If your desk is awash with monthly bills, you're not alone. In fact, the latest research from The Ascent shows that the average unsecured loan balance is $9,896.

Upgrade debt consolidation loans

When you're looking to consolidate debt, Upgrade is worth a closer look. Let's say you have a bunch of little charges, spread across several credit cards (darn you, Starbucks!). Upgrade provides personal loans as small as $1,000. If the idea of debt that minor sounds like bliss because high-interest credit has you by the neck, loans up to $50,000 are available to qualified applicants.

Once approved and papers have been signed, the funds will hit a borrower's bank account within four days (often sooner). Terms stretch from two to seven years, allowing you more control over the monthly payment. However, no cosigners are allowed, which is a bummer if your credit score has taken a nosedive. Plus, if your credit score is on the low end, origination fees up to 9.99% can be costly. Once an application is made, Upgrade conducts a soft credit check, which means your credit score won't get dinged.

LightStream debt consolidation loans

In debt but still rocking a (fairly) healthy credit score? LightStream personal loans are available from $5,000 to $100,000, with no origination fees or prepayment penalties. Loan terms ranging from 24 to 48 months allow you to control your monthly payment to some degree. Although you'll need a credit score of 660 or greater, LightStream does allow co-applicants (yes!). If you've been approved for a personal loan by another lender, LightStream will beat that lender's rate by 0.1%.

SoFi Personal Loans debt consolidation loans

SoFi requires a good credit score of 680 or higher. However, if you qualify, the lender offers some pretty attractive benefits, including loan amounts from $5,000 to $100,000. You can also bring a co-borrower if you don't qualify on your own. In addition to same-day funding, SoFi offers unemployment protection if you lose your job and making loan payments is off the table for a while. The lender also considers alternative sources to determine creditworthiness for borrowers who haven't had time to build a long credit history. Unlike many lenders, SoFi charges no origination fee or prepayment penalty.

LendingClub debt consolidation review

LendingClub is a fintech company working with a network of investors. These investors are specifically looking for people they can loan money to. Loans are available from $1,000 to $40,000, with terms of 36 or 60 months. Because it's a network of investors, there's a good chance you will find funding.

Sorry to sound like a broken record here, but if you have a low credit score you're going to get bonked with a much higher interest rate than borrowers with strong credit. If you have a high credit score, you may be better off borrowing from a lender that doesn't charge fees. LendingClub origination fees run from 3% to 6%. That's money you could keep in your bank account.

Rocket Loans debt consolidation loan review

Did you know that Rocket offers more than home loans? Yep. Rocket also provides personal loans, ideal for consolidating the high-interest debt that's weighing you down. If your credit score is 640 or higher you are eligible to apply for a loan ranging from $2,000 to $45,000. The fly in the ointment is that you could face an origination fee as high as 7% (can you tell we truly dislike origination fees?). Repayment terms are either 36 or 60 months, and you can expect same-day loan approval. You may even receive same-day funding.

1. Check your credit reports for errors. Mistakes can drag your score down. To get started, order a free copy of your credit report from each of the three major credit bureaus. Then, read through each record carefully. If you find a mistake on your credit history, report it to the credit bureau.
2. Get prequalified with multiple lenders. Getting prequalified doesn't affect your credit score -- usually (always ask your lender to confirm, though). By getting prequalified, you can find out whether or not a lender will offer you a loan.
3. Consider secured debt or getting a cosigner. If you're having trouble getting approved for a loan, look into secured loans (loans that require collateral) or asking someone to cosign your loan. Doing one (or both) of these things can make it easier for you to get approved for a debt consolidation loan.

For more information, check out our list of best personal loans for bad credit.

Credit card refinancing involves transferring your credit card balance to a card with a lower interest rate (more on this in a moment). Debt consolidation streamlines multiple debt payments into a single payment, using a personal loan.

• Lower interest rate: Most debt consolidation loans have a lower interest rate than credit cards. The best credit card consolidation loans will help you in paying off high-interest debt with a low-interest loan to save you thousands of dollars over the life of a loan.
• Lower monthly payments: If you have a lower interest rate, you'll likely also have lower monthly payments. If you find yourself worrying about how you're going to repay credit debt or other unsecured debt, a debt consolidation loan can help you lower the total monthly payment due.
• Clear finish line: From the time a lender approves your consolidation loan, you will know precisely the repayment term and when it's due to be paid off.
• Fewer bills: Consolidating multiple debt loans into a single personal loan means you will have fewer bills to juggle. If you're busy like most people, having one installment loan to pay can simplify your life. Rather than making sure each credit card payment is sent, writing a check for your auto loan, and double checking that all other bills are covered, you pay a single monthly payment.
• Higher credit score: You may be able to improve your credit score by making regular payments. Since your credit history plays a role in everything from renting an apartment to whether you qualify for the lowest auto insurance rates, raising your credit score makes life easier. Once you've achieved excellent credit, you will have access to the best interest rates and loan terms next time you need to borrow money.

• If you use your loan to pay off your credit cards, you may be tempted to use those cards again, leaving you with a consolidation loan and new high-interest debt. New debt leads to a higher debt-to-income ratio, an issue that is factored into your credit score.
• There is often a sense of relief once you've paid off high-interest debt, which may tempt you to spend more money or spend unwisely. The entire point of debt loans are to get you out of debt and make your life easier. Whether you take out a secured loan or an unsecured loan, stick to your budget once the loan is paid in full.
• If you take out a secured loan using collateral, such as your house or your car, to keep the interest rate low, you risk losing that collateral if you miss payments. It's never a good idea to miss payments, but if you're not sure you will make all payments as agreed, consider an unsecured loan instead.
• The wrong loan can end up costing you money in interest or fees. Make sure you understand all the costs involved and don't inadvertently put yourself in a worse situation. A high origination fee, late payment fees, and prepayment penalty will each take money out of your pocket.

Balance transfer credit cards

A balance transfer card offers an introductory rate, most often a 0% APR for a set time period (typically 12 to 21 months). You apply online, give the new credit card company a list of the balances you want to be transferred, and wait to hear back from it. Transfer fees usually range from 3% and 5% of the balance transferred. But beware: The card's interest rate will rise dramatically as soon as the intro period ends. You should plan to pay the card off in full before then.

Home equity loans

If you owe less on your home than it's worth, that means you have equity and can borrow against it. If you use a home equity loan for debt consolidation, you'll owe your mortgage lender instead of your other creditors (like credit card issuers). The interest rate might be lower on a home equity loan than you'd pay on a credit card or personal loan. The danger is that you could lose your home if you miss payments.

401(k) loans

While the best move with a 401(k) plan -- or any other retirement plan -- is to leave it alone and let it grow, some plans do allow for borrowing. You don't have to worry about your credit score when borrowing from your 401(k) because no credit check is required. A 401(k) loan generally lets you borrow 50% of your 401(k) balance or $50,000, whichever is less (with some exceptions). When you take out a 401(k) loan, you pay interest to yourself by putting your interest payments back into your retirement account. However, if you don't pay back the loan within five years, you will owe income tax and a penalty of 10%.