Personal Loan
Balance Transfer Card
HELOC / Home Equity
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REFLECT
HELOC
SoFi debt consolidation — the nation's #1 rated personal lender
The average SoFi borrower pays off $312 less per month after consolidating. Zero fees, same-day funding, no collateral required. Check your rate in 60 seconds.
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List all balances and rates using our calculator above to see your full picture.
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See personalized offers from 50+ lenders — personal loans, balance transfers, and HELOC.
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Pay Off & Save
Lender pays your creditors directly (or you receive funds). One payment going forward.
How 200,000 Borrowers Paid Off Their Credit Cards with SoFi
Real numbers from real customers who saved hundreds per month.
Debt Avalanche vs. Snowball vs. Consolidation: 2026 Analysis
We ran the math on $25,000 in credit card debt using all three methods. The results are clear.
Does Debt Consolidation Hurt Your Credit Score? The Real Answer
Short term vs. long term effects — and how to maximize your score through the process.
LightStream's Rate-Beat Guarantee: How It Works
The only lender that pays you $100 if they can't beat a competitor's rate.
In the short term, applying for a consolidation loan or balance transfer card triggers a hard inquiry, which may drop your score 5–10 points temporarily. However, consolidation typically improves your credit over 6–12 months by reducing your credit utilization ratio (a major scoring factor) and diversifying your credit mix. The key is to not rack up new balances on the cards you just paid off.
It depends on your current rates and balances. If you're carrying $20,000 at an average of 22% APR and consolidate to an 8.99% personal loan over 5 years, you'd save approximately $8,400 in total interest. On a $30,000 balance, savings can exceed $15,000. Use our calculator above to see your specific savings. The higher your current rates and the more you carry, the greater the benefit.
For the best personal loan rates (under 10%), you'll want a 700+ score. Scores of 640–699 still qualify for consolidation loans but at higher rates (10–18%). For a balance transfer card, most issuers require 680+. If your score is below 620, your best option may be a secured loan, a credit union, or working with a nonprofit credit counselor on a debt management plan before consolidating.
Generally, no — closing accounts reduces your total available credit, which raises your utilization ratio and shortens your average credit age. Both negatively affect your score. Instead, keep the paid-off accounts open with a zero balance. The exception is if having open credit is a psychological trigger for overspending — in that case, closing cards and removing them from your wallet may be the right call for your financial health.