Top 10 Debt Consolidation Loans for 2024

Debt consolidation loans are an effective way to manage multiple debts by combining them into a single payment. These loans often come with lower interest rates and more favorable terms, helping you regain control of your financial future. Here, we explore the top 10 debt consolidation loans for 2024, providing essential information to help you make an informed decision.

1. SoFi

Website: SoFi
Loan Amounts: $5,000 – $100,000
APRs: 5.99% – 19.63%
Terms: 2 – 7 years
Key Features: Competitive rates, no fees, unemployment protection.

SoFi is renowned for its competitive interest rates and lack of fees, making it a top choice for borrowers with good to excellent credit. SoFi also offers unemployment protection, which can temporarily pause your payments if you lose your job.

2. Marcus by Goldman Sachs

Website: Marcus
Loan Amounts: $3,500 – $40,000
APRs: 6.99% – 19.99%
Terms: 3 – 6 years
Key Features: No fees, fixed rates, flexible terms.

Marcus offers no-fee personal loans with flexible terms and fixed rates, ensuring predictable monthly payments. This makes it easier to manage your budget and repay your debt.

3. LightStream

Website: LightStream
Loan Amounts: $5,000 – $100,000
APRs: 4.49% – 20.49%
Terms: 2 – 7 years
Key Features: Low rates for excellent credit, no fees, quick approval.

A division of SunTrust Bank, LightStream provides low-interest loans for debt consolidation, particularly beneficial for those with excellent credit. The quick approval process and lack of fees add to its appeal.

4. Payoff

Website: Payoff
Loan Amounts: $5,000 – $40,000
APRs: 5.99% – 24.99%
Terms: 2 – 5 years
Key Features: Focus on credit card debt, financial tracking tools.

Payoff specializes in consolidating credit card debt and provides tools to help you track your financial progress and improve your credit score. This focused approach makes it ideal for those dealing primarily with credit card debt.

5. Discover Personal Loans

Website: Discover
Loan Amounts: $2,500 – $35,000
APRs: 5.99% – 24.99%
Terms: 3 – 7 years
Key Features: No fees, 30-day money-back guarantee, fixed rates.

Discover offers no-fee debt consolidation loans with a unique 30-day money-back guarantee, allowing you to return the loan without interest charges if you’re not satisfied. Fixed rates ensure consistent monthly payments.

6. LendingClub

Website: LendingClub
Loan Amounts: $1,000 – $40,000
APRs: 6.34% – 35.89%
Terms: 3 – 5 years
Key Features: Peer-to-peer lending, flexible terms, easy online application.

LendingClub connects borrowers with investors through a peer-to-peer platform. While it charges an origination fee, LendingClub offers flexible repayment terms and an easy online application process.

7. Avant

Website: Avant
Loan Amounts: $2,000 – $35,000
APRs: 9.95% – 35.99%
Terms: 2 – 5 years
Key Features: Caters to fair credit, quick funding, user-friendly platform.

Avant is a solid option for borrowers with fair to good credit, offering quick access to funds through its user-friendly platform. The relatively higher APR reflects its accessibility to a broader credit range.

8. Upstart

Website: Upstart
Loan Amounts: $1,000 – $50,000
APRs: 6.46% – 35.99%
Terms: 3 – 5 years
Key Features: AI-driven assessments, accessible for varied credit profiles.

Upstart uses AI to evaluate borrowers, considering factors beyond traditional credit scores. This innovative approach makes it accessible to a wider range of borrowers, especially those with limited credit history.

9. FreedomPlus

Website: FreedomPlus
Loan Amounts: $7,500 – $40,000
APRs: 7.99% – 29.99%
Terms: 2 – 5 years
Key Features: Lower rates for co-borrowers, excellent customer service.

FreedomPlus offers personalized loans with the option to lower rates by adding a co-borrower or using part of the loan to pay off creditors directly. Their excellent customer service and personalized approach stand out.

10. Prosper

Website: Prosper
Loan Amounts: $2,000 – $40,000
APRs: 6.95% – 35.99%
Terms: 3 – 5 years
Key Features: Peer-to-peer lending, transparent fees, flexible terms.

Another peer-to-peer lender, Prosper, offers transparent fee structures and flexible terms, making it a popular choice for debt consolidation. Its platform connects borrowers directly with investors.


Selecting the right debt consolidation loan is crucial for your financial health. Each lender on this list offers unique benefits and features. Assess your specific needs, credit profile, and financial situation to make an informed decision. Consolidating your debt can simplify your finances, reduce interest rates, and help you work towards a debt-free future in 2024.