You can prepay your loan at any time with no fee or penalty.
We look at factors beyond your credit score, like education³ and employment, to find you a rate you deserve.
"I was able to wipe out credit card debt and consolidate all payments into one. This one payment was less than all three minimum payments for each credit card."
We believe you’re more than your credit score. Our lending partners consider factors like education³ and employment when setting your rates. In many cases, it means you may be able to qualify for a credit card loan while building–or rebuilding–your credit score.
If you get approved and accept your loan terms, you could get your credit card consolidation funds in as little as 1 business day.² You can then use the money to pay off your credit card balances immediately.
Yes. You can pay off your balances in cash if you have the funds. You may also be able to qualify for a 0% introductory APR balance transfer card to consolidate your credit cards. Balance transfer cards may allow you to pay off your debt with no interest fees for a short period, but some come with high transfer fees.
You can apply for a loan to pay off credit cards online. Get started by checking your rate using our simple funding form to submit details such as your income and education.³ If you’re eligible for a credit card consolidation loan through us, you could see several offers with different rates, terms, and payments in 5 minutes or less.
Consolidating credit card debt into 1 payment makes it easier to keep track of your bills and avoid missed payments. Depending on your loan terms and APR, you could even save money in interest or pay off your credit card debt faster.
When you check your rates, we will perform a soft credit inquiry that won’t affect your score. If you decide to submit an application and go ahead with your credit card loan, we’ll run a hard credit inquiry to verify your information. The hard credit inquiry may temporarily impact your score, but timely monthly payments can help improve it.
Using a loan to consolidate credit card debt may be a good idea if the interest rate on the loan is lower than your current credit card rates.A lower rate can help you save money each month in interest. In addition, a personal loan to pay off credit card debt often comes with fixed rates, predictable monthly payments, and a known payoff date. As a result, you may be able to lower your monthly payments or pay off your debt faster.
A credit card debt consolidation loan is a type of personal loan used to pay off credit card debt. When you take out a loan to consolidate your credit cards, you use the funds to replace your high-interest credit card debt. You may also be able to save more each month with a lower interest rate. Then, you start making payments on your credit card consolidation loan until you reach your payoff date.
1. 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 may be reported to the credit bureaus.
2. If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on 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.
3. Neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.
4. 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. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).
5. The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.74% and 60 monthly payments of $26.35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,808 including a $591 origination fee. APR is calculated based on 5-year rates offered in April 2022. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
6. As of 4/1/2022.
7. Images are not actual customers, but their stories are real.