Put yourself in a better financial place with a debt consolidation loan
Check Your Rate Won't impact your credit
See how much you could save
Enter your credit score, and a few details for each debt balance you hold (up to a total of x) — and we'll show you how much you might be able to save.
Here's what you told us
Your Credit
Total Debt
Average APR
Total Monthly Payments
Here's how we can help
This estimate maintains your current monthly payment for a term at APR with a total loan cost of .
Rates are calculated based on Discover loan data as of 01/08/2023.
See if you qualify for this loan with no impact to your credit
Check Your RateYour APR will be between x and x APR based upon 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.
We're unable to provide an estimate
Based on the information you entered, consolidating debt with us may not save you money. Feel free to give us a call to speak with a dedicated loan specialist if you have additional questions or would like to explore other options.
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Need to borrow more? Discover® Home Loans makes mortgage loans between $35,000 and $300,000.
The magic of debt consolidation
The concept is simple. It's all about combining multiple, higher-interest balances into one loan, with one simple monthly payment. And to do it with a lower interest rate.
- Could reduce overall cost by replacing higher-rate debt
- Could improve overall credit by diversifying credit mix
- Provides a concrete payoff date
Frequently asked questions
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The most common types of debt to consolidate into a personal loan are credit card and store card debt. Secured loans, like home and auto, cannot be consolidated. Also, a Discover personal loan cannot be used to directly pay off a Discover credit card.
When you consolidate your variable rate debt into a Discover personal loan, you get the added benefit of a fixed rate, fixed term loan. If you're looking to consolidate student loans, please visit Discover Student Loans.
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When you take out a Discover personal loan to consolidate debt, you use the funds from your loan to pay off your other debt. Depending on the amount of your loan, you’ll be left with x to x in debt, payable to one lender. Then you have just one regular monthly payment instead of multiple bills with different due dates.
Loans for debt consolidation may have lower interest rates than high-rate loans or revolving debt like credit cards, department store cards, and gas cards. Plus, a Discover personal loan has a fixed rate and a fixed repayment term. This helps you save money on interest while you pay down your debt.
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With a fixed rate loan, you could lock in an interest rate that might be lower than what you're currently paying on your outstanding balances. This means you could pay less in interest over time. Additionally, a fixed rate loan can lower your monthly payments to help you save money on interest each month, and it may help you pay down your debt faster. Read more about consolidating debt.
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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. Since credit bureaus look for a credit mix, having an installment loan may impact your credit health by adding a fixed loan to your revolving credit. 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 review your rate and monthly payment before you apply. Just check your rate. It's quick and easy. And it won't affect your credit score.
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The debt consolidation calculator totals up the debts you input and, using your average interest on that debt, estimates how long it would take to pay it all off if you continue to simply make your current monthly payments. It also estimates how much you'd spend on interest if you continued to pay down your debt in this way. Then, the calculator estimates your pay-down time and total interest paid if you were to get a debt consolidation loan with the estimated rate shown for the calculation.
This helps you compare your current situation to what might happen if you consolidated your debt. Your rate may vary based on the information contained within your application. These numbers are for comparison purposes only.