A consolodation loan:

In general, a debt consolidation loan is a personal loan you use to pay off existing debt. This type of installment loan is unsecured (meaning you don't need collateral to secure the loan) and has fixed interest rates and fixed repayment terms, generally ranging from 12 to 60 months or longer.

When you take out a debt consolidation loan, you'll often receive funds directly from the lender, and then use that money to pay off your old debts. Some lenders, like Discover Personal Loans, can even pay off creditors directly.

Afterward, you'll make regular monthly payments on your debt consolidation loan until it is paid off.