Debt consolidation allows you to combine multiple debts into one loan you pay off over time.

A debt consolidation loan can help you combine your high-interest debt into one monthly payment. Your payments may be lower, depending on your interest rate and loan terms. This means you’ll have fewer bills, may save on interest payments, and may be able to pay off your debt faster, depending on your circumstances.

Credit card debt is one of the most common forms of debt that people choose to consolidate. But other forms of debt may also be eligible for consolidation, including personal loans, store or gas cards, and payday loans.

A credit card consolidation loan, also known as a debt consolidation loan, allows you to combine your credit card balances into one unsecured personal loan. You can use the loan to pay off your credit cards, then pay back the loan over time. A credit card consolidation loan may offer a lower interest rate than credit cards, lower payments, and a fixed repayment schedule—and a single bill instead of multiple bills.

Both loan refinancing and a debt consolidation loan are tools that can help you manage your debt, but they work in different ways.

With debt consolidation, your debts are combined into a single unsecured personal loan with a fixed interest rate and repayment term, which may help you pay off your debt faster and offer a lower interest rate. This may be a better option if you have multiple high-interest debts.

With loan refinancing, you restructure your current loan and change its terms—refinance your mortgage, for example, to get a lower interest rate. This may be a good option if you have a small number of debts.

Applying for a LightStream unsecured loan is easy. A few things to know before applying:

• You (and any joint applicants) must be 18 or older and have good-to-excellent credit along with sufficient income and assets to cover your current debts along with the requested loan.
• A LightStream unsecured loan is a fully digital product only accessed online with credentials. To apply, you’ll need to acknowledge receipt of the Consent to Use of Electronic Signatures and Records, agree to receive electronic records, and use electronic signatures to sign your loan agreement. If you’re approved, you’ll also need to create a user ID and password to finalize your application and manage your loan.
• Personal loans are for individuals, not businesses. If you’re approved, you must use the funds for the purpose you specify in your application.
• If you need to speak with someone, we’re available to answer your questions. Call us at +14804548669 Monday through Friday, 8 am to 8 pm, or Saturday, 8 am to 5 pm ET.

To apply, you’ll need:

• Your personal and contact information
• Your current address and employment information
• Financial information, including income, debts, and other personal obligations

Application steps:

1. Gather your information listed above and begin your online application.
2. We’ll prompt you to create an online banking profile if you don’t have one. You’ll use this to check your loan status, view any messages, and add your personal bank account to fund your loan if approved.
3. Submit your online application. You can save your progress if you need to finish the application later.
4. You’ll receive a confirmation email with your application ID. Please remember to check your junk or spam folder. Call us at +14804548669 if you don’t get an email within 24 hours.

LightStream unsecured loans require good-to-excellent credit profiles.

Here are some characteristics we find people with good-to-excellent credit share:

• Credit history: Several years of credit history (excellent credit profiles have 5 or more years) with a variety of account types, including major credit cards, installment loans, vehicle loans, and mortgage debt, if applicable.
• Assets: The ability to save money, shown by retirement or investment accounts, as well as liquid assets such as checking and savings accounts.
• Income vs debt: Stable income and assets with the ability to repay current debt obligations in addition to the new LightStream unsecured loan. (Excellent credit profiles typically include little, if any, credit card debt.)
• Payment history: A good-to-excellent payment history with few or no late payments, and no other problems repaying debt.

Everyone’s credit profile is unique, and during our approval process, we look beyond your credit score and examine your entire credit profile. Please note: A high FICO^®score doesn’t guarantee approval.

Note for joint applicants: Each party on an application is reviewed equally since they share responsibility for this loan.

We offer a streamlined, online loan process in which you can choose your funding date, repayment terms, and payment amount. Regain control over your finances with fixed payments—unlike credit card payments, for example, your loan payment won’t change, meaning you can simplify your budget and reduce your stress.