Best Personal Loans for Credit Card Refinance – Securing the best personal loan for credit card refinance offers stable interest rates throughout the loan, which remain consistent and do not fluctuate. Typically, this can save you significant money in interest payments over time.
Additionally, credit card refinance refers to a form of debt consolidation where various credit card balances are merged into a single, simple monthly payment. If you intend to apply for credit card refinancing, utilize our loan calculator to estimate your monthly payment and annual percentage rate before applying.
Best Personal Loans for Credit Card Refinance
Explore the available credit card refinance options and consider various factors to determine if they suit you.
SoFi
SoFi stands out as the best personal loan for credit refinances overall. It offers an annual percentage rate (APR) that ranges from 8.99% to 29.99% with auto-pay enrollment.
Moreover, this loan is available for various purposes, including debt consolidation and refinancing, home improvement, relocation assistance, and medical expenses. Loan amounts range from $5,000 to $100,000, with terms ranging from 24 to 84 months.
Additionally, there are no origination fees, early payoff fees, or late fees associated with this loan option.
Upstart
Upstart Personal Loans offer rates from APR ranging from 6.40% to 35.99%, with loan terms available for 3 or 5 years. Moreover, there are no prepayment penalties for an unsuccessful payment fee of $15.
In addition, a minimum credit score of 620 is required. Upstart charges an origination fee ranging from 0% to 12%, and there is no fee for check processing. However, it does not allow a cosigner, unlike some lenders. Late payments result in a fee equal to 5% of the late payment amount or $15, whichever is greater.
Funds can be disbursed as quickly as 1 to 3 working days. Lastly, Upstart Personal Loans is considered the best for credit card refinance as it provides quick loan approval regardless of their credit history.
LightStream
LightStream personal loans stand out as the best for credit card refinance for individuals with good to excellent credit, requiring a minimum credit score of 700. The annual percentage rate (APR) ranges from 7.49% to 25.49% with auto-pay.
Generally, these loans can be used for various purposes, including debt consolidation, home improvement, auto financing, medical expenses, and more. Loan amounts range from $5,000 to $100,000, with terms spanning from 24 to 144 months, depending on the loan’s purpose.
Upgrade
Upgraded personal loans benefit individuals with low credit scores who aim to refinance their credit cards while enhancing their credit standing. These loans offer term lengths ranging from 3 to 7 years.
Additionally, fees associated with upgraded personal loans include an origination fee ranging from 1.85% to 9.99%, a late fee of $10, and a failed payment fee of $10. The annual percentage rate (APR) varies between 8.49% and 35.99%. Loan amounts range from $1,000 to $50,000.
Happy Money
Happy Money is particularly one of the best personal loans for credit cards offered to individuals seeking perks. In addition, the annual percentage rate (APR) ranges between 11.72% and 17.99%.
These loans are primarily designed for debt consolidation or refinancing purposes, with loan amounts ranging from $5,000 to $40,000. Furthermore, the loan terms span from 24 to 60 months. However, to access details such as origination fees and other specifics, a soft inquiry must be submitted.
Discover
Discover personal loans offer several benefits, including no prepayment penalties, unsuccessful payment fees, origination fees, or check processing fees. Additionally, they do not allow cosigners and have a minimum credit score requirement of 660.
However, late fees amount to $39. Also, funds can be disbursed as soon as the next business day following acceptance. Discover is considered the best for individuals seeking low-interest rate options.
Best Egg
Best Egg is a good option for borrowers interested in secured loans or debt consolidation, although it’s important to note that these loans have an origination fee. Additionally, the minimum credit score required is 600, with a minimum credit history of 24 months and at least one account.
Borrowers must have a minimum annual income of $3,500, and the maximum debt-to-income ratio allowed is 40%, or 65%, including mortgage payments. Lastly, it’s available for term lengths ranging from 3 to 5 years, and the origination fee falls between 0.99% and 8.99%.
LendingClub
LendingClub Personal Loans offer various features and terms. There are no prepayment penalties, but an unsuccessful payment of a $15 fee. In addition, the minimum required credit score is 660, and origination fees range from 3% to 8%.
A check processing fee of $7 applies. While LendingClub does not allow cosigners, co-borrowers are permitted. Additionally, late fees amount to 5% of the late payment or $15, whichever is greater.
LendingClub is known for its streamlined online experience, making it the best personal loan for credit card refinancing. Lastly, funds can be disbursed in as little as two days.
Achieve
Achieve Personal Loans offers refinance for credit cards to borrowers with fair to good credit, especially those eligible for the lender’s rate discounts. In addition, it includes a minimum credit score requirement of 620, with the average borrower possessing a credit score of 700.
The maximum debt-to-income ratio allowed is 45%, except for mortgages. However, there is no minimum income requirement, with borrowers’ average household income being $110,000.
Applicants must have a minimum credit history of 3 years and at least 2 active accounts. Additionally, there should be no active delinquencies or bankruptcy filings within the last 24 months. Achieve personal loans offer term lengths ranging from 2 to 5 years, with origination fees varying between 1.99% and 6.99%.
Avant
Avant Personal Loans offer no prepayment penalties but an unsuccessful payment fee of $15. In addition, the minimum required credit score is 550, and the origination fees range from 0.95% to 4.75%.
Additionally, it does not charge an origination fee, and cosigners are not allowed. Late fees amount to $25, and funds can be disbursed as soon as the next business day if approved.
Lastly, Avant is particularly suitable for individuals seeking low origination fees despite having bad credit, making it the best for credit card refinancing.
Conclusion
In addition, you can secure the best personal loan for a credit card to refinance a home equity loan, but it takes a longer process. However, it is usually easy and a good choice if your credit or interest rate has improved.