How to Combine Your Debts with a Single Personal Loan
A debt consolidation loan is a fixed-rate personal loan you use to pay off several unsecured debts at once—credit cards, payday loans, medical bills, or store cards. Instead of juggling many due dates and interest rates, you make one monthly payment at a rate that is usually lower than the average of your current rates. Done right, this can cut interest costs, shorten payoff time, and help your credit score because you pay on time and lower your credit-utilization ratio.
Pros and cons at a glance:
- Pros: simpler budget, potential interest savings, fixed payoff date, possible credit score boost.
- Cons: you may pay more total interest if you stretch the term, origination and late fees can apply, a hard inquiry may drop your score a few points at first.
From Multiple Bills to One Loan: How It Works
You borrow a set amount through a personal loan, the lender wires the funds to your bank account (or sometimes directly to your creditors), and you use that money to clear the old balances. From that point on, you pay the new loan in equal monthly installments—same date, same amount—until the balance is zero.
Typical loan terms
|
Feature |
Common Range* |
|
Loan amount |
$1,000 – $50,000 |
|
Fixed APR |
6% – 35.99% |
|
Repayment term |
12 – 60 months |
|
Origination fee |
0% – 8% of loan amount |
|
Funding speed |
1 – 3 business days after approval |
*Exact numbers vary by lender and your credit profile.
Take this example: $10,000 borrowed at 14% APR for 36 months means monthly payments of about $341 and total interest of $2,276. By comparison, paying $10,000 across two credit cards at 24% APR with minimum payments could cost $5,000+ in interest and take 7–8 years to erase.
Apply, Compare, and Consolidate with 24CashFast
24CashFast is a loan-matching service, not a lender. You fill out one secure application, and we instantly send it to a network of licensed direct lenders.
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Add up the debts you want to clear. Include balances, rates, and any early-payoff fees.
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Complete one quick form on 24CashFast. This takes about 3 minutes and does not affect your credit score because we only run a soft check.
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Compare real offers from several direct lenders. Each lender shows the loan amount, APR, term, and any fees. Pick the offer that saves you the most money.
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Finalize with the lender you choose. They may run a hard credit check at this point. Sign the agreement electronically.
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Get funds and pay off the old debts. Set up autopay for the new loan so you never miss a due date.
Eligibility rules
Lenders set their own standards, but you usually need:
- Age 18 or older and a U.S. resident
- Regular income (job, self-employment, or benefits)
- A checking account in your name
- Valid government-issued ID
- A credit score of 580+ for most lenders.
State laws and individual lenders may have more conditions.
Debt consolidation with bad credit
If your score is below 630, expect a higher APR, but the loan can still make sense if you are paying 25%–400% on payday or cash-advance loans.
Some lenders in the 24CashFast network consider scores as low as 550 if your income supports the payment. Adding a creditworthy co-signer, lowering your debt-to-income ratio, or providing proof of on-time rent and utility payments can also improve your chance of approval.
Ready to start?
Complete the short form on 24CashFast today. You could see pre-qualified debt consolidation offers in minutes and have funds as soon as tomorrow—all without visiting a branch or filling out stacks of paperwork.
24CashFast does not make credit decisions or charge you for its service. Approval, APR, and funding time are set by each direct lender and depend on your state law, credit profile, and income.