This Week's Debt Consolidation Loan Interest Rates

This Week's Debt Consolidation Loan Interest Rates: April 18, 2023

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The average overall interest rate for debt consolidation loans this past week was 18.30%, down four basis points from last week. The best rates were as low as 5.99%. Borrowers with credit scores below 620 got loans with average rates of 21.68%, while those with scores above 720 got loans with average rates of 14.92%.

While you can take out a personal loan to pay for everything from home renovation projects to medical expenses and income taxes, most borrowers use them to consolidate debt. That purpose is so popular that some lenders, including Happy Money and Reach Financial, specialize in them.

See Insider's picks for the best debt consolidation loans and the best credit card consolidation loans »

Compare Personal Loan Rates

Average Debt Consolidation Rates

We've put together these average rates from our database of 25 debt-consolidation loan products for this past week: 

Debt Consolidation Rates by Credit Score

A higher credit score generally means you'll receive a lower rate — but not always. 

The average rates (APRs), terms, and loan amounts were provided by Even Financial sourced through Fiona.com. This information is based on aggregated, anonymized offer data from Fiona's lender marketplace of financial services providers as of April 18. The data presented in this table applies only to lenders with APRs below 30%, and is not specific to any individual lender or consumer. 

Percentage of Borrowers by Loan Purpose

These loan purposes are based on data from 193 borrowers who applied for loans and received rates.

Average Overall Personal Loan Rates

We've put together a database of 28 personal loan products and averaged their rates to help you get a handle on the current landscape of loans for all purposes. You're more likely to get a lower rate with a better credit score. Rates are unchanged from last week. 

The lowest rate of the companies we track is from American Express, which has a minimum APR of 5.91%. The highest rate is from NetCredit Personal Loans, which has a maximum APR of 155%.

All borrowers aren't necessarily qualified for the rates above. The rates you'll get depend on your credit score and other aspects of your financial situation. 

Average Personal Loan Rates by Credit Score

These rates are based on data from 181 borrowers who applied for loans and received rates on loans for all purposes.

The average personal loan rate for borrowers with excellent credit scores (720+) is up by 64 basis points from last week, while those for borrowers with poor scores (<620) increased by about 5%.

Debt Consolidation Loan Frequently Asked Questions