Frequently asked questions

It’s combining several debts — usually high-interest credit cards — into one new loan with a single fixed monthly payment. The goal is a simpler payment and, ideally, less money lost to interest.

Usually not. Getting an initial rate estimate (pre-qualification) is typically a soft credit check, which doesn’t affect your score. A hard inquiry only happens later if you formally apply — and it lowers your score by only a few points, recovering within about a year.

It varies by lender. Top-tier lenders advertise the lowest rates but often decline applicants below about 660. Others work with good-but-not-perfect credit (around 640) or lower, usually at higher rates. Approval also depends on income and other factors.

Personal loans for consolidation typically range from about 7% to 36% APR depending on your credit, with terms commonly between 2 and 5 years. Some lenders charge an origination fee; others don’t — so compare the total cost, not just the rate.

It depends on your numbers. If the loan’s rate and total cost are lower than what you’re paying on your cards, you can save on interest and get a fixed payoff date. If a longer term lowers your payment but raises total interest, the math changes. Use the calculators to compare your own situation.

A consolidation loan pays your debts in full and you repay the loan — your accounts stay in good standing. Debt settlement negotiates to pay less than you owe, usually requires you to stop paying (which damages credit), and any forgiven debt of $600+ can be taxable income. They’re very different paths — see the Learn page for the full breakdown.

No. This is free, independent educational content. We’re not a lender, we don’t sell, broker, or refer loans, we earn no commissions, and we don’t run ads on you. There’s nothing to sign up for.

No. The calculators run entirely in your browser — anything you enter stays on your device and is never sent to us or anyone else. We don’t collect personal information at all.