If your credit score is lower than average, it may be tough to pursue debt consolidation — but it's not impossible.
A debt consolidation loan is one option to streamline your finances and cut down on interest paid, even if you have bad credit.
consolidate your debt with less-than-ideal credit, consider the following options: One of the better options for those with bad credit is to enroll in a credit card debt consolidation...
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.
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.
Updated Jul 11, 2024 ; Written by Amrita Jayakumar ; Edited by Kim Lowe ; Co-written by Jackie Veling
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
Unfortunately, qualifying for a debt consolidation loan with less-than-ideal credit (a score of 669 or lower) can be challenging. As with any type of loan , borrowers with a strong credit profile have better chances of being approved. They’re also more likely to receive more favorable terms. It’s possible to find options without a good credit score. However, it’s crucial to pay attention to interest rates and other added costs, such as sign-up fees. You may end up with terms that will make your loan even more expensive than the debt you ...
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 can hurt your credit in the short term, but there are potential long term gains to consider. Learn more about the good and the bad here.