Consolidate Your
Debt
Check your rate in minutes
Won’t affect your credit score
Pay off your existing debt quickly
and easily
Loans from $1,000 – $150,000§ | 3 & 5 year terms‡ | 2.92% – 35.99%‡
Fixed Rate
No teaser rates – your monthly payment is always the same.
Clear Pay-Off Date
3 or 5 year terms give you a line of sight to paying off your debt.
Save Money
56% lower rates than traditional models.*
Fast and Easy Process
Get funded in as fast as 1 business day after accepting your loan.**
loans for any occasion
DEBT CONSOLIDATION FAQ
What is a debt consolidation loan?
A debt consolidation loan combines high-interest debt, like credit cards, into one manageable personal loan. Some advantages of debt consolidation loans include lower interest rates, fixed monthly payments, and fewer payment due dates to track.
How can a debt consolidation loan help my monthly payments?
Payment history contributes to your credit score calculation so it’s an important part of your credit profile. When juggling multiple payments, you risk a payment falling through the cracks. With a debt consolidation loan, you’re left with one payment to manage, meaning fewer chances to miss a payment.
How can debt consolidation lower my interest rate?
Instead of having multiple debt accounts with variable, high interest rates, an eFund123 debt consolidation loan gives you one fixed rate. That means no surprise interest rate hikes and a known monthly payment each month.
Also, interest rates are typically based on just your credit score, which provides a limited view of how responsible you’d be as a borrower. Unlike other lenders, eFund123 powered lenders use additional information, like job history, level of education, and your area of study, to find the best rate for you.
Which types of debt can I consolidate?
Debt consolidation loans are useful for managing revolving lines of credit and high-cost loans that incur steep interest fees. Some of these debt types include: general credit cards, retail credit cards, gas cards, payday loans, and title loans.
Do I have to consolidate all of my debt?
You control which accounts to roll into your debt consolidation loan. Depending on the loan amount you qualify for and the state you reside in, eFund123 funds loans between $1,000 and $50,000§.
Does debt consolidation hurt my credit score?
To check your rate, eFund123 will do an initial (soft) inquiry that will not affect your credit score††. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. Opening a new line of credit might temporarily lower your credit score due to a “hard” credit inquiry.
In the long run, a personal loan may help your credit score if you make consistent, on-time payments.
After I'm approved, how long does it take to get the money?
A debt consolidation loan offers you the convenience of getting your money fast. Funding can happen in as soon as one business day of accepting the loan so you can pay off your high-interest credit cards immediately.**
In the long run, a personal loan may help your credit score if you make consistent, on-time payments.
†† When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.
§ Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.
‡ The full range of available rates varies by state. The average 3-year loan offered across all lenders using the eFund123 Platform will have an APR of 25.79 and 36 monthly payments of 37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
* As reported by the Consumer Financial Protection Bureau, based on an internal eFund123 study which compares outcomes from eFund123’s underwriting and pricing model against outcomes from a hypothetical model that uses traditional application and credit file variables and does not employ machine learning (traditional lending model).
** If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.