How to Combine Multiple Loans into One Payment

Multiple bills merging into single payment graphic
If you’re juggling multiple loan payments each month, combining them into a single payment can simplify your finances and potentially lower your interest rate. This guide walks you through your options—debt consolidation loans, balance transfers, and personal loan refinancing—so you can choose the best strategy.

Table of Contents

1. Why Combine Multiple Loans?

  • One monthly payment instead of many
  • Potentially lower overall interest rate
  • Improved cash flow and easier budgeting

2. Debt Consolidation Loan

Take out a new loan to pay off existing debts. You’ll have one fixed payment and APR. Compare offers on LendingClub or Credible.

3. Balance Transfer Cards

Move high-interest credit card balances to a card with a 0% intro APR. Watch for transfer fees (3%–5%) and promo period length (12–18 months).

4. Personal Loan Refinancing

Refinance one or more loans into a new personal loan—ideal if you have existing personal loans or small installment debts. Prequalify with LendingClub or Upstart.

5. Choosing the Right Option

  1. Calculate total cost (APR, fees) for each option using our Debt Consolidation guide.
  2. Determine your target monthly payment and term preference.
  3. Prequalify to compare personalized rates without affecting credit.
  4. Apply for the option that offers the lowest cost and best fit.

This post contains affiliate links. We may earn a commission at no extra cost to you.

Get Consolidation Loan Quotes → Compare on Credible →

Conclusion

Combining multiple loans into one payment can streamline your finances and reduce interest costs. By evaluating debt consolidation loans, balance transfers, and refinancing, you can pick the strategy that best aligns with your financial goals.

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