Check Your Rate

Majority of debt consolidators told us they saved an average of $308 per month by consolidating debt with a Discover Personal Loan.

Save Money on Loan Interest Rates
Save money on interest
With rates that are generally lower than the interest on your revolving debt, you can spend less on interest.
Locked in a Fixed Loan Rate
Lock in a fixed rate
While other rates are on the rise, Discover lets you lock in a fixed rate. So your monthly payment won't change.
Debt Consolidation Loans
Simplify your bills
Consolidate debt from credit cards, loans, and more into one monthly payment. We can even pay your creditors directly.
With rates that are generally lower than the interest on your revolving debt, you can spend less on interest.
While other rates are on the rise, Discover lets you lock in a fixed rate. So your monthly payment won't change.
Consolidate debt from credit cards, loans, and more into one monthly payment. We can even pay your creditors directly.
Know your rate first—checking won't affect your credit score. Check Your Rate

Estimate savings with a debt consolidation loan

How's Your Credit?
Please select score
Remove X
1
Current Debt
$
Enter your current debt
Current APR
%
Enter the current APR
Monthly Payment
$
Enter the last monthly payment made Monthly payment should be lower than current balance
Add Another

Let's see what debt consolidation could do for you

Edit
Your Credit

Total Debt

$

Average APR

%

Total Monthly Payments

$

Based on your selection of credit, we are unable to provide you with a savings calculation.

A minimum score of 660 is required to qualify for a Discover personal loan. You can read more about the importance of your credit history on our Resource Center.

Based on the information entered, consolidating debt with Discover Personal Loans may not save money or time

Call to speak with a dedicated loan specialist and evaluate your options.

Please call to speak with one of our dedicated loan specialists.

We're here to help you evaluate your needs and your options. Give us a call:
phone-icon
1-866-248-1255
Monday-Friday, 8am-11pm ET
Saturday-Sunday, 9am-6pm ET

<p>Based on your current situation, you could keep your monthly payment of <sup>$</sup></p> $ and:

SAVE MONEY
Save up to

$

in interest
SAVE TIME
Pay off debt

months

sooner
Results based on a Discover Personal Loan with %  APR for months.
How did we calculate this result?
This is just an estimate. Adjust the slider to see how different credit scores can affect your savings.
Good Very good Exceptional

Your APR will be between 6.99% and 24.99% APR based up on creditworthiness at time of application.

Information and interactive calculators are made available as self-help tools for your independent use and are intended for educational purposes only. Any results are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For customers with less than Good credit, a Discover Personal Loan may not be the right debt consolidation solution.

Find out if you prequalify today

Check your rate before you apply—it won't affect your credit
Check Your Rate

Common questions about using a personal loan to help pay off debt

When you take out a personal loan to consolidate debt, you use the funds from your loan to pay off up to $35,000 in debt. Then you have just one monthly payment instead of juggling multiple bills with different due dates.

Loans for debt consolidation usually have lower interest rates than other high-rate loans or revolving debt like credit cards, department store cards, and gas cards. This helps you save money on future interest payments while you pay down your debt.

Getting a loan to consolidate debt can be a smart way to  pay off your credit card balances, higher interest loans, and other bills. Because your goal is to eliminate debt, a debt consolidation loan can help in the long term. In the short term, the debt consolidation loan may affect your credit because you're opening a new account and taking out a new line of credit.

Wondering if a debt consolidation loan is right for you? You can see what your actual rate will be before you apply. Just check your rate. It's quick and easy. And it won't affect your credit.

Discover personal loans have no loan origination fees, closing costs, or prepayment penalties. As long as you pay on time, there are no fees associated with your personal loan for debt consolidation.

See More FAQs

Learn more about personal loans to consolidate debt

Check out our Resource Center to find information and tools to help with debt consolidation.

Discover debt consolidation loan reviews

Read All Reviews
phone icon

Still have questions?

Give us a call and speak with a dedicated U.S.-based loan specialist.

1-866-248-1255 Monday-Friday, 8am-11pm ET Saturday-Sunday, 9am-6pm ET
percent icon

Ready to check your rate?

See what your rate will be with a Discover personal loan. It’s quick, easy and won’t affect your credit score.

Check Your Rate

Loan approval is subject to confirmation that your income, debt-to-income ratio, credit history and application information meet all requirements. Loans are unsecured. Loans are fully amortizing personal loans as long as you pay on time.

You must have a minimum household income of $25,000 to be considered for a Discover personal loan. A Discover Personal Loan cannot be used to pay for post-secondary education or to pay off a secured loan.

Your APR will be between 6.99% and 24.99% based on creditworthiness at time of application for loan terms of 36-84 months. For example, if you get approved for a $15,000 loan at 6.99% APR for a term of 72 months, you'll pay just $256 per month. Our lowest rates are available to consumers with the best credit. Many factors are used to determine your rate, such as your credit history, application information and the term you select.

We may charge a fee if your payment is late.

All figures are from an online customer survey conducted July 27 to August 12, 2018. A total of 638 Discover personal loan customers were interviewed. All results @ a 95% confidence level. Respondents opened their personal loan between December 2017 and June 2018 and fell into one of two groups; 532 = debt consolidators and 106 = non-debt consolidators.

© 2019 Discover Bank, Member FDIC