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Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.
Ben Gran is a freelance writer based in Des Moines, Iowa. He has written for regional banks, fintechs, and major financial services companies. Ben is a graduate of Rice University.
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The latest research from The Ascent shows that the average unsecured loan balance is $11,773. And according to data from the Federal Reserve, as of Q1 2024, Americans had total household debt of $17.69 trillion -- including mortgages, auto loans, and credit card debt.
If you're struggling to keep up with your bills, or if you want to find an easier way to pay off credit card debts while potentially getting a lower interest rate, debt consolidation loans can help. With debt consolidation loans, you can combine multiple debt payments into one -- which may help you get out of debt faster and more cheaply.
What to look for in a debt consolidation loan
A competitive interest rate. You must also factor in the cost of the origination fee and repayment term. These are reflected in the loan's APR.
Low origination fees. Some lenders charge for processing and distributing your loan, with fees ranging from 1% to 8%. The best debt consolidation programs have loans that charge little or no origination fees.
Repayment terms that work for you. Find a loan with the shortest loan period you can afford. The faster you pay off your loan, the less you will pay in interest.
No prepayment penalties. Some lenders charge a fee if you pay a loan off early. Look for a lender that does not charge prepayment penalties.
Prequalify without impacting your credit score
You’re clicks away from finding the right loan. Answer a few questions and start comparing real offers from multiple lenders within minutes. This won’t impact your credit.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Min. Credit Score: 680
Loan Amounts: $5,000 - $100,000
APR Range: Fixed: 8.99%-29.99% APR (with all discounts)
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Min. Credit Score: 640
Loan Amounts: $2,000 to $45,000; min. $5,001 in Ohio
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
SoFi offers low interest rates and higher loan limits than most lenders. Its loans are designed for well qualified applicants. SoFi doesn't require an origination fee, late fees, or a prepayment penalty.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
LightStream offers the lowest rates on personal loans, hands down, and high loan limits. Also, LightStream doesn't charge fees. All in all, this is one of the most competitive personal loan lenders you'll come across. The catch is that LightStream has stricter borrowing requirements than some other lenders.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Upgrade offers loans from $1,000 to $50,000, with terms as long as 84 months. All borrowers pay an origination fee. Loans fund in as little as a day. The best rates go to borrowers using at least some of the funds to pay off other debt.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Lending Club is ideal for borrowers who want to consolidate high-interest debt. By consolidating their high-interest debt into a single peer-to-peer loan, a borrower can save hundreds of dollars in interest.
Wide range of loan amounts, ranging from $1,000 to $40,000
No prepayment penalty
Allows for joint applicants, as long as one borrower meets credit standards
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
A flexible personal loan that can be used for just about anything.
Apply without harming your credit score
Loan amounts to fit a variety of situations
Better Business Bureau (BBB) rating of A+
Qualify with an annual income as low as $24,000
No early payoff penalty
Origination fee of up to 8%
No cosigners or joint applicants allowed
Limited repayment options
Take a deeper dive into our debt consolidation reviews
Upgrade debt consolidation loans
If you want to consolidate debt, Upgrade is worth a closer look. Want to tackle smaller debts spread across several credit cards? Upgrade provides personal loans as small as $1,000. Are you struggling with larger amounts of high-interest credit card debt? Upgrade loans up to $50,000 are available to qualified applicants.
Good news for people who are trying to improve their credit score: When you apply for a loan, Upgrade makes a soft credit inquiry -- not a hard credit pull. That means your credit score won't be affected just for applying (the hard credit inquiry is when you receive a loan).
Once approved for an Upgrade loan, the funds will hit a borrower's bank account within four days (often sooner). Loan terms stretch from two to seven years, giving you more control over the size of your monthly payment.
But here's a drawback of Upgrade loans: no cosigners are allowed, so if your credit score is struggling, this could be bad for your chances of getting approved. Plus, if your credit score is on the low end, origination fees up to 9.99% can be costly.
What makes Upgrade debt consolidation loans different?
Upgrade offers one of the longest repayment terms in the personal loan business.
Upgrade debt consolidation loan requirements
Have a credit score of at least 580
Be 18 or 19 years of age, depending on the state in which the applicant lives
Be a U.S. citizen, permanent resident, or hold an immigration visa
Have a Social Security number of passport
Provide evidence of U.S. bank account
LightStream debt consolidation loans
If you're looking to consolidate debt but still have a (fairly) healthy credit score, LightStream could be a good choice. LightStream personal loans are available from $5,000 to $100,000, with no origination fees or prepayment penalties. Loan terms ranging from 24 to 48 months allow you some control over your monthly payment amount. Although you'll likely need a credit score of 660 or greater, LightStream allows co-applicants, which can be good news for borrowers with a lower FICO® Score. If you've been approved for a personal loan by another lender, LightStream will beat that lender's rate by 0.1%.
What makes LightStream debt consolidation loans different?
Because there are no origination fees, LightStream loans cost less than most. Another advantage of LightStream is that this company allows you to bring a co-applicant who may have a higher credit score.
LightStream debt consolidation loan requirements
Have a valid Social Security number
Have a clear plan for what you want to do with the borrowed funds
Provide evidence of any available assets
SoFi debt consolidation loans
SoFi requires a good credit score of 680 or higher. However, if you qualify, the lender offers some pretty attractive benefits, including loan amounts from $5,000 to $100,000. You can also bring a co-borrower if you don't qualify on your own. The lender also considers alternative sources to determine creditworthiness for borrowers who haven't had time to build a long credit history. Unlike many lenders, SoFi charges no origination fee or prepayment penalty.
SoFi debt consolidation loan requirements
Be at least 18 years of age
Be a U.S. citizen, permanent resident, or non-permanent resident alien
Have an income, either from employment or other sources. Applicants with an offer of employment scheduled to start within 90 days will also be considered.
LendingClub debt consolidation review
LendingClub is a fintech company working with a network of investors. These investors are specifically looking for people they can loan money to. Loans are available from $1,000 to $40,000, with terms of 36 or 60 months. Because it's a network of investors, there's a good chance you will find funding.
Just like with other lenders, LendingClub borrowers who have low credit scores are likely to pay higher interest rates than people with stronger credit. LendingClub origination fees run from 3% to 6%. So if you have a high enough credit score to qualify for a different lender that doesn't charge origination fees, you might be better off applying with a different company. Instead of spending several percentage points on loan fees, you could keep more money in your bank account.
What makes LendingClub debt consolidation loans different?
The biggest difference for LendingClub is that investors choose which loans they want to fund. This can make it more likely for borrowers with lower credit scores to receive loans via LendingClub than with traditional lenders. But just like with a bank loan or any other loan, borrowers with lower credit scores are likely to pay higher interest rates.
LendingClub debt consolidation loan requirements
Must be at least 18 years old
Have a verifiable bank account
Be a U.S. citizen or current resident
Rocket Loans debt consolidation loan review
Did you know that Rocket offers more than home loans? Yep. Rocket also provides personal loans, ideal for consolidating high-interest debt. If your credit score is 640 or higher you are eligible to apply for a Rocket debt consolidation loan ranging from $2,000 to $45,000. Repayment terms are either 36 or 60 months, and you can expect same-day loan approval. You may even receive same-day funding. But watch out for one drawback: this lender charges origination fees of as high as 7%.
What makes Rocket debt consolidation loans different?
Rocket is one of the rare lenders that may be able to provide same-day funding.
Rocket debt consolidation loan requirements
Must be at least 18 years of age
Must be a U.S. resident
Must have a bank account that can receive payments via ACH
Are there debt consolidation loans for bad credit?
Yes, there are consolidation loans available if you have bad credit. Here are a few extra steps you can take to increase your chances of getting approved:
Check your credit reports for errors. Mistakes can drag your score down. To get started, order a free copy of your credit report from each of the three major credit bureaus. Then, read through each record carefully. If you find a mistake on your credit history, report it to the credit bureau.
Get prequalified with multiple lenders. Getting prequalified doesn't affect your credit score -- usually (always ask your lender to confirm, though). By getting prequalified, you can find out whether or not a lender will offer you a loan.
Consider secured debt or getting a cosigner. If you're having trouble getting approved for a loan, look into secured loans (loans that require collateral) or asking someone to cosign your loan. Doing one (or both) can make it easier for you to get approved for a debt consolidation loan.
Low APR for borrowers with good to excellent credit scores
Rocket Loans
640
$2,000 to $45,000; min. $5,001 in Ohio
9.116% to 29.99%
Flexible personal loans
Credit card refinancing vs. debt consolidation
It can be easy to confuse refinancing and consolidating, but they are two different strategies meant to accomplish the same goal -- to become debt free.
Credit card refinancing involves transferring your credit card balance to a card with a lower interest rate (more on this in a moment). Debt consolidation streamlines multiple debt payments into a single payment, using a personal loan.
What are the benefits of using a personal loan for debt consolidation?
A debt consolidation program can save you money and time. Here are a few other benefits:
Lower interest rate: Most debt consolidation loans have a lower interest rate than credit cards, potentially saving you thousands of dollars.
Lower monthly payments: If you have a lower interest rate, you'll likely also have lower monthly payments. If you find yourself worrying about how you're going to repay credit debt or other unsecured debt, a debt consolidation loan can help you lower the total monthly payment due.
Clear finish line: From the time a lender approves your consolidation loan, you will know precisely the repayment term and when it's due to be paid off.
Fewer bills: Consolidating multiple debt loans into a single personal loan means you will have fewer bills to juggle. Rather than making sure each credit card payment is sent, writing a check for your auto loan, and double checking that all other bills are covered, you pay a single monthly payment.
Higher credit score: You may be able to improve your credit score by making regular payments. Since your credit history plays a role in everything from renting an apartment to whether you qualify for the lowest auto insurance rates, raising your credit score makes life easier.
What are the drawbacks of debt consolidation loans?
Most financial decisions, including personal loans for debt consolidation, have pros and cons. Here are some drawbacks:
If you use your loan to pay off your credit cards, you may be tempted to use those cards again, leaving you with a consolidation loan and new high-interest debt. New debt leads to a higher debt-to-income ratio, an issue that is factored into your credit score.
There is often a sense of relief once you've paid off high-interest debt, which may tempt you to spend more money or spend unwisely. The entire point of debt loans is to get you out of debt and make your life easier. Whether you take out a secured loan or an unsecured loan, stick to your budget once the loan is paid in full.
If you take out a secured loan using collateral, such as your house or your car, to keep the interest rate low, you risk losing that collateral if you miss payments. If you're not sure you will be able to make all payments as agreed, consider an unsecured loan instead.
The wrong loan can end up costing you money in interest or fees. Make sure you understand all the costs involved and don't inadvertently put yourself in a worse situation. A high origination fee, late payment fees, and prepayment penalty will each take money out of your pocket.
TIP
Budgeting for loan payments
If you're getting ready to apply for a debt consolidation loan, start by outlining your current monthly expenses and income. Then, estimate how much you can put toward a loan payment each month. (Remember, the loan payment will replace some of your other debt payments.) That way, you'll know ahead of time what size loan payment is best for you -- and you can confidently work toward paying off that debt.
What are the alternatives to personal loans for debt consolidation?
Personal loans for debt consolidation can be a great way to meet your financial goals, but they're not the only option. Here are some alternatives to a debt consolidation loan.
Balance transfer credit cards
A balance transfer card offers an introductory rate, most often a 0% APR for a set time period (typically 12 to 21 months). You apply online, give the new credit card company a list of the balances you want to be transferred, and wait to hear back from it. Transfer fees usually range from 3% and 5% of the balance transferred. But beware: The card's interest rate will rise dramatically as soon as the intro period ends. You should plan to pay the card off in full before then.
Pros
No interest charges on balance transfers during intro period
May increase your credit score
Cons
Only effective if you stop using credit while repaying the debt
Transfer fees charged
Interest rate rises dramatically once the intro period ends
Home equity loans
If you owe less on your mortgage than your home is worth, that means you have equity and can borrow against it. If you use a home equity loan for debt consolidation, you'll owe your mortgage lender instead of your other creditors (like credit card issuers). The interest rate might be lower on a home equity loan than you'd pay on a credit card or personal loan. The danger is that you could lose your home if you miss payments.
Pros
Likely to provide you with a much lower interest rate
Can increase your credit score
Cons
Lender has the right to repossess your home (the collateral) if you fail to make payments
Easy to get into even more debt unless you stop using other available credit (like credit cards)
401(k) loans
While the best move with a 401(k) plan -- or any other retirement plan -- is to leave it alone and let it grow, some plans do allow for borrowing. You don't have to worry about your credit score when borrowing from your 401(k) because no credit check is required.
A 401(k) loan generally lets you borrow 50% of your 401(k) balance or $50,000, whichever is less (with some exceptions). When you take out a 401(k) loan, you pay interest to yourself by putting your interest payments back into your retirement account. However, if you don't pay back the loan within five years, you will owe income tax and a penalty of 10%.
Pros
No credit check required
You repay yourself, with interest
Cons
The money borrowed from your 401(k) has no opportunity to grow, potentially costing you thousands of dollars in retirement savings
If the loan is not repaid within five years, you'll pay income tax and a penalty of 10%
A debt consolidation loan is a loan used to pay off other debt. It usually has a lower interest rate than other debt (like credit card debt). You can also use it to pay off multiple debts -- for example, multiple credit cards or loans. Then, you have only one debt payment to remember instead of several.
Getting a debt consolidation loan could help your credit score go up. Consolidating debt leaves you with more available credit (for example, paid off credit cards). As long as you don't add charges to the cards you just paid off, the credit utilization portion of your credit score improves. In addition, making monthly payments on time helps boost your score.
The credit score required to consolidate debt depends on the lender. Some lenders that cater to those with poor credit consider applicants with scores as low as 560-580.
How much debt you can consolidate depends on a number of factors, including your credit history, income, and how much money a lender will offer you.
Ramsey is not a fan of debt consolidation loans, believing that it will take you longer to repay the debt. In his opinion, the longer it takes you to repay the loan, the more interest you'll pay.
A longer term on a debt consolidation loan is not necessarily a bad thing, if you can use that loan to get a lower interest rate, a lower monthly payment, and build momentum to pay off debt faster. Use a debt payoff app and crunch the numbers to see how long it will take you to pay off existing debt at the rate you're paying. Then, find out how much a consolidation loan will cost you monthly. Finally, compare the total interest paid in both scenarios.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Dana George has positions in Target. The Motley Fool has positions in and recommends Starbucks, Target, Truist Financial, U.S. Bancorp, Upstart, and Visa. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Dana George has positions in Target. The Motley Fool has positions in and recommends Starbucks, Target, Truist Financial, U.S. Bancorp, Upstart, and Visa. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.