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One of the most common reasons people take out personal loans in recent years has been for debt consolidation. The idea of a personal loan to pay off debt is to streamline monthly obligations by reducing both the number of separate payments due each month and the overall interest and other charges being paid on total debt over time. Consolidation loans allow you to pay off multiple existing debts in full, wiping them clean and leaving positive marks on your overall credit history. In their place, you have a single monthly payment, hopefully at a lower interest rate. This means fewer bills to keep up with each month, eliminating the late charges or additional interest that comes when one or two slip through the cracks. It also means more disposable income each month, allowing you to take more control of your financial and personal life moving forward.

A bill consolidation loan is typically a personal term loan. “Personal” because you’re taking it out based on your credit score, your credit history, your current income and employment, and your assurance of repayment. The funds aren’t committed to purchasing a home or vehicle or to opening a business. A “term loan” is your most standard sort of loan. You reach an agreement with a lender to receive a lump sum up front, and you repay it over a set amount of time in regular monthly payments until the loan is paid in full. Most debt consolidation loans are “unsecured,” meaning you’re not required to put up your home or other property as collateral. In some cases, if you request particularly high amounts or have particularly poor credit, lenders may offer terms on a “secured” loan in which you agree to sign over your home or vehicles if unable to repay in full after a certain time. They may also suggest a co-signer – someone with stronger credit who agrees to share the risk with you even though you’re the one primarily responsible for repayment.

A consolidation loan to get out of debt usually carries a fixed interest rate, meaning whatever interest rate is agreed to at the beginning stays the same over the life of the loan. Some lenders will offer adjustable rate debt consolidation loans as well. These usually start off at a lower interest rate, but after a set amount of time can rise or fall based on current market averages. Whether fixed or adjustable, your interest rate will largely depend on your credit history and your current three-digit credit score. This can be intimidating for first-time borrowers, since the fact that you’re seeking a loan to get out of debt in the first place suggests that not everything has been going as well as possible financially. That doesn’t mean you should give up. Consolidation loans for bad credit are available; some loan consolidation companies online specialize in new credit, no credit, and bad credit situations. Interest rates will be higher and sometimes there are additional fees, but it’s always worth examining the details before you decide for certain one way or the other. Debt consolidation for poor credit may be difficult in the short-term, but over time it could prove to be one of the best financial decisions you could have made.

Debt consolidation loans can carry many names depending on their primary function. Because credit cards are the number one source of unmanageable debt for so many of us, you may hear lenders or others refer to credit card debt relief loans or offer special terms on an introductory credit card consolidation loan. These are the same thing, and the funds borrowed aren’t limited to paying off credit card debt. You may also come across other varieties –personal loan consolidation, payday loan consolidation, etc. If the purpose of the loan is to out of debt and the terms are generally what’s describe above, it’s a bill consolidation loan. You are, of course, welcome to call it whatever you like.

The exception is the “direct consolidation loan.” This term applies specifically to federally-backed student loans, and because they involve both student loans and the federal government, the paperwork is a bit more involved and the terms sometimes a bit more complicated. That doesn’t mean you don’t have the same chance as everyone else to get your financial life together by combining your existing debts into an easier, single payment – it just means you might bring an extra pencil to the party.

Before You Consolidate

Debt loans can be powerful tools, but only if used appropriately and as part of a larger financial strategy. Before you go any further with how to get a consolidation loan, it’s essential that you sit down – with your significant other, if applicable – and make a thorough household budget.

List your reliable monthly income in detail. Account for everything you can think of – your paycheck, any retirement you’re receiving, government benefits, alimony, sales from your eBay or Etsy account, etc. Then list and categorize your spending over the past 3 – 6 months. This is where it gets difficult, sometimes emotionally as much as mathematically. Many of us work very hard at not thinking too closely about how or where we’re spending our money, or how much goes to what. This is something we simply must overcome if we’re going to make sustainable financial progress.

It may take a few tries, so don’t get discouraged if you can’t account for all of your spending even though you’re certain that the money is all gone (because you don’t have it anymore). Some things you’ll have to estimate, only to discover that you’re spending way more than you thought on groceries or way less than you’d imagined on clothes for the kids. An accurate and meaningful budget matters because that’s the only way we get control of our personal finances, however uncomfortable it may be at first.

At Loanry, we’ll never try to tell you HOW to spend your money. It’s YOUR money. We will, however, encourage you to be honest with yourself about how you’re spending your money, so that your decisions are informed by the facts. That’s where the emotions come in – some of us don’t want to know the facts, because then we have to decide what to do based on those facts. Difficult is not the same as impossible, however. Press through this part and stick with it, and before long you’ll find your written budget to be a source of power and flexibility instead of a burden. You got this. And we’re here to help if you ever start to doubt that.

True Debt Termination

Debt loans provide great opportunity, but alongside that opportunity is potential danger. See, as soon as you’ve paid off all of your miscellaneous debts – credit cards, medical bills, personal loans, car payments, etc. – your credit history is going to show dramatic improvement, especially after you’ve made the first few payments on your consolidation loan.

This will not pass unnoticed by new credit card companies, department stores, furniture outlets, auto dealers, or anyone else who regularly scans their potential customer database for what looks like a potential customer. You’re going to start receiving offers you couldn’t have begged your way into a year ago, and you need to shred them all as they arrive. Even worse, some of us are going to look at that “zero” balance on our credit card statement and figure we should celebrate by taking the family out to dinner – which isn’t so bad in and of itself. The next weekend, we’re going to do a little shopping, because the kids need school clothes. And that old flatscreen has been on the fritz. And you need to buy a wedding present. And really it makes more sense to replace that old truck than keep fixing it. And… and… and…

And before you know it, you’re back in unmanageable debt just like before, this time with a new wrinkle – you’re still paying on that debt consolidation loan for several more years even as you struggle to keep up with the new half-dozen monthly expenses you’ve somehow taken on since then.

This isn’t intended to make you feel bad, or to tell anyone what you can or can’t do with your money. But let’s be honest with ourselves – unmanageable debt doesn’t usually come in one fell swoop overnight. It’s usually the product of months or years of careless decisions combined with a moment of unavoidable bad luck or personal misfortune here and there. Consolidation loans aren’t magic. They don’t make your debt go away; they make it more manageable. You have to do the rest by managing it – every day, every week, and every month, until it’s actually paid in full and gone.

The good news is that you’re absolutely capable of doing this; we’re sure of it. And you don’t have to do it alone. We’ll be here the whole time to talk you through it along the way.

Loanry® is here to help you Get a Debt Consolidation Loan


Why Loanry?

You have numerous options when seeking a loan to get out of debt. It’s certainly worth trying your local bank or credit union – some of them have wonderful introductory terms on personal loans, and if you’re already a customer with a checking or savings account, they already “know” you a little. At the same time, traditional lending institutions are just that – traditional. Their philosophy is often rather conservative and they are “risk-averse” – not really designed to take chances.

There’s no guarantee you’ll be able to secure debt consolidation for poor credit through an online lender, but many online lenders are designed to be adept and more open to risk if it means building long-term relationships. Online debt consolidation loans often require less paperwork, and you never have to take off work or dress up nicely to apply. The 21st century internet age has brought us many things both good and weird, but one of the most useful is the explosion of online lending companies anxious to compete for your business.

Think about that – lenders competing for your business, instead of you feeling compelled to beg them to take you on. Isn’t that how it should have worked all along?

The sheer number of online lenders produces great competition, and as we know from Econ 101, competition means better products at lower prices. It can also be a bit confusing for first-time borrowers who aren’t sure where to turn, or who to trust, or even what to ask in order to get started. That’s where Loanry comes in. We maintain a curated database of reputable online lenders. When you’re ready – anytime of day or night, from wherever you happen to be, on any connected device from a mainframe to your cell phone, all we need is a little information about yourself and what you need. We’ll then scour our database for the lender we think most likely to meet your needs, and connect you to them. There’s no cost and no obligation; whether you choose to accept their terms or not is entirely up to you.

Just between us, though, our track record is pretty good. We get the nicest notes back from folks, and honestly we’d like to keep that going. Whenever you’re ready.


Your goals in the short-term are probably pretty straightforward – get out of debt and get a grip on your monthly expenses and total balances. All worthy goals, to be sure. As you’ve no doubt noticed, your current credit score and recent credit history largely shape the options and terms you’re able to secure for a debt consolidation loan right now. They’re not the only factors, but they’re big ones. But as you pay off that debt, and begin making payments on your debt loan, your credit score is going to start going up. Your credit history is going to start to show positive behavior. Repairing or strengthening your credit won’t be immediate, but it may not take as long as you think.

That matters, because eventually you’re going to need financing again. You’re going to want to buy a car, or build a home, or pay for someone’s education, or wedding, or vacation. And when that day comes, the options and terms you’ll have available to you won’t be based on your credit score and history TODAY – they’ll be based on the credit score and credit history you’ll have built STARTING TODAY. That means more opportunities, and paying less for the money you use. And it starts right now, with whatever decisions you make today.

It’s not just about the money; it’s about all the things the money lets you do and the people you do them with.


Maybe you came to Loanry to learn how to get a consolidation loan, or explore consolidation loans for bad credit, or some of other type of a loan to get out of debt. Your first priority is no doubt to solve your most immediate needs, and of course we’re happy to help with that. But it shouldn’t end there.

Everything we do at Loanry, and across the Goalry family, is guided by a common vision – to provide users with the information, tools, and connections they need to take more effective control of their personal and small business finances. That certainly includes things like a personal loan to pay off debt or comparing loan consolidation companies, but it also means educational articles breaking down the many sorts of financial issues you’re likely to encounter over time, all in plain, simple English and accessible 24/7 free of charge. If you’re connected – a laptop, a tablet, a phone – you can educate yourself on your own time and at your own pace.

Learn about long-term investment strategies for your income range and credit history on Organize your household budget and learn how to make it work for you instead of you working for it on Manage your monthly bills with less headache or confusion on We can talk about debt management at, real estate at, or preparing for tax season at

We’ll hook you up with a reliable online lender for that credit card consolidation loan or whatever else you need. But let’s keep the relationship going and build your credit history and credit knowledge together, so that next time it won’t be a loan to get out of debt that you need, but a loan to get you to the next stage of your journey forward.


Did You Hear?

“I often say that paying off your debt is like dieting. There are no miracle cures; it takes discipline and hard work.”

Lisa Madigan (American Lawyer and Politician)

Educate Yourself

Seven Steps to Stop Tripping Over Debt

Debt consolidation is the single most common reason modern Americans take out a personal loan. It’s a big step, and it can be a positive one, as long as you work through the process strategically.

In this brief video, we’ll break things down into easy-to-understand steps for planning your application, figuring out how much you need, getting approved, and effectively applying your debt consolidation loan. We want to help you find the best online loan company for your circumstances and goals, but more than that, we want to help you find your way forward from here.

Let’s do more than manage today’s debt; let’s make debt work for us instead of us always working for it. That means taking control of our personal finances and educating ourselves forward. As it turns out, that’s what Loanry is all about.

Explained in 3 easy steps

How all of
this works?

It all starts with a simple loan request that takes a few minutes to complete.

We provide that information, at your request, to participating members who might be able to able to assist you with your financial needs. Many lenders transfer funds to your checking account as soon as the next business day.


Step 1

Start Loan Shopping

Tell us things like who you are and how much money you need.It only takes minutes.

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Step 2

Find Lender

The Loanry® Store may help you find a lender interested in your loan request.

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Step 3

Check out

Funds are deposited directly to your bank account as soon as the next business day.

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Pros & Cons of Debt Consolidation Loans

You know your debt is starting to become a bit overwhelming, and something has to change. Is a loan to consolidate debt the right move for you?

Pros: Stop the Bleeding

Before we can start rethinking how we manage our debt, we have to find some way to stop things from getting worse. The right debt consolidation loan can let you pay off multiple creditors and claim a little breathing room so you can begin rethinking your financial plans.

Pros: Save Money on Interest & Fees

Hopefully, your consolidation loan has a lower interest rate than most of your credit cards and other debt. Paying off creditors also means no more late fees or other charges. Over time, those two factors can mean huge savings.

Pros: Rebuild Your Credit

Usually, if we’re seeking out debt loans, our credit history is already in difficulty. A consolidation loan adds positive momentum to your credit history by paying off problematic accounts, and regular repayment starts building positive credit and raising your credit score.

Cons: High Interest Rates

There’s an important difference between “lower interest than I’m currently paying” and “a really low interest rate.” Depending on your current credit score, you may qualify for the former, but it will take time to build towards the latter. Even if your rates aren’t much lower, the ability to pay a single monthly payment means major savings.

Cons: Difficulty Qualifying

If you’re already in debt, it can be difficult to persuade traditional lending institutions to approve you for a personal loan large enough to consolidate your existing bills. Online lenders tend to be more flexible, but be prepared to document your current income, employment status, etc.

Cons: Increased Temptation

Paying off debt means before long you’ll have all that credit available to you again. Unless debt consolidation is part of a larger financial lifestyle change, you could potentially end up worse off than before.

See FAQs

Find answers to some of the most commonly asked questions here

We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


We are a marketing lead generator and advertising service designed to provide you with quick and convenient access to third-party lenders.


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