How to use this comparison
The card column assumes you keep paying the same fixed amount each month and add no new charges. The loan column uses a fixed Loanify payment over the term you choose. If the loan's payment is higher than what you pay today, compare total interest and the payoff date, not only the payment. For the full picture, read consolidation vs. balance transfer and see Loanify debt consolidation loans.
Frequently asked questions
Does consolidation always save money?
Not always. It saves money when the loan APR is meaningfully lower or when it replaces open-ended minimum payments with a fixed payoff date you actually keep.
Why does the card payoff show 'never'?
If your monthly payment is less than the monthly interest, the balance never decreases.