High-interest rates on credit card balances are a burden for many people. The average annual percentage rate (APR) for all credit cards is 16.28%. However, your actual APR might be significantly higher or lower than that based on several factors, including your credit history. There are credit cards with 25% APRs on our list of top credit cards.

These days, 9.65% is the typical APR for a personal loan. Paying off a large credit card bill (or numerous accounts) with a personal loan has certain advantages, even though a balance transfer card with a long 0% APR can be cheaper.

These loans fall under the category of installment credit, which requires consistent monthly payments until the loan is repaid. Unlike with a balance transfer card, where you have to come up with your repayment schedule, knowing the precise amount you need to pay monthly might make it easier to budget. Furthermore, hefty interest rates will be applied after the introductory period ends if the debt is not paid in full.

CNBC Select researched and selected the top five personal loan providers to help you consolidate your debt with a fixed interest rate. We preferred low- or no-interest loans but considered options that might work for persons with average credit. Below are the top 5 personal loans to help you consolidate your debt.

Achieve

To qualify for a personal loan from Achieve, applicants must have a credit score of at least 620. Additionally, prospective borrowers must have a minimum yearly gross income of $21,500. This requirement is in place because to the fact that Achieve cannot lend more than 35% of the borrower's annual income. Achieve permits both co-signers and co-applicants and around thirty percent of borrowers have joint loans. If you want to combine your previous debts but need a better credit score, you may do so through Achieve. Achieve loans can be utilized for various purposes, including but not limited to the consolidation of debt, medical bills, fees associated with relocation, home renovation charges, and wedding and travel costs.

Upgrade

Personal loans for upgrades often require a credit score of 580 or above. This makes debt consolidation feasible for those with average credit. Additionally, there is no minimum income criterion for Upgrade candidates. The typical Upgrade borrower has an annual income exceeding $95,000. The addition of co-signers and co-borrowers improves loan accessibility even more. Credit card debt consolidation loans, home renovation loans, and other significant expenditures are all acceptable uses of Upgrade loans. Although it takes longer to process cash for direct payment to third-party creditors with Upgrade, it is an option available to borrowers.

Happy Money

A credit score of 640 or above is required for a debt consolidation loan from Happy Money, and the average score of accepted students is 705. Applicants must also have a debt-to-income ratio of less than 50% and a credit history of at least three years. Happy Money does not have set income criteria, but candidates must still qualify depending on their financial situation. Readers who wish to take charge of their Money and simplify their debt payments benefit greatly from Happy Money, which focuses on helping people consolidate their credit card debt.

Lending Club

A minimal credit score of 600 & a three-year credit history is required for a personal loan with LendingClub. We also verified that candidates (both single and married) must have a debt-to-income ratio of 35% or below. LendingClub's investor platform considers these and other characteristics when deciding who to lend to. You can have a roommate apply, but a co-signer is not allowed. Personal loans from LendingClub may be used for many different applications, including paying off existing debt. By facilitating direct payment to third-party lenders, LendingClub streamlines the debt consolidation process for borrowers. LendingClub, like many other lenders, prohibits its customers from utilizing loans for things like higher education, the acquisition of investments, gambling, and illicit activities.

SoFi

A credit score of 650 or above is required for a personal loan from SoFi. Many qualified candidates, however, have a score of 700 or above. Applicants must make at least $45,000 per year, while the typical borrower makes over $100,000.Personal loans from SoFi must be used for non-commercial, non-commercial, or charitable reasons only. This implies that a borrower can put their loan money toward things like healthcare, reducing debt, making renovations to their property, or moving. However, you can't use a SoFi loan to start a business, buy a home, invest in stocks and bonds, pay for college, or bridge the gap between two larger loans.