Reputable Debt Consolidation Loan Companies - The best bad debt consolidation loans offer high dollar amounts and relatively low APRs, allowing borrowers to consolidate their high-interest debts into one balance with a lower monthly payment. Most of the best bad debt consolidation loans are general purpose personal loans that can have high APRs, but are a great way to consolidate more expensive debt like payday loans. To show you the best bad debt consolidation loans, the editors have selected several options for personal loans from our partners with the best conditions.
Below, you can see the current credit consolidation loan offers from our partners, followed by some helpful tips for finding the best bad debt consolidation loan. You can also use a free personal loan pre-assessment tool to find a loan with a high chance of approval. and appropriate standards.
Reputable Debt Consolidation Loan Companies
* Personal loans granted through Universal Credit have annual percentage rates (APR) of 11.69%-35.93%. All personal loans have an initial fee of 5.25% to 8.99%, deducted from the proceeds. Low rates require automatic payment and direct payment of a portion of the existing debt. Loans have payment terms of 36 to 60 months. For example, if you get a $10,000 loan with a 36-month term and an APR of 28.47% (including a 22.99% APR and a 7% one-time payment), you'll get $9,300 in cash. account and will have a required monthly payment of $387.05. Over the life of the loan, your payments will be $13,933.62. Your loan's APR may be higher or lower, and your loan offer may not have multiple terms available. The actual rate depends on your credit score, credit history, loan term and other factors. Late payments or subsequent fees and charges can increase the cost of your fixed rate loan. There is no fee or penalty for paying off the loan early.
Of The Best Debt Consolidation Companies
The best bad loans for debt consolidation 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%.
Debt Consolidation Loans with Upstart are best if you need a large loan. These loans range in dollar amount from $1,000 to $50,000 with APRs of 5.35% - 35.99%. You don't need a credit score to qualify.
Optimizing has the best bad debt consolidation loans with the fastest time to get the money. The company offers financing in just two business days of approval, dollar amounts of $1,000 - $50,000 and an APR range of 7.96% - 35.97%. To qualify for an advanced loan, borrowers must have a credit score of 620+.
Universal Credit offers the best bad credit debt consolidation loans with no down payment. 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 periods. The company has payment terms of 24, 36, 48 or 60 months, loan amounts of $1,500 - $20,000 and an APR range of 18% - 35.99%. OneMain Financial requires a credit score of 600 - 650, according to several third-party sources.
Your 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 rates varies by state. The average 5-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, the total cost of a $10,000 loan would be $15,817, including the $594 down payment. The APR is calculated based on the 5-year rates given in the last month. There is no prepayment and no prepayment penalty. The APR will be determined based on your credit, income and certain other information provided in the loan application. Not all applicants will be accepted.
Unlike other sites that only promote the cards they are paid for, editors focus on finding the best cards. makes it easy to find the best bad debt consolidation loans.
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Grace Enfield covers personal loans. Grace graduated with honors and received a B.A. in Journalism and a minor in Digital Media Studies from the University of Minnesota - Twin Cities.
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You need a credit score of 580 or higher to get a credit consolidation loan that offers reasonable rates in most cases. The higher your credit score, the lower your APR can be - and the main purpose of a credit consolidation loan is to get a lower APR on your loan. If you also want to get a loan of debt consolidation with no down payment so you don't increase the amount you owe, you'll probably need a credit score of at least 660.
You can use our free personal loan tool to see your credit consolidation loan options and your current credit score. This will make it easier to decide if getting a debt consolidation loan is beneficial. You can also see the minimum credit score required by major personal loan providers below.
Best Debt Consolidation Loan Companies
The best people to get a debt consolidation loan are naturally people with good or excellent credit. They can get rates as high as 4.99% in some cases. That said, it's possible to get a credit consolidation loan with good or bad credit, and it can make a lot of sense if your existing debts are things like payday loans that charge very high fees and interest.
The APR on the most expensive personal loans is typically around 36%. If you think you'll only qualify for a lender's high APR and that will save you a significant amount of money, then it's worth considering a credit consolidation loan even if you have a very low credit score.
You can get out of debt with no money and bad credit with the help of a debt management plan or a loan from a friend or family member. You should also look into getting a bad credit debt consolidation loan, especially if you have an income but no savings. Careful budgeting will also go a long way.
If you can't get a debt consolidation loan, you either don't meet the borrower's credit score requirements or you don't have enough money to pay off the loan. You may also not meet basic requirements, such as being at least 18 years old and having a bank account. Any lender who turns you down for a consolidation loan must disclose the reason your application was denied so you don't have to wonder.
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To improve your chances of getting a debt consolidation loan, it's a good idea to increase your credit score and income. You can get personalized advice on improving your credit when you create a free account.
When you're ready to reapply, check out our selection of options to find the best debt consolidation loans. You can then estimate potential rates with our free pre-qualification tool.
Easy-to-approve bad credit loans are secured, co-signed, and joint loans because you can use another person's collateral or creditworthiness to pay off your bad credit. Payday loans, pawn loans and car title loans are also easy to get but very expensive.
Alternatively, personal loans can offer the lowest rates among the easiest loan options to qualify for. Some personal loans won't even check your credit when you apply. The easiest personal loan to get with bad credit is OppLoans' credit check loans, which offer loan amounts from $500 - $4,000, repayment terms up to 18 months, and APRs from 59% - 160 %. To qualify for a bad loan from OppLoans, you will need to have enough income to repay the loan.
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A credit check loan is the easiest type of personal loan you can get with bad credit and no co-signer, co-applicant or guarantor, but it will definitely be more expensive than loans from credit check lenders. Among lenders that do a credit check, LendingPointis is a good choice. It requires a credit score of 580 to qualify and offers $2,000 - $30,000 in financing for 24 - 72 months. APR range is 7.99%
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