The best debt consolidation loans for bad credit include loans from Upgrade, Universal Credit, LendingClub and Achieve. Learn more about each to find out which is the best loan company for you.
CNBC Select compared debt consolidation loans for borrowers with less-than-perfect credit based on score requirements, fees and interest rates.
We researched the loan industry and found eight strong lenders that offer debt consolidation loans. These providers can help you lower your interest rate, your monthly payments or both — and leave you with just one monthly payment. To determine our star ratings for each lender, we focused on four key categories: affordability, loan features, customer experience and customer reputation. In our reviews, we considered factors including rates, repayment terms, discounts and minimum and maximum loa...
Key takeaways ; A debt consolidation loan is primarily meant to save money on interest by securing a lower APR and a shorter payoff timeline. ; Bad credit debt consolidation loans may not be as effective due to the higher interest rates. ; Improve your chances of getting a good deal by checking your credit report for errors, raising your score, shopping around and looking into secured options.
If you have debts with multiple creditors and struggle to keep track of what you owe, a debt consolidation loan can offer simplicity and peace of mind. This type of loan allows you to combine your debts into a single monthly payment. Before taking this step, make sure you understand the pros and cons that come with a debt consolidation loan. A loan could be tough for you to get with bad credit, but you can take steps to improve your odds. A debt consolidation loan allows you to funnel your debts...
Looking for a bad credit consolidation loan? Vault's experts can help you compare rates and narrow down the best bad credit loan for you.
What’s the difference between a personal loan and a debt consolidation loan? ; What are the benefits of a debt consolidation loan? ; What are the disadvantages of a debt consolidation loan?
Updated Apr 3, 2024 ; Written by Jackie Veling · Lead Writer ; Edited by Kim Lowe · Lead Assigning Editor · Fact Checked
Debt consolidation loans for bad credit are available to borrowers. Compare your options and learn how to choose the best debt consolidation loan for poor credit.
In this article: ; Where to Get a Debt Consolidation Loan With Poor Credit ; Pros and Cons of Debt Consolidation Loans ; When Is a Debt Consolidation Loan a Good Idea?