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How to Receive a Consolidation Loan for Debts with bad credit
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How to Receive a Loan to Consolidate Debts if You Have Poor Credit
The process of obtaining a debt consolidation loan with bad credit might require building your credit or co-signers.
Updated on January 24, 2023
Many or all of the products we feature come from our partners who compensate us. This impacts the types of products we review and where and how the product appears on a page. However, this doesn't affect our assessments. Our opinions are our own. Here's a list of and .
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Getting a if you have bad credit could require some searching around, but there are options which include loans through credit unions as well as online lenders.
Some lenders are even geared to borrowers with bad credit (a credit score of less than 630) and will consider other factors in addition to the score, such as the amount of education, income and work background.
Here's how to determine when you should consider a debt consolidation loan is the best option for tackling your debt and how to obtain one.
What exactly is a debt-consolidation loan?
The loan to consolidate debts loan is a personal loan used to combine to pay down multiple loans at one time -- think the balances on your credit cards, medical bills, or any other non-secured personal loans -- so you're left with a single monthly installment.
Ideally, this installment comes with an interest rate that is lower than your current debts that can save you money and allow you to get out of debt faster.
Is a debt consolidation loan a good idea?
If you're having trouble paying off your debt and are eligible for a lower interest rate on the loan consolidating debt is usually a good option.
Here are some of the benefits:
It saves money on interest. Arguably the biggest benefit of debt consolidation is the money you can save on interest costs by consolidating debt at a lower rate. Even a couple of percentage points can make a huge difference in the amount of interest you save. Check out our calculator to determine your potential savings.
You can reduce debt more quickly. If you consolidate debt at a lower rate of interest, you can get out of debt faster by applying the savings to the balance remaining. You can also choose an early repayment period on a debt consolidation loan so long as you can pay the monthly installments.
It makes the process easier. Instead of keeping an eye on multiple debts by taking out a debt consolidation loan you'll have just one payment to make. Consolidation loans also have fixed terms. This means you'll know when your loan is due and can keep you focused.
It can help build credit. While taking out a consolidation loan could temporarily knock some points off your rating, but the total impact should be positive when you begin to get rid of the debt.
How to obtain the debt consolidation loan with poor credit
1. Check your credit report
Are mistakes on your credit report the reason your score is low? Check for errors such as wrong accounts, improperly reported payments , or incorrect credit limits.
You can check your credit report each week for free at all three major credit bureausthree bureaus namely Experian, Equifax and TransUnion -- making use of .
Even a small bump on your score could be enough for a credit consolidation loan. A change from a poor to a fair credit score (630 or 689) could lead to the possibility of a lower cost loan with a lower interest rate.
>> MORE:
Another option is to pay off all small debts. This reduces your credit utilization which makes up 30% on your score. And it can also improve the overall score , which lenders use to assess the ability of you to repay a loan. The lower the DTI ratio higher, the more likely it is that the lender will consider approving the loan application.
2. Think about a secured, co-signed, or joint loan
Some may be easier to qualify for, including co-signed, secured or joint loan.
In a, you make use of collateral such as a car or savings account to help to secure the loan, which means lenders may be more likely to approve or offer a lower interest rate. However, if you fail to repay the loan, you lose the collateral.
with a better credit score or income than you can also increase your chances of getting approved. Be aware that a co-signer takes on the same responsibility for the loan, even though they do not have access to the funds. If you fail to pay or fail to repay the loan the co-signer's credit score may suffer.
They are similar to co-signed loans however co-borrowers have the same access to the funds.
>> COMPARE:
3. Shop around and pre-qualify
For the best price for your debt consolidation loan it is important to compare the rates and terms offered by several lenders. The easiest method is to use . You can pre-qualify with most online lenders to see estimated rate and loan amounts. This is a gentle credit checkthat doesn't hurt your credit score.
Additionally, look for features that are more user-friendly like direct payment to your creditors This means that the lender will transfer the loan money to your creditors, simplifying the process -- and eliminating any temptation to use the cash to pay for other things.
Do you want to consolidate debt? Find out if you qualify for the credit consolidation loan.
Simply answer a few questions and you'll receive a personalized report from our lending partners -without affecting your score on credit.
Loan amount
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4. You can apply for the debt consolidation loan
Once you've chosen a lender, you'll need to submit an application to obtain the loan. This is usually done online and you'll be required to provide personal information, including details about your Social Security number, and documents that prove the identity of you, your income, and work.
The approval time can differ depending on the lender. The funds will typically be received within one week, although some online lenders provide same- and next-day funding.
>> MORE:
5. Reduce debt and keep up with loan payments
When you have the money you have in the account make use of them to pay off your obligations. If the money is being given to your creditors in exchange for you, make sure to confirm every creditor you have with that your debt has been successfully paid off.
Next, make a plan to , which may include building the budget to prioritize the new monthly payment, and keeping an eye on any refinancing possibilities.
Most lenders charge a late fee for late payments and report them to credit bureaus, which could affect your credit score so you might want to set up automatic payments to ensure you don't fall behind.
How to obtain an loan for debt consolidation loan for bad credit
Credit unions
are not-for-profit financial organizations that may offer more flexible terms and lower rates than online lenders.
Federal credit unions have capped annual percentage rates on personal loans at 18%.
Some credit unions won't let the applicant to apply for pre-qualification for an loan and applying for a loan will require a credit check and can affect your credit score and make it more difficult to compare.
It is also required to become an active part of the credit union to apply for a loan, which may mean living or working nearby and paying a minimal annual membership fee. The local credit union is a great place to start, though national credit unions also offer loans for debt relief loans.
Online lenders
They are more convenient and usually provide fasting funding, but they may charge higher rates for borrowers with bad credit than credit unions do.
There are also online lenders who charge fees that cover the costs of making your loan. The cost is usually deducted from the loan funds, which means you may need to ask for an additional loan to get the full amount you need.
is one of the most reputable online lenders for a low-credit loan. If you take out an installment loan and have Upgrade send the money direct to creditors, then you may get an additional rate discount of 1 to five percentage points.
also accepts applications from borrowers with bad credit and will consider other data you have on your application, like the major you studied at college and your work history which can increase your odds of approval and getting a low rate.
>> COMPARE:
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APR 6.5-35.99 percent
The amount of the loan is $1,000.
on Upstart
on Achieve
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APR 7.99-29.99%
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on Achieving
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APR 7.99-23.43%
Loan amount $5,000 - $100,000
on SoFi
on the Best Egg
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4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula takes into account 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.
4.5 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 customers' experience, and ethical lending practices.
APR 8.99-35.99%
Amount of loan $2,000 - $50,000
on the Best Egg
on LightStream
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The loan amount is $5,000 to $100,000.
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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 considers the factors we believe to be consumer-friendly, including the impact on credit score, rates and fees customers' experience, and responsible lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula takes into account aspects we believe are friendly to consumers, such as the impact on credit score, rates and fees, customer experience and ethical lending practices.
APR 11.69-35.93%
Amount of loan: $1,000 - $50,000
on Universal Credit
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5.0 NerdWallet's ratings are determined by our editorial team. 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 responsible lending practices.
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Loan amount $1,000 - $40,000
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4.5 NerdWallet's ratings are determined by our editorial team. The scoring formula considers aspects 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.
4.5 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be beneficial to the consumer, including impact on credit score, fees and rates customers' experience, and responsible lending practices.
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Loan amount $1,000 - $50,000
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Debt consolidation loan alternatives
If you're looking to consolidate debt, but loans don't fit your needs There are a few alternatives.
Other debt payment methods
The debt snowball as well as the debt techniques like avalanches are well-known strategies for paying off debt without consolidating.
It makes use of early successes to keep you on track towards becoming debt-free. With this approach, debts are ordered from the smallest balance to the largest. After the debt that is the smallest is repaid, the monthly payment for that debt is applied towards the next-smallest balance until that's completed. After that, you continue to pay off each debt until you're debt-free.
The follows a similar strategy that starts 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 approach can save money and ultimately time, but it may not offer the instant wins of the snowball method.
Debt management plan
A debt management plan from an agency for credit counseling that is non-profit can reduce the interest rate on your debt and make it easier to pay off debt quicker. It's an option for those who have debt on credit cards and if you can stick to a payment schedule for a period of time while not using the credit cards.
>> MORE:
Bankruptcy
In bankruptcy, you can discharge your debts. This is an option if you are overwhelmed by debt and need five years or longer to repay it via consolidation. In bankruptcy, you can eliminate all kinds of unsecure debt, such as credit cards and medical bills.
While your credit score may initially suffer a dip but it will begin to recover within a year after filing for bankruptcy.
>> MORE:
Frequently asked questions: Can I apply for debt consolidation with poor credit?
You are able to apply for a debt consolidation loan even when you're not a credit score holder and some debt consolidation lenders specifically offer loans to those with low credit scores.
How do I consolidate my debts with bad credit?
A consolidation of multiple debts -- like credit cards, medical bills and payday loans -- into one monthly installment. The process of obtaining a consolidating debt loan with poor credit may be a bit difficult however it is possible.
Where can I find a consolidation loan with poor credit?
tend to look more favorably for bad credit loan applicants. Also, they offer debt consolidation loans specifically targeted at borrowers with poor credit.
Can I get debt consolidation with bad credit?
You may be eligible for a debt consolidation loan even having bad credit and some debt consolidation lenders specifically are geared towards borrowers with poor credit scores.
How can I consolidate all my debts using poor credit?
A debt consolidation loan combines several unsecured loans -- such as credit cards, medical bills or payday loans -- into one monthly payment. Getting a credit consolidation loan with bad credit may be difficult, but it's possible.
How can I obtain an installment loan with poor credit?
tend to be more favorable on low-credit loan applicants. They also provide debt consolidation loans specifically designed for those with bad credit.
About the author: Jackie Veling covers personal loans for NerdWallet.
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How to Receive a Loan to Consolidate Debts if You Have Poor Credit
The process of obtaining a debt consolidation loan with bad credit might require building your credit or co-signers.
Updated on January 24, 2023
Many or all of the products we feature come from our partners who compensate us. This impacts the types of products we review and where and how the product appears on a page. However, this doesn't affect our assessments. Our opinions are our own. Here's a list of and .
Table of Contents
Table of Contents
Getting a if you have bad credit could require some searching around, but there are options which include loans through credit unions as well as online lenders.
Some lenders are even geared to borrowers with bad credit (a credit score of less than 630) and will consider other factors in addition to the score, such as the amount of education, income and work background.
Here's how to determine when you should consider a debt consolidation loan is the best option for tackling your debt and how to obtain one.
What exactly is a debt-consolidation loan?
The loan to consolidate debts loan is a personal loan used to combine to pay down multiple loans at one time -- think the balances on your credit cards, medical bills, or any other non-secured personal loans -- so you're left with a single monthly installment.
Ideally, this installment comes with an interest rate that is lower than your current debts that can save you money and allow you to get out of debt faster.
Is a debt consolidation loan a good idea?
If you're having trouble paying off your debt and are eligible for a lower interest rate on the loan consolidating debt is usually a good option.
Here are some of the benefits:
It saves money on interest. Arguably the biggest benefit of debt consolidation is the money you can save on interest costs by consolidating debt at a lower rate. Even a couple of percentage points can make a huge difference in the amount of interest you save. Check out our calculator to determine your potential savings.
You can reduce debt more quickly. If you consolidate debt at a lower rate of interest, you can get out of debt faster by applying the savings to the balance remaining. You can also choose an early repayment period on a debt consolidation loan so long as you can pay the monthly installments.
It makes the process easier. Instead of keeping an eye on multiple debts by taking out a debt consolidation loan you'll have just one payment to make. Consolidation loans also have fixed terms. This means you'll know when your loan is due and can keep you focused.
It can help build credit. While taking out a consolidation loan could temporarily knock some points off your rating, but the total impact should be positive when you begin to get rid of the debt.
How to obtain the debt consolidation loan with poor credit
1. Check your credit report
Are mistakes on your credit report the reason your score is low? Check for errors such as wrong accounts, improperly reported payments , or incorrect credit limits.
You can check your credit report each week for free at all three major credit bureausthree bureaus namely Experian, Equifax and TransUnion -- making use of .
Even a small bump on your score could be enough for a credit consolidation loan. A change from a poor to a fair credit score (630 or 689) could lead to the possibility of a lower cost loan with a lower interest rate.
>> MORE:
Another option is to pay off all small debts. This reduces your credit utilization which makes up 30% on your score. And it can also improve the overall score , which lenders use to assess the ability of you to repay a loan. The lower the DTI ratio higher, the more likely it is that the lender will consider approving the loan application.
2. Think about a secured, co-signed, or joint loan
Some may be easier to qualify for, including co-signed, secured or joint loan.
In a, you make use of collateral such as a car or savings account to help to secure the loan, which means lenders may be more likely to approve or offer a lower interest rate. However, if you fail to repay the loan, you lose the collateral.
with a better credit score or income than you can also increase your chances of getting approved. Be aware that a co-signer takes on the same responsibility for the loan, even though they do not have access to the funds. If you fail to pay or fail to repay the loan the co-signer's credit score may suffer.
They are similar to co-signed loans however co-borrowers have the same access to the funds.
>> COMPARE:
3. Shop around and pre-qualify
For the best price for your debt consolidation loan it is important to compare the rates and terms offered by several lenders. The easiest method is to use . You can pre-qualify with most online lenders to see estimated rate and loan amounts. This is a gentle credit checkthat doesn't hurt your credit score.
Additionally, look for features that are more user-friendly like direct payment to your creditors This means that the lender will transfer the loan money to your creditors, simplifying the process -- and eliminating any temptation to use the cash to pay for other things.
Do you want to consolidate debt? Find out if you qualify for the credit consolidation loan.
Simply answer a few questions and you'll receive a personalized report from our lending partners -without affecting your score on credit.
Loan amount
on NerdWallet
4. You can apply for the debt consolidation loan
Once you've chosen a lender, you'll need to submit an application to obtain the loan. This is usually done online and you'll be required to provide personal information, including details about your Social Security number, and documents that prove the identity of you, your income, and work.
The approval time can differ depending on the lender. The funds will typically be received within one week, although some online lenders provide same- and next-day funding.
>> MORE:
5. Reduce debt and keep up with loan payments
When you have the money you have in the account make use of them to pay off your obligations. If the money is being given to your creditors in exchange for you, make sure to confirm every creditor you have with that your debt has been successfully paid off.
Next, make a plan to , which may include building the budget to prioritize the new monthly payment, and keeping an eye on any refinancing possibilities.
Most lenders charge a late fee for late payments and report them to credit bureaus, which could affect your credit score so you might want to set up automatic payments to ensure you don't fall behind.
How to obtain an loan for debt consolidation loan for bad credit
Credit unions
are not-for-profit financial organizations that may offer more flexible terms and lower rates than online lenders.
Federal credit unions have capped annual percentage rates on personal loans at 18%.
Some credit unions won't let the applicant to apply for pre-qualification for an loan and applying for a loan will require a credit check and can affect your credit score and make it more difficult to compare.
It is also required to become an active part of the credit union to apply for a loan, which may mean living or working nearby and paying a minimal annual membership fee. The local credit union is a great place to start, though national credit unions also offer loans for debt relief loans.
Online lenders
They are more convenient and usually provide fasting funding, but they may charge higher rates for borrowers with bad credit than credit unions do.
There are also online lenders who charge fees that cover the costs of making your loan. The cost is usually deducted from the loan funds, which means you may need to ask for an additional loan to get the full amount you need.
is one of the most reputable online lenders for a low-credit loan. If you take out an installment loan and have Upgrade send the money direct to creditors, then you may get an additional rate discount of 1 to five percentage points.
also accepts applications from borrowers with bad credit and will consider other data you have on your application, like the major you studied at college and your work history which can increase your odds of approval and getting a low rate.
>> COMPARE:
Personal loans by our associates
Debt Consolidation Big Purchase Emergency Home Improvement Medical
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LendingClub
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring formula is based on aspects we consider to be beneficial to consumers, including the impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.
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 impact on credit score, rates and fees as well as the customer's experience and responsible lending practices.
APR 8.3-36.0%
Loan amount $1,000 - $40,000
on LendingClub
on Happy Money
Happy Money
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account aspects we believe are beneficial to the consumer, such as impact on credit score, rates and fees, customer experience and ethical lending practices.
4.5 NerdWallet's ratings are 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, rates and fees, customer experience and ethical 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 formula takes into account aspects we consider to be beneficial to consumers, including the impact on credit score, rates and fees customers' experience, and ethical lending practices.
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring algorithm takes into consideration factors we consider to be consumer-friendly, including the impact on credit scores rates and fees, the customer experience and responsible lending practices.
APR 7.74-17.99%
Amount of loan $600-$50,000
on PenFed Credit Union
on the Upgrade
Upgrade
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula takes into account the factors we believe to be beneficial to the consumer, including the impact on credit score, fees and rates customers' experience, and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account factors we consider to be consumer-friendly, including the impact on credit score rate and fees, customer experience and ethical lending practices.
APR 8.49-35.97%
The amount of the loan is $1,000.
On Upgrading
on Upstart
Upstart
4.5 NerdWallet's ratings are determined by our editorial team. The scoring formula considers factors we consider to be consumer-friendly, including the impact on credit scores, rates and fees, the customer experience and responsible lending practices.
4.5 NerdWallet's ratings are compiled by our editorial team. The scoring formula takes into account aspects we consider to be beneficial to consumers, including impact to credit score rate and fees as well as the customer's experience and ethical lending practices.
APR 6.5-35.99%
The amount of the loan is $1,000.
on Upstart
on LightStream
LightStream
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring formula is based on factors we consider to be consumer-friendly, including the impact on credit scores, rates and fees, the customer experience and ethical lending practices.
5.0 NerdWallet's ratings are determined by our editorial team. The scoring algorithm takes into consideration 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%
Loan amount $5,000 - $100,000
on LightStream
on LightStream
LightStream
5.0 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.
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 impact to credit score, fees and rates as well as the customer's experience and ethical lending practices.
APR Rates mentioned are for AutoPay. 6.99-23.99%
Loan amount $5,000 - $100,000
on LightStream
on Axos
Axos
4.0 NerdWallet's rating is determined by the editorial staff. The scoring formula is based on the factors we believe to be consumer-friendly, including the impact on credit scores rate and fees, the customer experience and responsible lending practices.
4.0 NerdWallet's ratings are compiled through our team of editors. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including impact to credit score, rates and fees, customer experience and ethical lending practices.
APR 7.99-14.99%
Amount of loan: $5,000 - $50,000
on Axos
on Upgrade
Upgrade
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring formula is based on aspects we consider to be consumer-friendly, including the impact on credit scores rate and fees, customer service and ethical lending practices.
5.0 NerdWallet's ratings are compiled by our editorial team. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including the impact on credit score, fees and rates customers' experience, and ethical lending practices.
APR 8.49-35.97%
The amount of the loan is $1,000.
On Upgrading
on SoFi
SoFi
5.0 NerdWallet's ratings are compiled 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 customers' experience, and ethical 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 consumers, including impact on credit score, fees and rates, customer experience 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 are 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, rates and fees, the customer experience and ethical lending practices.
4.5 NerdWallet's ratings were 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, fees and rates as well as the customer's experience and responsible lending practices.
APR 8.99-35.99%
The amount of the loan is $2,000 to $50,000.
on the Best Egg
on Achieving
Attain
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula is based on the factors we believe 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 algorithm takes into consideration factors we consider to be beneficial to the consumer, including the impact on credit score, rates and fees customers' experience, and responsible lending practices.
APR 7.99-29.99%
Amount of loan: $5,000 - $50,000
on Achieve
on OneMain Financial
OneMain Financial
4.0 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account aspects we consider to be beneficial to consumers, such as the impact on credit score fees and rates customers' experience, and ethical lending practices.
4.0 NerdWallet's rating is determined by our editorial team. The scoring formula is based on factors we consider to be a good choice for consumers, such as the impact on credit scores, rates and fees, customer experience and responsible lending practices.
APR 18.0-35.99 percent
Loan amount $1,500 - $20,000
on OneMain Financial
on Upstart
Upstart
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula takes into account aspects we believe are friendly to consumers, such as the impact on credit score, rates and fees, customer experience and ethical lending practices.
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account factors we consider to be consumer-friendly, including impact on credit score, rates and fees as well as the customer's experience and responsible lending practices.
APR 6.5-35.99 Percent
Amount of loan: $1,000 - $50,000
on Upstart
on the Best Egg
Best Egg!
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula considers aspects we believe are consumer-friendly, including impact to credit score, rates and fees, customer 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 consumer-friendly, including impact to credit score, fees and rates, customer experience and ethical lending practices.
APR 8.99-35.99%
Amount of loan $2,000 - $50,000
on Best Egg
on Discover
Discover
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account the factors we believe to be beneficial to consumers, including impact to credit score fees and rates as well as the customer's experience and responsible 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 beneficial to the consumer, such as impact on credit score, fees and rates, customer experience and responsible lending practices.
APR 6.99-24.99%
The loan amount is $2,500 to $35,000
on Discover
on Achieving
Attain
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring formula is based on factors we consider to be beneficial to consumers, such as 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 team. The scoring formula takes into account factors we consider to be friendly to consumers, such as the impact on credit score, fees and rates, customer 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 ratings are compiled 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 score rate and fees, customer experience and ethical lending practices.
5.0 NerdWallet's ratings are determined by our editorial team. 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 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 are determined by our editorial staff. The scoring algorithm takes into consideration aspects we believe are beneficial to the consumer, including the impact on credit score, rates and fees customers' experience, and ethical lending practices.
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring formula considers the factors we believe to be beneficial to consumers, including the impact on credit score rate and fees, customer service and ethical lending practices.
APR 11.69-35.93%
The amount of the loan is $1,000.
on Universal Credit
on Discover
Discover
5.0 NerdWallet's rating is determined by our editorial team. The scoring algorithm takes into consideration factors we consider to be beneficial to the consumer, including the impact on credit score, fees and rates customers' experience, and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula is based on aspects we consider to be consumer-friendly, including impact to credit score, rates and fees customers' experience, and responsible 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 are compiled by our editorial staff. The scoring algorithm takes into consideration aspects we consider to be a good choice for 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 team. The scoring formula takes into account factors we consider to be a good choice for consumers, such as the impact on 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 Achieve
Achieve
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula is based on factors we consider to be beneficial to the consumer, including the 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 team. The scoring algorithm takes into consideration aspects we believe are beneficial to the consumer, including the impact on credit score, rates and fees customers' experience, and responsible lending practices.
APR 7.99-29.99%
Loan amount $5,000 - $50,000
on Achieving
on SoFi
SoFi
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, customer service and ethical lending practices.
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 scores rates and fees, the customer experience and responsible lending practices.
APR 7.99-23.43%
Loan amount $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 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.
4.5 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 customers' experience, and ethical lending practices.
APR 8.99-35.99%
Amount of loan $2,000 - $50,000
on the Best Egg
on LightStream
LightStream
5.0 NerdWallet's ratings are compiled by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including the impact on credit score rate and fees, customer experience and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula is based on the factors we believe to be beneficial to consumers, including impact on credit score, fees and rates customers' experience, and responsible lending practices.
APR Rates quoted are with AutoPay. 6.99-23.99%
The loan amount is $5,000 to $100,000.
on LightStream
on SoFi
SoFi
5.0 NerdWallet's rating is determined 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 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 the factors we believe to be beneficial to consumers, including the impact on credit score rate and fees, customer service 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 considers the factors we believe to be consumer-friendly, including the impact on credit score, rates and fees customers' experience, and responsible lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula takes into account aspects we believe are friendly to consumers, such as the impact on credit score, rates and fees, customer experience and ethical lending practices.
APR 11.69-35.93%
Amount of loan: $1,000 - $50,000
on Universal Credit
on LendingClub
LendingClub
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula takes into account aspects we believe are beneficial to the consumer, including the impact on credit score, fees and rates as well as the customer's experience and ethical lending practices.
5.0 NerdWallet's ratings are determined by our editorial team. 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 responsible lending practices.
APR 8.3-36.0%
Loan amount $1,000 - $40,000
on LendingClub
on Upstart
Upstart
4.5 NerdWallet's ratings are determined by our editorial team. The scoring formula considers aspects 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.
4.5 NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account factors we consider to be beneficial to the consumer, including impact on credit score, fees and rates customers' experience, and responsible lending practices.
APR 6.5-35.99 Percent
Loan amount $1,000 - $50,000
on Upstart
Debt consolidation loan alternatives
If you're looking to consolidate debt, but loans don't fit your needs There are a few alternatives.
Other debt payment methods
The debt snowball as well as the debt techniques like avalanches are well-known strategies for paying off debt without consolidating.
It makes use of early successes to keep you on track towards becoming debt-free. With this approach, debts are ordered from the smallest balance to the largest. After the debt that is the smallest is repaid, the monthly payment for that debt is applied towards the next-smallest balance until that's completed. After that, you continue to pay off each debt until you're debt-free.
The follows a similar strategy that starts 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 approach can save money and ultimately time, but it may not offer the instant wins of the snowball method.
Debt management plan
A debt management plan from an agency for credit counseling that is non-profit can reduce the interest rate on your debt and make it easier to pay off debt quicker. It's an option for those who have debt on credit cards and if you can stick to a payment schedule for a period of time while not using the credit cards.
>> MORE:
Bankruptcy
In bankruptcy, you can discharge your debts. This is an option if you are overwhelmed by debt and need five years or longer to repay it via consolidation. In bankruptcy, you can eliminate all kinds of unsecure debt, such as credit cards and medical bills.
While your credit score may initially suffer a dip but it will begin to recover within a year after filing for bankruptcy.
>> MORE:
Frequently asked questions: Can I apply for debt consolidation with poor credit?
You are able to apply for a debt consolidation loan even when you're not a credit score holder and some debt consolidation lenders specifically offer loans to those with low credit scores.
How do I consolidate my debts with bad credit?
A consolidation of multiple debts -- like credit cards, medical bills and payday loans -- into one monthly installment. The process of obtaining a consolidating debt loan with poor credit may be a bit difficult however it is possible.
Where can I find a consolidation loan with poor credit?
tend to look more favorably for bad credit loan applicants. Also, they offer debt consolidation loans specifically targeted at borrowers with poor credit.
Can I get debt consolidation with bad credit?
You may be eligible for a debt consolidation loan even having bad credit and some debt consolidation lenders specifically are geared towards borrowers with poor credit scores.
How can I consolidate all my debts using poor credit?
A debt consolidation loan combines several unsecured loans -- such as credit cards, medical bills or payday loans -- into one monthly payment. Getting a credit consolidation loan with bad credit may be difficult, but it's possible.
How can I obtain an installment loan with poor credit?
tend to be more favorable on low-credit loan applicants. They also provide debt consolidation loans specifically designed for those with bad credit.
About the author: Jackie Veling covers personal loans for NerdWallet.
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