Credit Card Consolidation Calculator – DollarGeek

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Geeky Insights:

Credit Card Consolidation Calculator - October 2020

DollarGeek's goal is to help you make the best possible financial decisions. To help us do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations or ratings.

Use DollarGeek's Credit Card Consolidation Calculator to see how you can reduce and get rid of your credit card debt. Type in some numbers and see if you can save money by consolidating your debt and replacing it with a personal loan. Personal loans can be a good idea because they typically have lower interest rates than credit cards and are paid monthly. Go ahead and check it out.

Add your cards

+ Add another card

New Loan

New Interest Rate %

New loan term in years

	Before Consolidation	After Consolidation
Balance	$10,000	$10,000
Interest rate	15%	10%
Term	~4.6yr	~2yrs
Monthly payment	$250/mo	$461/mo
Total Interest Paid	$3,750	$1,075
Total Balance Paid	$13,950	$11,075
Lifetime Savings	—	+$2,875

FAQs: Credit Card Consolidation Calculator

What does the Credit Card Consolidation Calculator tell me?

The Best Personal Loan Lenders of 2018.

Browse some of the top personal loan lenders.

Loan Amount:

Reason For Loan:

Annual Income:

Credit Score:

Showing 1-10 of 10 accounts

OVERALL RATING:

(4)

on Upgrade's secure website

Estimated APR

7.99% - 35.97%

varies on credit

Max Loan Amount

$35,000

Min Credit Score

620

Rate Range:

7.99% - 35.97%

View More Details

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
620
Origination Fee:
1.5%-6%
Late Payment Fee:
Varies
Prepayment Fee:
None

+ Show More Details

Geeky Insight:

Upgrade is a great company that can help you get the cash you need fast. Upgrade was founded by Renaud Laplanche, the former head of LendingClub, the large online lender.
While many personal loan companies look at income requirements from a salary perspective, Upgrade looks at applicants' free cash flow. Whatever amount of cash you have left over after you pay your bills is important for getting approved. Get the ultimate flexibility for loan amounts as little as $1,000. Check our what Upgrade can offer you today.

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
620
Origination Fee:
1.5%-6%
Late Payment Fee:
Varies
Prepayment Fee:
None

OVERALL RATING:

(4)

on Upstart's secure site

Estimated APR

8.69% - 35.99%

varies on credit

Max Loan Amount

$50,000

Min Credit Score

620

Rate Range:

8.69% - 35.99%

View More Details

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
620
Origination Fee:
0%-8%
Late Payment Fee:
Varies
Prepayment Fee:
None

+ Show More Details

Geeky Insight:

Upstart was founded in 2012 by “ex-Googlers” who wanted a lending service that could provide consumers with fast and fair personal loans. Their mission was to provide a fair service and opportunity to those who didn’t have lengthy credit history. Initially the company focused on recent graduates, but since then they have become a lender that caters to everyone. Upstart is known for being the first lending platform that utilizes artificial intelligence and machine learning to price credit and automate much of the borrowing process. Lenders usually look at credit history and credit score, but Upstart uses an algorithm to determine how worthy a borrower is. This algorithm determines your creditworthiness based on a variety of things such as your career, education, and job history. Since Upstart began in 2012, the company has received $1.8 billion in loan origination and in 2017 saw 4x growth.

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
620
Origination Fee:
0%-8%
Late Payment Fee:
Varies
Prepayment Fee:
None

OVERALL RATING:

(4)

on Payoff's secure site

Estimated APR

5.99% - 24.99%

varies on credit

Max Loan Amount

$35,000

Min Credit Score

640

Rate Range:

5.99% - 24.99%

View More Details

Perks

No Monthly Fees
No Late Fees
No Prepayment Penalty

Fees

Min. Credit Score:
640
Origination Fee:
0%-5%
Late Payment Fee:
None
Prepayment Fee:
None

+ Show More Details

Geeky Insight:

Payoff is a financial services company that works closely with lending partners to offer personal loans primarily to people who want to pay off credit card debt.
The company launched in 2011 with a vision of making consumer finance more fun and engaging. Payoff employs a team of financial services professionals, psychologists, data scientists, neuroscientists and technologists to provide tools and services that enable customers to better understand their finances and more quickly reach their goals.

Perks

No Monthly Fees
No Late Fees
No Prepayment Penalty

Fees

Min. Credit Score:
640
Origination Fee:
0%-5%
Late Payment Fee:
None
Prepayment Fee:
None

OVERALL RATING:

(4)

on LendingClub's secure site

Estimated APR

10.68% - 35.89%

varies on credit

Max Loan Amount

$40,000

Min Credit Score

600

Rate Range:

10.68% - 35.89%

View More Details

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
600
Origination Fee:
1%-6%
Late Payment Fee:
None
Prepayment Fee:
None

+ Show More Details

Geeky Insight:

LendingClub is a well-known peer-to-peer lender based in San Francisco that has been offering loan solutions to borrowers since 2007. The beauty of peer-to-peer lending is it connects borrowers with individual investors. Rather than borrowing from a typical bank or financial institution, LendingClub is a marketplace where borrowers get funding from other consumers, as well as corporations and businesses.
According to LendingClub, the marketplace has helped facilitate the lending of over $33 billion and has served over 2 million customers. In this LendingClub review, we’re going to dive into how borrowing from LendingClub works.

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
600
Origination Fee:
1%-6%
Late Payment Fee:
None
Prepayment Fee:
None

OVERALL RATING:

(3.5)

on LendingPoint's secure site

Estimated APR

15.49% - 35.99%

varies on credit

Max Loan Amount

$24,935

Min Credit Score

600

Rate Range:

15.49% - 35.99%

View More Details

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
600
Origination Fee:
0%-6%
Late Payment Fee:
Varies
Prepayment Fee:
None

+ Show More Details

Geeky Insight:

LendingPoint offers personal loans for those who don't have the best credit score. Typical borrower's credit score ranges from average to bad credit. Most borrowers use LendingPoint to consolidate debt. LendingPoint may offer cheaper interest rates than other online lenders because it considers more than just your credit score.
LendingPoint personal loans also come with a lot of flexibility. You can customize some aspects of your repayments, like choosing a payment due date and scheduling your payments every other week, every 28 days or monthly. The origination fee can be paid upfront or added to your interest rate. You can request one loan modification during the term of your loan.
The approval process can be take under ten minutes, but in some cases it takes several days. Some borrowers receive funds by the next business day.

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
600
Origination Fee:
0%-6%
Late Payment Fee:
Varies
Prepayment Fee:
None

OVERALL RATING:

(4)

on Avant's secure site

Estimated APR

9.95% - 35.99%

varies on credit

Max Loan Amount

$35,000

Min Credit Score

580

Rate Range:

9.95% - 35.99%

View More Details

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
580
Origination Fee:
4.75%
Late Payment Fee:
Varies
Prepayment Fee:
None

+ Show More Details

Geeky Insight:

Originally launched under the name AvantCredit, Avant is an online lender that was founded in 2012 in Chicago. Avant has helped over 600,000 customers by providing access to over $3.5 billion in personal loans. Whether you need to improve your home, make a major purchase, or consolidate your debts into one simple monthly payment, Avant may be able to provide you access to the funds you need as soon as next business day
Avant primarily issues loans that can be used for debt consolidation, emergency expenses or home improvement costs. It’s unique in that it is willing to work with borrowers who have poor credit.
Over the past several years, the company has been awarded much industry recognition, including being listed as No. 6 on Forbes’ “America’s Most Promising Companies” list in 2015, and No. 5 on PitchBook’s list of fastest companies to reach a $2 billion valuation in 2017.

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
580
Origination Fee:
4.75%
Late Payment Fee:
Varies
Prepayment Fee:
None

OVERALL RATING:

(3.5)

on FreedomPlus' secure site

Estimated APR

7.99% - 29.99%

varies on credit

Max Loan Amount

$40,000

Min Credit Score

640

Rate Range:

7.99% - 29.99%

View More Details

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
620
Origination Fee:
0%-5%
Late Payment Fee:
Varies
Prepayment Fee:
None

+ Show More Details

Geeky Insight:

FreedomPlus is an online lender with an old-school, personalized touch: When you apply for a personal loan, you’ll have a 15- to 20-minute phone call with a company representative. This is a chance to discuss your debt situation and provide information that could lower your interest rate on a loan, such as having a co-signer or a retirement account.

Perks

No Monthly Fees
No Prepayment Penalty

Fees

Min. Credit Score:
620
Origination Fee:
0%-5%
Late Payment Fee:
Varies
Prepayment Fee:
None

OVERALL RATING:

(4)

on GreenSky's secure site

Estimated APR

4.99% - 23.99%

varies on credit

Max Loan Amount

$65,000

Min Credit Score

680

Rate Range:

4.99% - 23.99%

View More Details

Perks

No Monthly Fees
No Prepayment Penalty

+ Show More Details

OVERALL RATING:

(5)

on SoFi's secure site

Estimated APR

5.99% - 19.16%

varies on credit

Max Loan Amount

$100,000

Min Credit Score

680

Rate Range:

5.99% - 19.16%

View More Details

Perks

No Origination Fees
No Monthly Fees
No Late Fees
No Prepayment Penalty

Fees

Min. Credit Score:
680
Origination Fee:
None
Late Payment Fee:
None
Prepayment Fee:
None

+ Show More Details

Geeky Insight:

SoFi is an online loan company that offers student loan refinancing options, mortgages, wealth management, life insurance and personal loans. SoFi offers some of the lowest interest rates and the best consumer experience in the market. We have researched countless products from hundreds of financial companies, and SoFi is without question a leader. The company has strict credit criteria and target people with good jobs, good income, a proven ability to manage a budget. If SoFi* approves you, you will probably have a difficult time finding a lower interest rate anywhere else.

Perks

No Origination Fees
No Monthly Fees
No Late Fees
No Prepayment Penalty

Fees

Min. Credit Score:
680
Origination Fee:
None
Late Payment Fee:
None
Prepayment Fee:
None

OVERALL RATING:

(5)

on Earnest's secure site

Estimated APR

5.99% - 17.24%

varies on credit

Max Loan Amount

$75,000

Min Credit Score

680

Rate Range:

5.99% - 17.24%

View More Details

Perks

No Origination Fees
No Monthly Fees
No Late Fees
No Prepayment Penalty

Fees

Min. Credit Score:
680
Origination Fee:
None
Late Payment Fee:
None
Prepayment Fee:
None

+ Show More Details

Geeky Insight:

Earnest was founded in 2013 out of San Francisco as a technologically-oriented lending platform. The company differentiates itself from traditional lenders by utilizing a specially designed algorithm for the underwriting process. It is with this system that Earnest determines eligibility, rates, and terms for all of its services such as student loan refinancing, mortgages, and personal loans.
Earnest offers unique products due to its special approach to the lending market. This approach reflects on all of its services, and it defines the customer experience with an Earnest loan. With that being said, Earnest offers personal loans for a number of different reasons at low interest rates and flexible payment options.

Perks

No Origination Fees
No Monthly Fees
No Late Fees
No Prepayment Penalty

Fees

Min. Credit Score:
680
Origination Fee:
None
Late Payment Fee:
None
Prepayment Fee:
None

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