Debt consolidation loan:
A debt consolidation loan is a loan you use to combine your existing unsecured debts into a single debt with one monthly payment. Using a debt consolidation loan can reduce the total interest you owe on the debt and help you pay it off faster. It can also make paying down debt simpler, as you only have one monthly payment to account for in your budget.
New loan:
A new personal loan can be used for almost anything you'd like. Personal loans are unsecured, meaning nothing acts as collateral on the loan. You can make home improvements, cover medical expenses, fix or maintain vehicle, cover moving costs, take a vacation, etc.