CNBC Select compared debt consolidation loans for borrowers with less-than-perfect credit based on score requirements, fees and interest rates.
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.
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.
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 loan amounts. To learn more, read our full personal l ...
You may be able to get approved for a debt consolidation loan with bad credit, but not without drawbacks. Here are some things you need to know.
Pros & Cons ; Low starting interest rate · No prepayment fees · Less paperwork and faster approval ; Potentially high origination fee · Not available in all states · No joint applications
Best for high balances: SoFi Personal Loan ; Best for bad credit: Avant Personal Loan ; Best for fair credit: Payoff Loan™
To get a debt consolidation loan with bad credit, look for lenders that accept bad-credit borrowers. Learn more ways to get a debt consolidation loan.
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.
Updated Jul 11, 2024 ; Written by Amrita Jayakumar ; Edited by Kim Lowe ; Co-written by Jackie Veling