Best Debt Consolidation Loans Reviews – The best debt consolidation loans for bad credit offer large dollar amounts and relatively low APRs, allowing borrowers to consolidate their high-interest debt into a single balance with lower monthly payments. Most of the best debt consolidation loans for bad credit are general-purpose personal loans, which may have higher maximum APRs, but are a good way to consolidate expensive debt, such as payday loans. To showcase the best debt consolidation loans for bad credit, our editors have selected a few personal loan options with the best terms from our partners.
Below, you can view our partner’s current debt consolidation loan offers, followed by some useful tips for getting the best bad credit debt consolidation loan. You can also use the free personal loan prescreen tool to find loans with higher barriers to approval. and reasonable rates.
Best Debt Consolidation Loans Reviews
* Personal loans through Universal Credit have annual percentage rates (APR) of 11.69%-35.93%. All personal loans have an origination fee of 5.25% to 8.99%, which is deducted from the loan proceeds. The lowest rates require automatic payment and direct payment of a portion of existing debt. The loans have repayment terms of 36 to 60 months. For example, if you receive a $10,000 loan with a term of 36 months and an APR of 28.47% (which includes a 22.99% annual interest rate and a one-time 7% fee), you will receive $9,300 on your account. be a required monthly payment of $387.05. Over the life of the loan, your payments will total $13,933.62. The APR on your loan may be higher or lower and your loan offers may no longer have available terms. The actual rate depends on your credit score, credit usage history, loan length, and other factors. Late payments or subsequent fees and charges may increase the cost of the fixed rate loan. There are no fees or penalties for early repayment of the loan.
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The best debt consolidation loans for bad credit come from LendingPoint. The company requires a credit score of over 600 to qualify, offers loan amounts of $2,000 – $30,000, and has an APR range of 7.99% – 35.99%.
Upstart’s debt consolidation loans are best if you need a bigger loan. These loans have dollar amounts of 5.35% – 35.99% with typical APRs of $1,000 – $50,000. You don’t need a credit score to qualify.
Upgrade has the best debt consolidation loans for bad credit with fast financing timelines. The company offers financing as soon as two business days after approval, dollar amounts from $1,000 to $50,000, and APRs ranging from 7.96% to 35.97%. To qualify for an upgrade loan, borrowers must have a credit score of 620+.
Universal Credit offers the best debt consolidation loans for bad credit with no origination fees. To qualify for a Universal Credit debt consolidation loan, borrowers must have a credit score of 580 or higher. The company also has loan amounts of $1,000 – $50,000 and an APR range of 11.69% – 35.93%.
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OneMain Financial offers the best debt consolidation loans with long repayment terms. The company has repayment terms of 24, 36, 48 or 60 months, loan amounts from $1,500 to $20,000, and APR ranges from 18% to 35.99%. According to several third-party sources, OneMain Financial requires a credit score between 600 and 650.
The loan amount will be determined based on your credit, income and other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).
The full range of available fares varies by state. The average five-year loan offered to all lenders using the Upstart platform will have an APR of 24.83% and 60 monthly payments of $26.36 per $1,000 borrowed. For example, a $10,000 loan would have a total cost of $15,817 including a $594 origination fee. The APR is calculated based on the 5-year rates offered over the past month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and some other information you provide in your loan application. Not all applicants will be approved.
Unlike other sites that only promote the cards they get paid for, publishers focus on finding the best cards. Making it easier for you to find the best debt consolidation loans for bad credit.
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Grace covers the personal loans for Enfield. Grace graduated with honors and a B.A. in journalism and a minor in digital media studies from the University of Minnesota – Twin Cities.
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In most cases, a credit score of 580 or higher is required to get a debt consolidation loan that offers reasonable rates. The higher your credit score, the lower your APR is likely to be, and the main purpose of a debt consolidation loan is to get a lower APR for your debt. If you also want to get a debt consolidation loan that doesn’t charge an origination fee so it doesn’t add to your balance, you’ll need a credit score of at least 660.
You can use the free personal loan pre-qualification tool to view your debt consolidation loan options along with your current credit score. This will make it easier for you to decide whether it is worth getting a debt consolidation loan or not. You can also see the minimum credit score required by the largest personal loan providers below.
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The best candidates for a debt consolidation loan are of course those with good or very good credit. In some cases they may qualify for rates as high as 4.99%. That said, it’s possible to get a debt consolidation loan with good or bad credit, and it can make a lot of sense if your existing debts are things like payday loans, which charge extremely high fees and interest.
The APR of the most expensive personal loan is around 36%. If you think you’ll only qualify for the lender’s maximum APR and it will still save you a significant amount of money, a debt consolidation loan is worth considering even if you have a relatively low credit score.
You can get out of debt with no money left and no bad credit with the help of a debt management program or a loan from a friend or family member. You should also look into getting a debt consolidation loan for bad credit, especially if you have little income but no money saved. A careful budget will also go a long way.
If you can’t get a debt consolidation loan, it’s most likely because you don’t meet the lender’s credit score requirements or you don’t have enough income to afford the loan. It is also possible that you do not meet the basic requirements such as being at least 18 years old and having a bank account. Any lender who rejects a consolidation loan should disclose why your application was rejected, so you don’t need to be surprised.
Debt Consolidation Loan With Bad Credit: How To Do It
To increase your chances of getting a debt consolidation loan, it’s a good idea to boost your credit score and income. You can get personalized credit improvement recommendations when you sign up for a free account.
When you’re ready to reapply, check out the best debt consolidation loan options. Then, you can estimate your potential rates with our free preselection tool.
The easiest loans to get approved with bad credit are secured, co-signed, and joint loans because you can use collateral or another person’s credit score for your bad credit score. Payday loans, pawn shop loans, and even auto title loans are easy to get, but they’re extremely expensive.
Alternatively, personal loans may offer the lowest rate among loan options that are relatively easy to qualify for. Some personal loans don’t even check your credit when you apply. The easiest personal loan to get with bad credit is a credit check loan from Opalons, which offers loan amounts from $500 to $4,000, repayment terms of up to 18 months, and APRs ranging from 59% to 160%. To qualify for a loan from OppLoans with bad credit, you must have a high enough income to repay the loan.
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Loans without a credit check are the easiest type of personal loan to get with bad credit and no co-signers, joint applicants or collateral, but they will be much more expensive than loans from lenders that do credit checks. Among lenders that do credit checks, LendingPoint is a great choice. Requires a credit score of 580 to qualify and offers financing of $2,000 – $30,000 for 24 – 72 months. The APR range is 7.99%
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