Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.
Personal loan interest rates currently range from about 5 percent to 36 percent. The actual rate you receive depends on multiple factors, such as your credit score, annual income and debt ratios. To find the best personal loan for your financial situation, it's best to shop around and compare personal loan rates from multiple lenders.
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.
Why trust Bankrate?
At Bankrate, our mission is to empower you to make smarter financial decisions. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.
When shopping for a personal loan, compare APRs across multiple lenders to make sure you’re getting a competitive rate. Also look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Loan details presented here are current as of the publish date. Check the lenders’ websites for more current information. The personal loan lenders listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more.
| Lender | Current APR Range | Loan Term | Loan Amount | Best for |
|---|---|---|---|---|
| SoFi |
5.99%–18.83% (with autopay)
|
2 to 7 years
|
$5,000–$100,000
|
Overall personal loan
|
| LightStream |
3.49%–19.99% (with autopay)
|
2 to 12 years
|
$5,000–$100,000
|
Generous repayment terms
|
| Avant |
9.95%–35.99%
|
2 to 5 years
|
$2,000–$35,000
|
People with bad credit
|
| Marcus by Goldman Sachs |
6.99%–19.99%
|
3 to 6 years
|
$3,500–$40,000
|
Debt consolidation
|
| Best Egg |
5.99%–29.99%
|
3 to 5 years
|
$2,000–$35,000
|
Low APRs
|
| Upgrade |
7.99%–35.97% (with autopay)
|
3 or 5 years
|
$1,000–$35,000
|
Fast funding
|
| Payoff |
5.99%–24.99%
|
2 to 5 years
|
$5,000–$40,000
|
Paying credit card debt
|
| Upstart |
7.35%–35.99%
|
3 or 5 years
|
$1,000–$50,000
|
Little credit history
|
| LendingClub |
10.68%–35.89%
|
3 or 5 years
|
$1,000–$40,000
|
Using a co-signer
|
| PenFed |
6.49%–17.99%
|
1 to 5 years
|
$600–$20,000
|
Credit union members
|
| TD Bank |
5.67%–21.99%
|
1 to 5 years
|
$2,000–$50,000
|
Secured options
|
| PNC Bank |
Starting at 7.24% (with autopay)
|
6 months to 5 years
|
$1,000–$35,000
|
In-person visits
|
Overview: SoFi, a digital lender, offers products ranging from personal loans to student loan refinancing, private student loans, home loans, investing and various types of insurance. It’s working on becoming an all-encompassing place to save, spend and manage your money.
Perks: SoFi offers a wide range of benefits that go beyond just funding your personal loan, including an autopay discount and unemployment protection in case you lose your job and can’t afford to repay your loan. It also offers career counseling and a referral bonus if a qualifying friend signs up. Members get personalized financial planning and aren’t charged any fees. Loans, which are fee-free, range from $5,000 to $100,000 and must be repaid in two to seven years. Fixed-rate loans range from 5.99 percent APR to 18.83 percent APR.
What to watch out for: You’ll need to have a solid credit score — at least 680 — to take advantage of these perks.
| Lender | SoFi |
|---|---|
| Bankrate Rating | 4.7 / 5.0 |
| Min. Credit Score | 680 |
| Est. APR | 5.99%–18.83% (with autopay) |
| Loan Amount | $5,000–$100,000 |
| Term Lengths | 2 to 7 years |
| Min. Annual Income | Not specified |
| Fees | None |
Read Bankrate's expert SoFi Review
Overview: LightStream, a division of Truist, offers loans for practically any occasion and generous repayment terms. It offers auto loans, home improvement loans, loans for a medical emergency, loans for a family need and more.
Perks: Repayment terms range from two to 12 years, which means you can take longer to pay off your loan and benefit from lower monthly payments. Loan amounts go up to $100,000, which is good if you need to borrow more money. There are no fees and no prepayment penalties, and you get a discount on your interest rate when you sign up for autopay.
What to watch out for: You’ll need to prove you have a few years’ worth of credit history with many different account types to qualify. Delinquencies, defaults and late payments could hurt your eligibility chances.
| Lender | LightStream |
|---|---|
| Bankrate Rating | 4.6 / 5.0 |
| Min. Credit Score | 660 |
| Est. APR | 3.49%–19.99% (with autopay) |
| Loan Amount | $5,000–$100,000 |
| Term Lengths | 2 to 12 years |
| Min. Annual Income | Not specified |
| Fees | None |
Read Bankrate's expert LightStream Review
Overview: Avant specializes in lending to people with fair or poor credit. Not everyone has great credit, but that doesn’t mean they shouldn’t be able to have the chance to borrow a loan.
Perks: Most Avant customers have a credit score between 600 and 700. You can get your money within a day after getting approved and take advantage of fixed interest rates. Loans start as low as $2,000, which is helpful if you don’t need to borrow a lot of money but still need access to cash. Terms go as high as five years. This is helpful if you need to have low monthly payments to ensure you make them on time.
What to watch out for: Interest rates start at 9.95 percent APR and can go as high as 35.99 percent APR, which is higher than interest rates from other lenders. Avant also charges an administration of up to 4.75 percent and $25 late fees.
| Lender | Avant |
|---|---|
| Bankrate Rating | 4.5 / 5.0 |
| Min. Credit Score | 580 FICO and 550 Vantage |
| Est. APR | 9.95%–35.99% |
| Loan Amount | $2,000–$35,000 |
| Term Lengths | 2 to 5 years |
| Min. Annual Income | Not specified |
| Fees | Administration fee: up to 4.75%; Late fee: $25; Dishonored payment fee: $15 |
Read Bankrate's expert Avant Review
Overview: A debt consolidation loan is a loan that is used to pay off multiple outstanding debts. You’ll borrow money with one loan to pay off many smaller loans or credit cards that were charging much higher interest rates. Then you make one monthly payment to your new loan. Marcus specializes in debt consolidation loans with broad loan amounts and a relatively low APR cap.
Perks: Interest rates start as low as 6.99 percent, and you can borrow as much as $40,000. Marcus doesn’t charge any fees. You also have the chance to change your monthly due date up to three times during the life of the loan based on what works best for your finances.
What to watch out for: Marcus doesn't list any specific credit score, income or debt-to-income ratio requirements to help you learn if you're eligible, and it also doesn't allow co-signers.
| Lender | Marcus by Goldman Sachs |
|---|---|
| Bankrate Rating | 4.7 / 5.0 |
| Min. Credit Score | Not specified |
| Est. APR | 6.99%–19.99% |
| Loan Amount | $3,500–$40,000 |
| Term Lengths | 3 to 6 years |
| Min. Annual Income | Not specified |
| Fees | None |
Read Bankrate's expert Marcus by Goldman Sachs Review
Overview: Best Egg offers personal loans for a variety of purposes, whether it’s debt consolidation, credit card refinancing, family needs or home improvements.
Perks: Best Egg offers loans starting as low as $2,000, and you can borrow as much as $35,000. Interest rates start as low as 5.99 percent APR for those with the best credit. There are no prepayment penalties for paying off your loan early.
What to watch out for: Origination fees range from 0.99 percent to 6.99 percent, and $15 late payment fees are charged within three days of a missed payment.
| Lender | Best Egg |
|---|---|
| Bankrate Rating | 4.7 / 5.0 |
| Min. Credit Score | 640 |
| Est. APR | 5.99%–29.99% |
| Loan Amount | $2,000–$35,000 |
| Term Lengths | 3 to 5 years |
| Min. Annual Income | Not specified |
| Fees | Origination fee: 0.99% to 6.99% of the loan amount; Late fee: $15; Returned payment fee: $15 |
Read Bankrate's expert Best Egg Review
Overview: You can get your funds within a day with an Upgrade loan. Loan amounts range from $1,000 to $35,000, and you can use your personal loan for anything: debt consolidation, home improvement or covering a major expense.
Perks: Terms of three or five years let you pay off your loan on a schedule that’s best for your budget. Interest rates start at 7.99 percent as long as you have strong credit to qualify.
What to watch out for: All personal loans come with a 2.9 to 8 percent origination fee. There’s also a $10 failed payment or late fee if you don’t pay within 15 days of your due date.
| Lender | Upgrade |
|---|---|
| Bankrate Rating | 4.8 / 5.0 |
| Min. Credit Score | Not specified |
| Est. APR | 7.99%–35.97% (with autopay) |
| Loan Amount | $1,000–$35,000 |
| Term Lengths | 3 or 5 years |
| Min. Annual Income | Not specified |
| Fees | Origination fee: 2.9% to 8%; Late fee: Up to $10; Returned check fee: $10 |
Read Bankrate's expert Upgrade Review
Overview: Payoff loans are specifically geared toward borrowers who want to pay off high-interest credit card debt. If you’re struggling to get out of credit card debt and facing mounting interest rates, you can use a Payoff loan to get rid of it and then make fixed monthly payments to your one Payoff loan.
Perks: You have access to your free FICO score, updated monthly. There’s no penalty for paying off your loan early or making additional payments. There are also no late payment fees or fees if you have a returned check.
What to watch out for: You’ll need to have a credit score of at least 640 to qualify. Loans get funded between two and five business days after approval, which is slower than many other online lenders. There’s also an origination fee of 0 to 5 percent.
| Lender | Payoff |
|---|---|
| Bankrate Rating | 4.6 / 5.0 |
| Min. Credit Score | 640 |
| Est. APR | 5.99%–24.99% |
| Loan Amount | $5,000–$40,000 |
| Term Lengths | 2 to 5 years |
| Min. Annual Income | Not specified |
| Fees | Origination fee: 0% to 5% |
Read Bankrate's expert Payoff Review
Overview: While Upstart has minimum credit score requirements, it evaluates more than just your credit score when you apply. The lender looks at your education, your job history and some credit score factors when determining your eligibility.
Perks: You can apply even if you don’t have a long credit history. If you’re relatively new to borrowing money, you might be eligible. There’s no prepayment penalty for paying off your loan early, and you can borrow as little as $1,000.
What to watch out for: Co-signers aren’t allowed, and Upstart charges an origination fee and a late fee.
| Lender | Upstart |
|---|---|
| Bankrate Rating | 4.5 / 5.0 |
| Min. Credit Score | 600 |
| Est. APR | 7.35%–35.99% |
| Loan Amount | $1,000–$50,000 |
| Term Lengths | 3 or 5 years |
| Min. Annual Income | Not specified |
| Fees | Late fee: 5% or $15; Origination fee: up to 8%; Returned check fee: $15 |
Read Bankrate's expert Upstart Review
Overview: If you’re struggling to find a lender that will let you borrow, you might need to enlist the help of a co-signer. Unfortunately, not every lender offers the option to do this. LendingClub, on the other hand, lets you apply with a co-signer or a joint application.
Perks: LendingClub allows you to use a co-signer to qualify for a loan you wouldn’t otherwise have gotten or get a better interest rate. At LendingClub, rates start at 10.68 percent. There’s also a 15-day grace period in case you can’t pay your loan the day it’s due.
What to watch out for: It takes around four days to receive your funds. There’s also an origination fee ranging from 2 to 6 percent.
| Lender Partner | LendingClub |
|---|---|
| Bankrate Rating | 4.5 / 5.0 |
| Min. Credit Score | 600 |
| Est. APR | 10.68%–35.89% |
| Loan Amount | $1,000–$40,000 |
| Term Lengths | 3 or 5 years |
| Min. Annual Income | Not specified |
| Fees | Origination fee: 2% to 6%; Late fee: 5% or $15 |
Read Bankrate's expert LendingClub Review
Overview: You don’t need to go with a traditional bank or online lender to find the best deals. Credit unions also offer personal loans. While PenFed is geared toward military and service members, there are other ways to become a member.
Perks: APRs start at 6.49 percent, and you can get a loan as low as $600.
What to watch out for: You’ll need to become a member of PenFed before receiving a personal loan. While anyone can become a member — you just have to maintain a $5 savings account with the company — it's still an extra step in the process that could be a deal breaker.
| Lender | PenFed |
|---|---|
| Min. Credit Score | Not specified |
| Est. APR | 6.49%–17.99% |
| Loan Amount | $600–$20,000 |
| Term Lengths | 1 to 5 years |
| Min. Annual Income | Not specified |
| Fees | Late fee: $29; Returned check fee: $30 |
Overview: TD Bank offers two different types of personal loans: the TD Fit Loan and the Personal Secured Loan. Each type comes with its own APR range, loan amounts and terms, so you have the flexibility to choose the personal loan that's right for you.
Perks: While getting an online loan is usually fast and easy, it’s not always the most convenient option for everyone. If you need to visit a branch to talk to a human about borrowing a personal loan, try TD Bank. You can apply online, over the phone or at your local branch. The highest APR is 21.99 percent, while other lenders go as high as 35.99 percent.
What to watch out for: TD Bank charges a late fee of 5 percent or $10 on its unsecured loan, whichever is less. Its Secured Loan also charges a $50 origination fee.
| Lender | TD Bank |
|---|---|
| Bankrate Rating | 4.2 / 5.0 |
| Min. Credit Score | Not specified |
| Est. APR | 5.67%–21.99% |
| Loan Amount | $2,000–$50,000 |
| Term Lengths | 1 to 5 years |
| Min. Annual Income | Not specified |
| Fees | Late fee: 5% or $10 for unsecured loans; Origination fee: $50 for secured loan |
Read Bankrate's expert TD Bank Review
Overview: Sometimes you just need to see someone face to face. PNC Bank has 2,400 locations across 37 states.
Perks: There are no application, origination or prepayment fees with PNC personal loans. You can apply online, over the phone or in person. Loan amounts start at $1,000, and you can apply with a co-applicant, which can help you qualify if you wouldn’t on your own.
What to watch out for: PNC products and features vary by location. When you visit PNC Bank online, you’re required to enter your ZIP code before seeing offers. The details listed here are accurate for the 10019 ZIP code.
| Lender | PNC Bank |
|---|---|
| Bankrate Rating | 4.5 / 5.0 |
| Min. Credit Score | Not specified |
| Est. APR | Starting at 7.24% (with autopay) |
| Loan Amount | $1,000–$35,000 |
| Term Lengths | 6 months to 5 years |
| Min. Annual Income | Not specified |
| Fees | None |
Read Bankrate's expert PNC Bank Review
Personal loans are shorter-term loans that consumers can receive from banks, credit unions or private lenders, like online marketplace lenders and non-bank peer-to-peer lenders. The loan funds can be used for just about any purpose, such as paying off other debt, financing a home renovation or paying for family needs, like a wedding or adoption.
Borrowers receive a single lump sum that’s repaid over a number of years. Most personal loan terms range from 24 months to 60 months, but some can go as high as 72 months. The typical personal loan is repaid in monthly installments, similar to a car loan or home mortgage.
Personal loans are typically unsecured, meaning they are not backed by collateral such as a car, house or other assets.
If you need cash fast, these loans are a good alternative because the approval and funding process is often faster than that of a home equity line of credit.
Personal loan interest rates currently range from about 5 percent to 36 percent, depending on your credit score. As of Aug. 5, 2020, the average personal loan interest rate is 11.88 percent.
The better your credit score, the more likely you are to qualify for a personal loan with the lowest interest rate available. Compare personal loan offers to see what you are eligible for before applying for a personal loan.
Average personal loan interest rates range from 10.3 percent to 12.5 percent for “excellent” credit scores of 720 to 850, 13.5 percent to 15.5 percent for "good" credit scores of 690 to 719, 17.8 percent to 19.9 percent for "average" credit scores of 630 to 689 and 28.5 percent to 32.0 percent for “poor” credit scores of 300 to 629.
| Credit Band | Credit Score Range | Average Personal Loan Interest Rate |
|---|---|---|
| Excellent Credit | 720–850 | 10.3%–12.5% |
| Good Credit | 690–719 | 13.5%–15.5% |
| Average Credit | 630–689 | 17.8%–19.9% |
| Bad Credit | 300–629 | 28.5%–32.0% |
Rates as of 08/05/2020
Excellent-credit loans are loans that are geared toward borrowers with excellent credit, typically between 720 and 850. Having such a high credit score can come with many benefits, including average APRs as low as 10.3 percent — though some lenders go as low as 5.99 percent. If your credit score falls into this range, look for excellent-credit lenders with low advertised rates and few fees.
Good-credit loans offer competitive interest rates and generally low fees. You're considered to have good credit if you have a credit score between 690 and 719, and with such a high score, you may qualify for average APRs as low as 13.5 percent. However, if you have good credit and are interested in a personal loan, shop around; you may be able to qualify for an interest rate even lower.
If you have a fair or average credit score, it can be hard to find a personal loan that offers reasonable rates and fees. If your credit score falls between 630 and 689, your credit score is average. While this is considered a less-than-stellar score, you still may be able to qualify for a personal loan with an average APR as low as 17.8 percent. This list of the best personal loans for fair credit lists lenders that cater to people with scores in the mid-600s.
You can get approved for a loan even with bad credit, although you won't qualify for the best APRs. If your credit score is between 300 and 629, the best interest rate available could be around 28.5 percent. However, a bad-credit loan, even one with a rate close to 30 percent, is a better financial option than a payday loan; to see what rates are available, compare offers from a few bad-credit lenders.
The impact of COVID-19 has left millions of Americans without a reliable source of income, and many may be searching for personal loans to cover emergency expenses. In response to unprecedented market conditions, some banks have announced new loan offerings and lower interest rates, though many have also begun tightening their eligibility requirements. Borrowers with existing personal loans may be able to take advantage of loan relief programs: While programs vary by lender, it may be possible to temporarily defer payments or waive fees.
With so many lenders to choose from, getting a personal loan can be a daunting task. Here are five tips for getting a personal loan:
For more information, check out our article on how to get a personal loan.
It's always best to get quotes from a few different lenders before applying for a personal loan. When comparing lenders, keep an eye on the following factors.
Every lender has its own threshold for approving potential borrowers. Lenders will likely consider your credit score, debt-to-income ratio, income and more. Many will list some or all of these requirements on their websites, so it's worth doing a little research before applying. If you have below-average credit, look for lenders that utilize other approval criteria; some will take into account things like your area of study or job history.
Your interest rate is one of the most important things to consider when comparing lenders. If you have good credit, you can focus on lenders that advertise low rates. However, the lowest advertised rate is never guaranteed, so make sure to compare your actual quotes as well.
When comparing interest rates, also make sure to incorporate any fees or penalties; origination fees or application fees can significantly add to the overall cost of your loan.
You'll want to choose a lender that offers loans with your desired funding amount. If you need a loan for something small, like a minor car repair, you'll look at different lenders than you would if you need to pay for tens of thousands of dollars in medical bills.
A good personal loan lender usually offers multiple repayment terms so you can choose the one that makes the most sense for your situation. If you're borrowing a lot of money, you may want to look for a lender with long repayment terms — doing so will decrease your monthly payment. If you have a smaller loan, a shorter repayment term will cut back on the amount of interest you pay overall.
In addition to the features above, you may want to keep an eye out for lenders with any unique perks (or restrictions). Ensure that any lender you're considering will allow you to use your loan for the purpose you're intending. Some, like Payoff, restrict their personal loans to specific uses, like debt consolidation.
It's also wise to investigate a company's customer service options, particularly if you prefer in-person service to online. If you need more information, you can always look up reviews about the company or check out its Better Business Bureau profile.
With the exception of loans from a few niche lenders, like Payoff, most personal loans can be used for any purpose. The most common reasons to get a personal loan are:
To learn more, read our article on top six reasons to apply for a personal loan.
When used responsibly, personal loans can be a great tool to help consolidate debt, cover an emergency expense or finally install that pool you've been dreaming about. When thinking about applying, it's important to remember that a loan is borrowed money and will need to be paid off. If you have room in your budget to consistently make payments over a number of years, a personal loan may work for you.
While personal loans can be useful, they aren't ideal for every situation. If you're looking to use a personal loan for something that can be saved up for, like a vacation or a luxury item, a personal loan may not be the best option. You could be paying off that vacation for years to come.
You also may want to think twice before applying if your income isn't stable. On top of not having a steady flow of income to make the monthly payments, it can be difficult to qualify for a competitive rate. Some lenders take your income and employment into consideration when applying, so it's important to evaluate your financial health before considering a personal loan.
APR stands for Annual Percentage Rate. APR refers to the extra amount borrowers pay on top of their loan amount, or principal. APR is different from your interest rate; it equals your interest rate plus any loan fees.
For more detail on how APR can affect your monthly payments, check out our personal loan calculator.
Secured loans are backed by a piece of the borrower’s property as collateral, typically a vehicle or house. Because the borrower stands to lose personal property if they default, secured loans tend to have lower interest rates.
Unsecured loans are not backed by collateral, but instead by the borrower’s creditworthiness. Because the lender takes on more of a risk with an unsecured loan, interest rates tend to be higher. Lenders also require that borrowers seeking an unsecured loan have a higher-than-average credit score.
Learn more about the key differences between secured and unsecured loans.
A repayment term refers to the length of time borrowers have to repay their loan. A personal loan's repayment term is typically between one and 10 years, depending on the lender.
Because personal loans are often unsecured, they may come with higher APRs than other types of loans. With unsecured loans, lenders tend to pay extra attention to a borrower's credit score.
The lower a borrower's credit score is, the more they'll have to pay in interest. Lower credit scores can lead to APRs in the double digits. Loan rates differ by lender, but opting for a secured loan can often help lower APR, even for someone with bad credit. In some cases, secured loans can offer up to 6 percent less in APR than unsecured loans.
A personal loan can temporarily hurt your credit score, since lenders will do a hard credit check when you apply. However, you should be able to recover and even improve your score if you make on-time payments for the duration of your loan. If you miss payments of make consistently late payments, be prepared to see a more significant dip in your score.
Depending on the loan and the lender, you may have a choice between a fixed rate (which stays the same over the life of the loan) and a variable rate (which can rise or fall depending on changes in the market).
The interest on a variable-rate loan often starts low but may increase over time. The terms of the loan agreement will specify how often the lender is allowed to raise the interest rate, and some loans cap the maximum rate at a certain percentage. By contrast, the payments and interest charges on a fixed-rate loan will remain the same.
Base your decision on whether you prefer the stability of a fixed rate or the possibility of saving on interest with a variable rate.
A personal loan could be a good option for you if you need a large sum of money upfront and the stability of a predictable monthly payment. Personal loans typically have better APRs than credit cards or lines of credit, and most personal loans maintain that fixed rate over the life of the loan.
However, before committing to a personal loan, weigh the APR you're offered to make sure that a monthly loan payment fits into your budget. Some loans have repayment periods as long as 10 years, and some companies charge a fee if you choose to pay off your loan early. It's also important to take out only as much as you need for your project or expense; borrowing extra will increase your monthly payments and the total amount you'll pay in interest.
If you're unsure if you can afford a loan, try using a personal loan calculator to see how much you'll pay in interest on top of the cost of your loan.
A "good" interest rate on a personal loan depends on your credit score. In general, you should look for a rate below the average APR — 10.3 percent to 12.5 percent for excellent credit, 13.5 percent to 15.5 percent for good credit, 17.8 percent to 19.9 percent for average credit and 28.5 percent to 32 percent for bad credit.
The rate you're quoted depends on many factors, including your credit score, credit history and annual income. Many lenders offer prequalification, a step which allows you to see if you're eligible for a loan without a hard pull on your credit score. Checking your rate with a few companies can help you determine which will offer you the best APR.
While every lender's requirements will vary, you may be granted a personal loan based on three factors: your credit score, your income and your payment history. While all of these elements are important to overall financial health, lenders typically focus more heavily on your credit score. The lower your credit score, the less likely you are to get approved for the loan and the higher your interest rates if you are approved. It's important to complete an assessment of your credit and financial history to determine if a personal loan is the right fit for you.
When applying for a personal loan, the lender may also require you to show documentation. You may be asked to show your proof of identity, employer, income and address.
When it comes to debt consolidation, both personal loans and credit cards could be useful in paying off high-interest debt. With a personal loan, you'll be able to borrow a specific amount from the bank and then pay it back in monthly installments. With a credit card, you'll be able to complete a balance transfer, or a method in which you transfer your existing debt to a new credit card.
Both options have drawbacks and benefits. With a personal loan, you're given the security of knowing the total loan costs, and you'll pay a fixed monthly amount, making it easier to budget and keep track of your expenses. The downside is that in some instances, a personal loan could have more upfront fees and a higher starting APR.
With a balance-transfer credit card, many card issuers will offer a 0 percent APR introductory period, which gives you the opportunity to pay down debt without accruing interest for a certain number of months. However, if you still have debt remaining after the introductory period, the APR could be higher than that of a personal loan, which may put you at risk of accumulating even more debt.
Before choosing a method, compare the rates and fees of each option and evaluate how much flexibility you're looking for when consolidating debt.