What is debt consolidation?

Debt consolidation is the process of combining multiple debts, like credit card balances, personal loans, or medical bills, into one single loan or payment plan. The goal is to simplify payments and possibly lower the interest rate, , monthly payment, and/or overall costs.

How does debt consolidation affect my credit?

Initially, consolidating your debts may have impact an individual’s credit score. However, if you manage the new loan responsibly and make timely payments, an individual’s creditworthiness may improve overtime. Individual results will vary.

Can all types of debt be consolidated?

Not all debts qualify for consolidation through all providers. While unsecured debts like credit card balances, personal loans, and medical bills are often included, secured debts like mortgages or car loans typically aren’t eligible for consolidation through most programs.

SoFi - 2026 Review

Discover trusted providers to combine multiple debts into one. Checking your options has no impact on your credit score.

By Lynette Khalfani-Cox - The Money Coach

3 min read · Last Updated: August 24, 2026

7.8

Excellent

15,000+ Trustpilot reviews · 90%+ five-star

Our Rating Breakdown

Customer Satisfaction 9.8

Fees & Transparency 9.8

Program Flexibility 9.8

Availability 9.8

See Plans

Free rate check · No impact to credit score

SoFi at a Glance

SoFi offers personal loan options intended to help consumers consolidate multiple existing debts into one.

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SoFi Pros & Cons

What we like

No origination fees, late fees, or prepayment penalties
Fixed rate terms available
Borrow $5,000 to $100,000
Check your rate with no impact to your credit score

Keep in mind

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Services

SoFi offers personal loan options intended to help consumers consolidate multiple existing debts into one fixed monthly payment.

Requirements

Be of legal age
Live in one of the states where services are available
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How to Apply

Prospective clients can check their rate online with no impact to their credit score.

Our Verdict

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Frequently Asked Questions

SoFi offers personal loans intended to consolidate multiple debts into one fixed monthly payment. Placeholder — confirm details before publishing.

Checking your rate is free and has no impact on your credit score. Placeholder — confirm fee structure before publishing.