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The Key To Successful $255 Payday Loans Online Same Day
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How to Receive a Loan to Consolidate Debt if You Have bad credit
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How to Get a Consolidation Loan for Debts with Bad Credit
The process of obtaining a debt consolidation loan with bad credit may require you to build your credit, or a co-signer.
Last updated on Jan 24, 2023
Many or all of the products we feature are from our partners who pay us. This impacts the types of products we review and where and how the product appears on the page. But, it doesn't affect our assessments. Our views are our own. Here is a list of and .
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Finding a loan even if you have poor credit might require some shopping around, but there are options that include loans from credit unions as well as online lenders.
Certain lenders cater to borrowers with bad credit (a credit score less than 630) and consider factors beyond score, such as the amount of education, income and work history.
Find out when a consolidating debt loan is the best option for tackling your debt and how to obtain one.
How do you get a consolidation loan?
The loan to consolidate debts loan is an individual loan used to combine and pay off multiple debts in one go -- think of medical bills, or any other non-secured personal loans and you only have one monthly payment.
The ideal situation is that this installment comes with an interest rate that is lower than the current ones, which can save the money you spend and in getting out of debt more quickly.
Is a debt consolidation loan a good idea?
If you're having trouble paying off debt and can qualify for a favorable interest rate on a loan, debt consolidation is generally a good idea.
Here are some of the benefits:
It saves the cost of interest. The most significant benefit of debt consolidation is the amount you save on interest rates by consolidating debt under a lower rate. Even a couple of percentage points can make a significant difference in the amount of interest you save. Utilize our tool to discover your potential savings.
It is possible to be able to pay off debt quicker. If you consolidate debt at a lower interest rate and you are able to pay off debt quicker by putting the savings into your remaining balance. You can also choose the shorter repayment terms on the debt consolidation loan so long as you can afford the monthly payments.
It makes the process easier. Instead of having to keep an eye on multiple debts with a debt consolidation loan, you'll have only one installment to pay. Consolidation loans also have fixed terms, meaning you'll know your payoff date that can help keep you on track.
It could help improve your credit. Though taking out a debt consolidation loan could temporarily knock a few points off of your credit score, the overall result should be positive once you start to dig out of debt.
How to get a debt consolidation loan with poor credit
1. Verify your credit score
Are mistakes on your credit report the reason behind your low credit score? Look for any errors, such as wrong accounts, improperly recorded payments or inaccurate credit limits.
You can check your credit report every week for free at each of the three major credit reporting bureaus --- Experian, Equifax and TransUnion -- with .
Even a slight increase within your credit rating can be a good indication for the possibility of a consolidating debt loan. Moving from a low credit score to a fair one (630 to 689) can also result in a more affordable loan with an interest rate that is lower.
>> MORE:
Another tip is to pay off any small debts. This will lower your credit utilization which is 30% of your credit score. This can improve your overall , that lenders use to determine your ability to repay a loan. The lower the DTI ratio is, the more likely a lender may accept your loan application.
2. Take into consideration a secured, co-signed or joint loan
Some may be easier to get, such as co-signed, secured or joint loan.
In a, you make use of collateral like a vehicle or savings account to help ensure the loan and lenders are more likely to accept you or offer an interest rate that is lower. However, if you fail to pay back the loan you forfeit the collateral.
with a better credit score or income, you could also boost your chances of approval. However, note that co-signers assume equal responsibility for the loan, even though they aren't able to access the money. If you miss payments or fail to repay the loan, your co-signer's credit rating could suffer.
Similar to co-signed loans, but co-borrowers have the same access to the funds.
>> COMPARE:
3. Check around and make sure you are pre-qualified
To find the most affordable rate on the debt consolidation loan, you'll want to look at the rates and terms offered by several lenders. The easiest way is through . You can get pre-qualified with many online lenders to view estimated rates and loan amounts. This is a gentle credit checkthat doesn't affect your credit score.
Additionally, look for features that are more user-friendly such as direct payments to creditors, which means the lender sends the loan money to your creditors which makes the process simpler- and eliminating any temptation to make use of the funds to pay for other things.
Do you want to consolidate debt? See if you pre-qualify for an credit consolidation loan.
Answer a few simple questions and you'll receive a personalized report from our lending partners- with no impact to the credit rating.
Loan amount
on NerdWallet
4. Request the consolidation loan
After you've decided on the lender you'll have to make an application to obtain the loan. This process is typically online, and you'll be asked to supply personal information such as your Social Security number, and documents that prove that you are who you say they are, as well as your earnings, and employment.
The time to approve varies by lender. You'll usually receive the funds within a week, but many online lenders offer next-day and same-day financing.
>> MORE:
5. Reduce your debt and pay for loan payments
When you have the money in your account, use these funds for paying off debts. If the funds are given to your creditors in exchange for you, confirm to each of your creditors that your debt was effectively paid for.
Next, make a plan to follow, which could include establishing the budget to prioritize your new monthly payment as well as keeping an eye on any refinancing possibilities.
The majority of lenders charge a late fee for missed payments -- and report them to credit bureaus, which can harm your credit score so you might want to set automated payments to prevent falling behind.
Where can I get a loan for debt consolidation loan for those with bad credit
Credit unions
These are financial institutions that are not for profit and might offer flexible terms and lower rates than online lenders.
Federal credit unions cap annual percentage rates for personal loans at 18%..
Some credit unions don't allow you to be pre-qualified for an loan and applying for a loan requires a hard credit check and can affect your credit score and make it difficult to find a loan.
You also need to become a members of the institution before you can apply for the loan that could mean living or working in the same area as you and paying a modest annual membership fee. Local credit unions can be a good starting point, but national credit unions also provide loans for debt relief loans.
Online lender
They are more convenient and usually provide fasting funding, but they might charge higher fees for those with poor credit as credit unions do.
There are also online lenders who charge fees to cover the cost for processing your loan. The cost is usually taken out of the loan proceeds, so you may need to ask for more of a loan to receive the total amount you need.
is one of the most reputable online lenders for a low-credit loan. If you get a debt consolidation loan and Upgrade is able to transfer the funds straight to the creditors you can get an additional rate reduction of 1 to 5 percentage points.
Accepts applications from borrowers with poor credit. They will evaluate alternative data on your application, including academic majors and work experience, which could boost your chances of getting approved and obtaining a lower rate.
>> COMPARE:
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APR 6.99-24.99%
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on Discover
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4.5 NerdWallet's ratings were determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact on credit score, rates and fees customers' experience, and responsible lending practices.
APR 6.5-35.99 Percent
Amount of loan: $1,000 - $50,000
on Upstart
On Achieving
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APR 7.99-29.99%
The loan amount is $5,000 to $50,000.
on Achieving
on SoFi
SoFi
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5.0 NerdWallet's ratings are determined by our editorial team. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including the impact on credit scores rates and fees, customer service and ethical lending practices.
APR 7.99-23.43%
Amount of loan: $5,000 - $100,000
on SoFi
on Best Egg
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4.5 NerdWallet's ratings were determined by our editorial staff. The scoring algorithm takes into consideration aspects we consider to be consumer-friendly, including the impact on credit score, fees and rates as well as the customer's experience and ethical lending practices.
APR 8.99-35.99%
The amount of the loan is $2,000 to $50,000.
on the Best Egg
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5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula is based on aspects we consider to be a good choice for consumers, such as impact to credit score rates and fees, customer service and responsible lending practices.
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5.0 NerdWallet's rating is determined by our editorial team. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score rate and fees, the customer experience and ethical lending practices.
APR 7.99-23.43%
The loan amount is $5,000 to $100,000.
on SoFi
on Universal Credit
Universal Credit
4.5 NerdWallet's ratings were determined by our editorial team. The scoring algorithm takes into consideration aspects we consider to be a good choice for consumers, such as the impact on credit scores rate and fees as well as the customer's experience and responsible lending practices.
4.5 NerdWallet's ratings were determined by our editorial team. The scoring formula considers the factors we believe to be beneficial to the consumer, including the impact on credit score, rates and fees customers' experience, and responsible lending practices.
APR 11.69-35.93%
Loan amount $1,000 - $50,000
on Universal Credit
on LendingClub
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5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula is based on factors we consider to be friendly to consumers, such as the impact on credit score, rates and fees, customer experience and responsible lending practices.
APR 8.3-36.0%
Amount of loan: $1,000 - $40,000
on LendingClub
on Upstart
Upstart
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be a good choice for consumers, such as impact to credit score, fees and rates as well as the customer's experience and ethical lending practices.
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including impact to credit score, fees and rates customers' experience, and responsible lending practices.
APR 6.5-35.99 Percent
Amount of loan: $1,000 - $50,000
on Upstart
Debt consolidation loan alternatives
If debt consolidation loans aren't the right choice for you There are a few alternatives.
Other debt payment methods
The debt snowball and the debt techniques like avalanches are well-known strategies for paying off debt without consolidating.
The strategy uses early wins to keep you on track to becoming debt-free. In this method, debts are ordered in order from the smallest balance to the largest. Once the smallest debt is paid then the monthly payment for that debt goes toward the next balance until it's paid off. After that, you continue to make payments towards each debt until you're debt free.
It's a similar approach however, it begins with your highest-interest debt. Then when that's paid off, you tackle the second-highest-interest debt and so forth until all debts are paid. This strategy can save you money and ultimately time however it doesn't provide the immediate wins as the snowball strategy.
Debt management plan
A debt management program from an independent credit counseling agency can help reduce your interest rate and pay off debt faster. This is an option if have credit card debt and if you're able to adhere to a payment plan for a period of time while not using the credit cards.
>> MORE:
Bankruptcy
Discharging your debts in bankruptcy could be an option in the event that you're overwhelmed by debt, and will require five years or longer to pay it off through consolidation. In bankruptcy, you can eliminate all kinds of unsecured debt, including medical bills and credit cards.
Although your credit score could initially take a hit however, it will rebound within a year of filing for bankruptcy.
>> MORE:
Frequently asked questions: Can I qualify for debt consolidation with bad credit?
You may be eligible to get a consolidation loan even if you have bad credit as some debt consolidation lenders specifically are geared towards borrowers with poor credit scores.
How can I consolidate my debts with bad credit?
A consolidation of multiple loans -- such as credit cards, medical bills as well as payday loans -- into one monthly installment. A credit consolidation loan with poor credit may require some research however it is possible.
Where can I find a consolidation loan with poor credit?
tend to look more favorably on bad-credit loan applicants. Also, they offer debt consolidation loans specifically targeted at borrowers who have bad credit.
Can I get debt consolidation if I have bad credit?
You may be eligible for debt consolidation loan even when you're not a credit score holder and certain lenders who specialize in debt consolidation cater to borrowers with low credit scores.
What can I do to consolidate my debts with poor credit?
A combines multiple unsecured loans -- such as medical bills, credit cards and payday loans -- into one monthly payment. The process of obtaining a debt consolidation loan with poor credit might require shopping around, but it's feasible.
Where can I find an installment loan with poor credit?
tend to give more consideration for bad credit loan applicants. Also, they offer debt consolidation loans specifically targeted at borrowers with poor credit.
About the author: Jackie Veling covers personal loans for NerdWallet.
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Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able to make sound financial decisions without hesitation. While our website does not include every company or financial product that is available in the marketplace, we're proud of the advice we offer as well as the advice we provide as well as the tools we design are impartial, independent, straightforward -- and cost-free. So how do we make money? Our partners compensate us. This could influence the types of products we review and write about (and the places they are featured on our site) however it in no way affects our advice or suggestions, which are grounded in many hours of research. Our partners cannot promise us favorable ratings of their goods or services. .
How to Get a Consolidation Loan for Debts with Bad Credit
The process of obtaining a debt consolidation loan with bad credit may require you to build your credit, or a co-signer.
Last updated on Jan 24, 2023
Many or all of the products we feature are from our partners who pay us. This impacts the types of products we review and where and how the product appears on the page. But, it doesn't affect our assessments. Our views are our own. Here is a list of and .
Table of Contents
Table of Contents
Finding a loan even if you have poor credit might require some shopping around, but there are options that include loans from credit unions as well as online lenders.
Certain lenders cater to borrowers with bad credit (a credit score less than 630) and consider factors beyond score, such as the amount of education, income and work history.
Find out when a consolidating debt loan is the best option for tackling your debt and how to obtain one.
How do you get a consolidation loan?
The loan to consolidate debts loan is an individual loan used to combine and pay off multiple debts in one go -- think of medical bills, or any other non-secured personal loans and you only have one monthly payment.
The ideal situation is that this installment comes with an interest rate that is lower than the current ones, which can save the money you spend and in getting out of debt more quickly.
Is a debt consolidation loan a good idea?
If you're having trouble paying off debt and can qualify for a favorable interest rate on a loan, debt consolidation is generally a good idea.
Here are some of the benefits:
It saves the cost of interest. The most significant benefit of debt consolidation is the amount you save on interest rates by consolidating debt under a lower rate. Even a couple of percentage points can make a significant difference in the amount of interest you save. Utilize our tool to discover your potential savings.
It is possible to be able to pay off debt quicker. If you consolidate debt at a lower interest rate and you are able to pay off debt quicker by putting the savings into your remaining balance. You can also choose the shorter repayment terms on the debt consolidation loan so long as you can afford the monthly payments.
It makes the process easier. Instead of having to keep an eye on multiple debts with a debt consolidation loan, you'll have only one installment to pay. Consolidation loans also have fixed terms, meaning you'll know your payoff date that can help keep you on track.
It could help improve your credit. Though taking out a debt consolidation loan could temporarily knock a few points off of your credit score, the overall result should be positive once you start to dig out of debt.
How to get a debt consolidation loan with poor credit
1. Verify your credit score
Are mistakes on your credit report the reason behind your low credit score? Look for any errors, such as wrong accounts, improperly recorded payments or inaccurate credit limits.
You can check your credit report every week for free at each of the three major credit reporting bureaus --- Experian, Equifax and TransUnion -- with .
Even a slight increase within your credit rating can be a good indication for the possibility of a consolidating debt loan. Moving from a low credit score to a fair one (630 to 689) can also result in a more affordable loan with an interest rate that is lower.
>> MORE:
Another tip is to pay off any small debts. This will lower your credit utilization which is 30% of your credit score. This can improve your overall , that lenders use to determine your ability to repay a loan. The lower the DTI ratio is, the more likely a lender may accept your loan application.
2. Take into consideration a secured, co-signed or joint loan
Some may be easier to get, such as co-signed, secured or joint loan.
In a, you make use of collateral like a vehicle or savings account to help ensure the loan and lenders are more likely to accept you or offer an interest rate that is lower. However, if you fail to pay back the loan you forfeit the collateral.
with a better credit score or income, you could also boost your chances of approval. However, note that co-signers assume equal responsibility for the loan, even though they aren't able to access the money. If you miss payments or fail to repay the loan, your co-signer's credit rating could suffer.
Similar to co-signed loans, but co-borrowers have the same access to the funds.
>> COMPARE:
3. Check around and make sure you are pre-qualified
To find the most affordable rate on the debt consolidation loan, you'll want to look at the rates and terms offered by several lenders. The easiest way is through . You can get pre-qualified with many online lenders to view estimated rates and loan amounts. This is a gentle credit checkthat doesn't affect your credit score.
Additionally, look for features that are more user-friendly such as direct payments to creditors, which means the lender sends the loan money to your creditors which makes the process simpler- and eliminating any temptation to make use of the funds to pay for other things.
Do you want to consolidate debt? See if you pre-qualify for an credit consolidation loan.
Answer a few simple questions and you'll receive a personalized report from our lending partners- with no impact to the credit rating.
Loan amount
on NerdWallet
4. Request the consolidation loan
After you've decided on the lender you'll have to make an application to obtain the loan. This process is typically online, and you'll be asked to supply personal information such as your Social Security number, and documents that prove that you are who you say they are, as well as your earnings, and employment.
The time to approve varies by lender. You'll usually receive the funds within a week, but many online lenders offer next-day and same-day financing.
>> MORE:
5. Reduce your debt and pay for loan payments
When you have the money in your account, use these funds for paying off debts. If the funds are given to your creditors in exchange for you, confirm to each of your creditors that your debt was effectively paid for.
Next, make a plan to follow, which could include establishing the budget to prioritize your new monthly payment as well as keeping an eye on any refinancing possibilities.
The majority of lenders charge a late fee for missed payments -- and report them to credit bureaus, which can harm your credit score so you might want to set automated payments to prevent falling behind.
Where can I get a loan for debt consolidation loan for those with bad credit
Credit unions
These are financial institutions that are not for profit and might offer flexible terms and lower rates than online lenders.
Federal credit unions cap annual percentage rates for personal loans at 18%..
Some credit unions don't allow you to be pre-qualified for an loan and applying for a loan requires a hard credit check and can affect your credit score and make it difficult to find a loan.
You also need to become a members of the institution before you can apply for the loan that could mean living or working in the same area as you and paying a modest annual membership fee. Local credit unions can be a good starting point, but national credit unions also provide loans for debt relief loans.
Online lender
They are more convenient and usually provide fasting funding, but they might charge higher fees for those with poor credit as credit unions do.
There are also online lenders who charge fees to cover the cost for processing your loan. The cost is usually taken out of the loan proceeds, so you may need to ask for more of a loan to receive the total amount you need.
is one of the most reputable online lenders for a low-credit loan. If you get a debt consolidation loan and Upgrade is able to transfer the funds straight to the creditors you can get an additional rate reduction of 1 to 5 percentage points.
Accepts applications from borrowers with poor credit. They will evaluate alternative data on your application, including academic majors and work experience, which could boost your chances of getting approved and obtaining a lower rate.
>> COMPARE:
Personal loans from our partners
Debt Consolidation Big Purchase Emergency Home Improvement Medical
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LendingClub
5.0 NerdWallet's ratings are determined by our editorial team. The scoring algorithm takes into consideration the factors we believe to be beneficial to consumers, including impact on credit score, fees and rates, customer experience and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula is based on aspects we consider to be a good choice for consumers, such as impact to credit score, fees and rates as well as the customer's experience and responsible lending practices.
APR 8.3-36.0%
The amount of the loan is $1,000.
on LendingClub
on Happy Money
Happy Money
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula takes into account factors we consider to be friendly to consumers, such as the impact on credit score, fees and rates customers' experience, and ethical lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula takes into account aspects we believe are consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
APR 7.99-29.99%
Amount of loan: $5,000 - $40,000
on Happy Money
on PenFed Credit Union
PenFed Credit Union
5.0 NerdWallet's rating is determined by our editorial team. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including impact on credit score, fees and rates as well as the customer's experience and ethical lending practices.
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration aspects we consider to be consumer-friendly, including impact to credit score rate and fees, customer experience and responsible lending practices.
APR 7.74-17.99%
Loan amount $600 - $50,000
on PenFed Credit Union
on Upgrade
Upgrade
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula is based on factors we consider to be friendly to consumers, such as the impact on credit score, fees and rates customers' experience, and ethical lending practices.
5.0 NerdWallet's ratings are compiled by our editorial team. The scoring formula is based on aspects we consider to be a good choice for consumers, such as the impact on credit scores fees and rates customers' experience, and responsible lending practices.
APR 8.49-35.97%
Amount of loan: $1,000 - $50,000
on Upgrade
on Upstart
Upstart
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula considers the factors we believe to be a good choice for consumers, such as the impact on credit scores rate and fees, customer service and ethical lending practices.
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be a good choice for consumers, such as impact to credit score rate and fees, customer experience and responsible lending practices.
APR 6.5-35.99%
The amount of the loan is $1,000.
on Upstart
on LightStream
LightStream
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula takes into account the factors we believe to be a good choice for consumers, such as the impact on credit scores rates and fees, customer service and responsible lending practices.
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring formula takes into account factors we consider to be friendly to consumers, such as the impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.
APR Rates are based on AutoPay. 6.99-23.99%
The loan amount is $5,000 to $100,000.
on LightStream
on LightStream
LightStream
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula is based on the factors we believe to be friendly to consumers, such as the impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial team. The scoring algorithm takes into consideration factors we consider to be beneficial to the consumer, such as impact on credit score, fees and rates customers' experience, and ethical lending practices.
APR Rates are based on AutoPay. 6.99-23.99%
The loan amount is $5,000 to $100,000.
on LightStream
on Axos
Axos
4.0 NerdWallet's ratings are determined by the editorial staff. The scoring formula is based on the factors we believe to be beneficial to consumers, including the impact on credit score rate and fees, customer service and responsible lending practices.
4.0 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
APR 7.99-14.99%
Loan amount $5,000 - $50,000
on Axos
On Upgrading
Upgrade
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula is based on factors we consider to be a good choice for consumers, such as the impact on credit scores rate and fees, customer service and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account aspects we consider to be consumer-friendly, including impact on credit score, rates and fees as well as the customer's experience and ethical lending practices.
APR 8.49-35.97%
The amount of the loan is $1,000.
on the Upgrade
on SoFi
SoFi
5.0 NerdWallet's ratings are compiled by our editorial team. The scoring formula is based on factors we consider to be consumer-friendly, including impact to credit score, rates and fees customers' experience, and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula is based on aspects we consider to be a good choice for consumers, such as impact on credit score, fees and rates customers' experience, and ethical lending practices.
APR 7.99-23.43%
Amount of loan: $5,000 - $100,000
on SoFi
on the Best Egg
Best Egg!
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula takes into account aspects we consider to be beneficial to consumers, including the impact on credit scores, rates and fees, the customer experience and ethical lending practices.
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring algorithm takes into consideration aspects we believe are friendly to consumers, such as the impact on credit score, fees and rates, customer experience and responsible lending practices.
APR 8.99-35.99%
Amount of loan $2,000 - $50,000
on the Best Egg
On Achieving
Reach your goals
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula is based on the factors we believe to be beneficial to the consumer, including impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula is based on the factors we believe to be beneficial to the consumer, including the impact on credit score, rates and fees as well as the customer's experience and responsible lending practices.
APR 7.99-29.99%
The loan amount is $5,000 to $50,000.
on Achieve
on OneMain Financial
OneMain Financial
4.0 NerdWallet's ratings are compiled by the editorial staff. The scoring algorithm takes into consideration the factors we believe to be a good choice for consumers, such as impact to credit score rate and fees as well as the customer's experience and ethical lending practices.
4.0 NerdWallet's ratings are compiled by our editorial team. The scoring formula is based on factors we consider to be beneficial to consumers, including the impact on credit score rates and fees, customer experience and ethical lending practices.
APR 18.0-35.99 percent
The loan amount is $1,500 to $20,000
on OneMain Financial
on Upstart
Upstart
4.5 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the factors we believe to be friendly to consumers, such as the impact on credit score, rates and fees, customer experience and responsible lending practices.
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula takes into account factors we consider to be beneficial to consumers, including impact to credit score, fees and rates customers' experience, and responsible lending practices.
APR 6.5-35.99 Percent
The amount of the loan is $1,000.
on Upstart
on Best Egg
Best Egg
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula takes into account factors we consider to be beneficial to the consumer, including the impact on credit score, rates and fees as well as the customer's experience and responsible lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring algorithm takes into consideration aspects we believe are friendly to consumers, such as the impact on credit score, rates and fees, customer experience and ethical lending practices.
APR 8.99-35.99%
Amount of loan $2,000 - $50,000
on the Best Egg
on Discover
Discover
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring formula takes into account aspects we consider to be consumer-friendly, including the impact on credit score, rates and fees, customer experience and responsible lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula takes into account factors we consider to be beneficial to the consumer, such as impact on credit score, rates and fees as well as the customer's experience and responsible lending practices.
APR 6.99-24.99%
Loan amount $2,500 - $35,000
on Discover
on Achieving
Attain
5.0 NerdWallet's rating is determined by our editorial team. The scoring formula takes into account aspects we consider to be a good choice for consumers, such as the impact on credit score, fees and rates, customer experience and responsible lending practices.
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration aspects we believe are beneficial to the consumer, including impact on credit score, fees and rates customers' experience, and responsible lending practices.
APR 7.99-29.99%
Loan amount $5,000 - $50,000
on Achieve
on SoFi
SoFi
5.0 NerdWallet's rating is determined by our editorial team. The scoring formula takes into account aspects we consider to be consumer-friendly, including impact to credit score rates and fees, customer experience and ethical lending practices.
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account aspects we believe are consumer-friendly, including impact to credit score, rates and fees customers' experience, and ethical lending practices.
APR 7.99-23.43%
Loan amount $5,000 - $100,000
on SoFi
on Universal Credit
Universal Credit
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula takes into account aspects we believe are consumer-friendly, including impact to credit score, fees and rates as well as the customer's experience and ethical lending practices.
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account the factors we believe to be a good choice for consumers, such as impact to credit score rate and fees, the customer experience and ethical lending practices.
APR 11.69-35.93%
Loan amount $1,000 - $50,000
on Universal Credit
on Discover
Discover
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration factors we consider to be consumer-friendly, including impact to credit score, rates and fees as well as the customer's experience and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account the factors we believe to be a good choice for consumers, such as impact on credit score, fees and rates, customer experience and ethical lending practices.
APR 6.99-24.99%
The loan amount is $2,500 to $35,000
on Discover
on Upstart
Upstart
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula considers the factors we believe to be beneficial to consumers, such as impact to credit score, rates and fees customers' experience, and responsible lending practices.
4.5 NerdWallet's ratings were determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact on credit score, rates and fees customers' experience, and responsible lending practices.
APR 6.5-35.99 Percent
Amount of loan: $1,000 - $50,000
on Upstart
On Achieving
Achieve
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula is based on aspects we believe are friendly to consumers, such as the impact on credit score, fees and rates as well as the customer's experience and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score, fees and rates customers' experience, and responsible lending practices.
APR 7.99-29.99%
The loan amount is $5,000 to $50,000.
on Achieving
on SoFi
SoFi
5.0 NerdWallet's rating is determined by our editorial team. The scoring formula takes into account aspects we consider to be consumer-friendly, including the impact on credit scores rate and fees, customer service and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial team. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including the impact on credit scores rates and fees, customer service and ethical lending practices.
APR 7.99-23.43%
Amount of loan: $5,000 - $100,000
on SoFi
on Best Egg
Best Egg!
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula considers the factors we believe to be friendly to consumers, such as the impact on credit score, fees and rates as well as the customer's experience and ethical lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring algorithm takes into consideration aspects we consider to be consumer-friendly, including the impact on credit score, fees and rates as well as the customer's experience and ethical lending practices.
APR 8.99-35.99%
The amount of the loan is $2,000 to $50,000.
on the Best Egg
on LightStream
LightStream
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula is based on aspects we consider to be a good choice for consumers, such as impact to credit score rates and fees, customer service and responsible lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring algorithm takes into consideration factors we consider to be consumer-friendly, including the impact on credit score, rates and fees as well as the customer's experience and ethical lending practices.
APR Rates quoted are with AutoPay. 6.99-23.99%
Amount of loan: $5,000 - $100,000
on LightStream
on SoFi
SoFi
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account factors we consider to be friendly to consumers, such as the impact on credit score, rates and fees as well as the customer's experience and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial team. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score rate and fees, the customer experience and ethical lending practices.
APR 7.99-23.43%
The loan amount is $5,000 to $100,000.
on SoFi
on Universal Credit
Universal Credit
4.5 NerdWallet's ratings were determined by our editorial team. The scoring algorithm takes into consideration aspects we consider to be a good choice for consumers, such as the impact on credit scores rate and fees as well as the customer's experience and responsible lending practices.
4.5 NerdWallet's ratings were determined by our editorial team. The scoring formula considers the factors we believe to be beneficial to the consumer, including the impact on credit score, rates and fees customers' experience, and responsible lending practices.
APR 11.69-35.93%
Loan amount $1,000 - $50,000
on Universal Credit
on LendingClub
LendingClub
5.0 NerdWallet's rating is determined by our editorial team. The scoring formula takes into account factors we consider to be friendly to consumers, such as the impact on credit score, rates and fees as well as the customer's experience and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula is based on factors we consider to be friendly to consumers, such as the impact on credit score, rates and fees, customer experience and responsible lending practices.
APR 8.3-36.0%
Amount of loan: $1,000 - $40,000
on LendingClub
on Upstart
Upstart
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be a good choice for consumers, such as impact to credit score, fees and rates as well as the customer's experience and ethical lending practices.
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including impact to credit score, fees and rates customers' experience, and responsible lending practices.
APR 6.5-35.99 Percent
Amount of loan: $1,000 - $50,000
on Upstart
Debt consolidation loan alternatives
If debt consolidation loans aren't the right choice for you There are a few alternatives.
Other debt payment methods
The debt snowball and the debt techniques like avalanches are well-known strategies for paying off debt without consolidating.
The strategy uses early wins to keep you on track to becoming debt-free. In this method, debts are ordered in order from the smallest balance to the largest. Once the smallest debt is paid then the monthly payment for that debt goes toward the next balance until it's paid off. After that, you continue to make payments towards each debt until you're debt free.
It's a similar approach however, it begins with your highest-interest debt. Then when that's paid off, you tackle the second-highest-interest debt and so forth until all debts are paid. This strategy can save you money and ultimately time however it doesn't provide the immediate wins as the snowball strategy.
Debt management plan
A debt management program from an independent credit counseling agency can help reduce your interest rate and pay off debt faster. This is an option if have credit card debt and if you're able to adhere to a payment plan for a period of time while not using the credit cards.
>> MORE:
Bankruptcy
Discharging your debts in bankruptcy could be an option in the event that you're overwhelmed by debt, and will require five years or longer to pay it off through consolidation. In bankruptcy, you can eliminate all kinds of unsecured debt, including medical bills and credit cards.
Although your credit score could initially take a hit however, it will rebound within a year of filing for bankruptcy.
>> MORE:
Frequently asked questions: Can I qualify for debt consolidation with bad credit?
You may be eligible to get a consolidation loan even if you have bad credit as some debt consolidation lenders specifically are geared towards borrowers with poor credit scores.
How can I consolidate my debts with bad credit?
A consolidation of multiple loans -- such as credit cards, medical bills as well as payday loans -- into one monthly installment. A credit consolidation loan with poor credit may require some research however it is possible.
Where can I find a consolidation loan with poor credit?
tend to look more favorably on bad-credit loan applicants. Also, they offer debt consolidation loans specifically targeted at borrowers who have bad credit.
Can I get debt consolidation if I have bad credit?
You may be eligible for debt consolidation loan even when you're not a credit score holder and certain lenders who specialize in debt consolidation cater to borrowers with low credit scores.
What can I do to consolidate my debts with poor credit?
A combines multiple unsecured loans -- such as medical bills, credit cards and payday loans -- into one monthly payment. The process of obtaining a debt consolidation loan with poor credit might require shopping around, but it's feasible.
Where can I find an installment loan with poor credit?
tend to give more consideration for bad credit loan applicants. Also, they offer debt consolidation loans specifically targeted at borrowers with poor credit.
About the author: Jackie Veling covers personal loans for NerdWallet.
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