re approved for an offer in minutes. If you are, money should be in your account within 1-3 business days.
