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Here is a list of our best debt consolidation loans for 2024. If you want to learn more about any of these companies, you will find a link to our reviews of each company below by clicking on the name.

Criteria for our judgment of the best debt consolidation loan

  • Low rate
  • Meaningful loan amount
  • Fees and penalties
  • Debt consolidation features

Our top picks for debt consolidation

Here are the companies that we think offer the best debt consolidation loans. You’ll also see what we like about them. You can find the full reviews of each of these companies if you want more details. Just click on the title!


  • Credit Union
  • Some of the lowest rates in the market: 7.99 to 17.99
  • Stricter in their decisions
  • No origination fee
  • Loans up to $50,000

Our top company is PenFed. PenFed is a credit union, so you would have to become a member to apply for one of their loans. But applying means opening a savings account with $5, so the bar is pretty low. PenFed has some of the lowest stated interest rates in the market and they don’t charge an origination fee. They offer loans up to $50,000. They *are* likely to be a little more strict in their approval than many other companies, though. 


  • No late fee, or prepayment penalty
  • Origination fees are not required.
  • Rates 8.99% to 25.81%
  • Discount for autopay
  • Up to $100,000 (average was $30,000)
  • Discount if they pay off your creditors directly

The second company is SoFi. One of the best things about SoFi is that they don’t require an origination fee. An optional origination fee can be charged to lower your interest rate and APR. They also don’t charge a late fee, or prepayment penalty. SoFi offers loans as high as $100,000, which is by far the largest loans of any of the companies on our list. You can also earn a discounted rate if you have SoFi pay off your other creditors directly or sign up for autopay. 

Happy Money

  • Up to $40,000
  • Rates 11.72% APR and 24.67%
  • Origination fee (but no other fees)
  • Lending partners are Credit Unions
  • Can pay off the credit cards directly

Our third company is Happy Money. They offer loans up to $40,000. Their lowest APR is a bit higher than SoFi’s lowest, but their interest rate is comparable. They do offer the service of paying off your creditors directly which is a nice benefit. Happy Money does charge an origination fee, which probably accounts for their higher APR. But, there are no other fees. 


  • Up to 50,000
  • 2-5 year terms
  • Rates 7.99 to 35.99
  • Origination fee 1.99 to 5.99
  • Direct debt payoff option for a discount
  • Discount for adding a co-borrower
  • Discount for showing proof of retirement funds

Our fourth company is Achieve. They offer loans up to $50,000. Their lowest APR is competitive with anyone, but their highest is 35.99%. Their lowest APR will be reserved for the highest quality applicants. Achieve does charge an origination fee of between 1.99% and 5.99%. But, they do offer interest rate discounts: one for having them pay off creditors directly, one for adding a co-borrower, and one for showing proof of retirement funds. 

More notable debt consolidation loan companies

Other legitimate companies that you could consider include LendingClub, Prosper, Best Egg, and Upgrade, but they aren’t quite as favorable as the ones mentioned above. But, here’s the thing about debt consolidation loans: the best company is the one that will give you the best terms for your situation. It doesn’t matter if we think PenFed is the best if they offer you a higher rate than Happy Money or LendingClub.


  • Up to 40,000
  • Rates 6 to 36
  • Origination fee 3 to 8%
  • Good transparency (fees)
  • Will pay off your debts directly (up to 12 creditors)


  • Most transparent
  • Up to 50000 (average is actually 14,000)
  • Clear about approving based on a percentage of your income (affordability)
  • Rate 7 to 36 (average 19)


  • Up to $50,000
  • 3-5 years
  • Rates 9 – 36%
  • Origination fee 1 to 9%
  • Not clear about other fees (lack of transparency)


  • Up to $50,000
  • Rates of 8.49 to 35.99
  • Ability to provide collateral
  • Discounts for autopay and when paying off other debts
  • Origination fee: 1.85 to 10%


  • Up to $35,000
  • APR’s from 9.95% to 35.99%


  • Rates 7.99 to 35.99
  • Loans up to $36,500
  • Origination fee, up to 10%
  • Not clear about fees
  • Up to 6 year terms 

Before you borrow: Another way to find the best debt consolidation loan!

So, before you accept a debt consolidation loan from anyone, including the best companies on this list, you should apply to at least three or four companies. Ideally, you should have a couple of offers in hand before you make a decision if you want the best debt consolidation loan. 

At the Yukon Project, we’ve tried to make shopping around easy. With a single application, you can apply to up to 40 lenders at once to see what rate they would offer you. The lenders do a soft credit inquiry, so applying won’t negatively affect your credit score, either. Check out our marketplace page to make your shopping experience easy. 

Picture of Jonathan Walker

Jonathan Walker