There is such a thing as a personal loan to pay off debt. One can apply for such a loan at any lender – bank, credit union, or other financial institution. The premise behind a personal loan is that the individual applying for it will state a specific reason they’re requesting it. Sometimes it’s to make some home repairs. Other times, they need it to pay off what they owe. As long as they put the bulk of the loan toward what they stated it is needed for and their credit is good, it is likely they will be approved.