Can I use a loan to consolidate my debt?

Yes—using a debt consolidation loan can help you lower your interest rate and may improve your credit score over time.

By combining multiple debts into a single loan with one monthly payment, you can simplify your finances and potentially save money on interest. This strategy is especially helpful if you're currently juggling high-interest credit card balances or other unsecured debts.

How It Works

  • You borrow a lump sum from one of SuperMoney’s trusted lending partners
  • Use the funds to pay off your existing debts
  • Repay your new loan through one fixed monthly payment—often at a lower interest rate

Benefits of Consolidation

  • Lower interest rates may save you money
  • One payment is easier to manage than several
  • Improved credit score is possible if you make payments on time and reduce your overall credit utilization

Ready to Compare Lenders?

Visit our Personal Loan Comparison Page to see offers from top lenders and find the one that fits your needs. Prequalification uses a soft credit pull, so it won’t affect your credit score.

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