Pay Off Your High-Interest Credit Card Debt With a Personal Loan

Pay off your credit card debt faster and pay less in interest with a personal loan for credit card debt.

Always free and will not impact your credit score.

Why Use a Personal Loan to Pay Off Credit Card Debt?

Using a personal loan to pay off your credit card debt makes a lot of sense for many people. Below are some of the reasons consumers cite for paying off credit card debt with a personal loan.

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High credit card interest
Interest rates have been going up, including the APYs on credit cards. With good credit, there’s a strong chance you can find a personal loan with a lower interest rate than what you’re paying on your credit card.
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Your credit card payments are too high
If you’re making payments on more than one credit card, the combined payments may be hard to make every month, even if you’re only making minimum payments. A personal loan to pay off your credit cards could give you a much lower monthly payment.
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You’ve fallen behind on your payments
If you’ve started to fall behind on your credit card debt, you run the risk of defaulting on your debt and hurting your credit. Before your payments get too behind and your credit takes a hit, a personal loan could help you get caught up.
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You’re barely making a dent in the amount you owe
If you’re making minimum payments, you may not pay off your credit card debt for years or decades. The balance on your personal loan will go down every month if you make your payments, and you’ll have your payoff date in sight.
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You’re having a hard time keeping track of your payments
If you’re forgetting which payments should be made and when, consolidating your credit card debt into one loan and having your payments made automatically can take away the worry.
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You keep charging more on your credit cards, so your balance doesn’t go down.
It’s tempting to keep using credit cards even if you’ve decided to pay down your debt. If you consolidate your credit card debt and stop using your cards, you’ll start making progress on paying off your debt.

How Does Paying Off Credit Card Debt With a Personal Loan Work?

Here’s how easy it is to consolidate your credit card debt.

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Apply for a personal loan to pay off credit card debt
Provide your financial information to determine how much of a loan you qualify for, what your interest rate will be, and how long you have to pay back the loan.
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Receive your money when you are approved
Approval takes a 1-3 days, sometimes longer depending on your situation.
Pay off your credit cards
Use the proceeds of your loan to pay off your credit cards. Some lenders may even send your payoff amount directly to your credit card providers.
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Credit Card Debt Loans FAQs

Learn more about credit card consolidation loans.

Does getting a credit card loan hurt your credit?

When you get any kind of loan, the lender will do a credit check. This may cause a drop of a few points on your credit score, but it’s usually temporary. If you’re struggling to make your credit card payments, a credit card loan could help your credit if it becomes easier to make your payments on time every time because on-time payments help your credit.

Are there any fees that come with a credit card payoff loan?

Some, but not all, lenders charge an origination fee. It’s usually based on the total amount of your loan. It may be taken out of your loan amount, so be sure to take that into consideration when stating the amount you’d like to borrow. Look for personal loans that do not come with a fee for paying off your loan early, known as a prepayment penalty.

Can I get a credit card payoff loan if my credit is not good?

To get the best interest rates and terms on a debt consolidation loan, you’ll need to have good credit. However, there are some lenders who will work with borrowers who have fair or poor credit. The loan matchers at AmONE can help you find a debt solution no matter what your credit score is.