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How to Get a Loan to Consolidate Debt if You Have bad credit
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How to Receive a Consolidation Loan for Debts with Bad Credit
A debt consolidation loan with bad credit might require building your credit or adding a co-signer.
The last update was on Jan. 24, 2023
Many or all of the products featured here are provided by our partners who compensate us. This influences which products we feature and the location and manner in which the product is featured on the page. However, this does not affect our assessments. Our views are our own. Here's a list of and .
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If you're looking for a loan if you've got poor credit might require some searching around however, there are other options which include loans at credit unions and online lenders.
Some lenders are even geared to those with poor credit (a credit score of less than 630) and will consider other factors in addition to the score, including income, education and employment background.
This article will help you determine if you should consider a consolidating debt loan is the best option to tackle your debts and how to get one.
What is a debt consolidation loan?
A debt consolidation loan is a personal loan used to combine to pay down multiple loans at once Think of medical bills, or other unsecure personal loans which means you're left with a single monthly payment.
The ideal situation is that this installment comes with lower interest rates than the debt you currently have, which can save money and help you pay off debt quicker.
Is a debt consolidation loan a good idea?
If you're having trouble paying off debt and qualify for a lower interest rate for a loan consolidating debt is usually a good option.
Here are a few advantages:
It helps save cash on interest. Perhaps the most important benefits of debt consolidating is amount you save on interest by consolidating debt under an interest rate that is lower. Even a couple of percentage points can make a huge difference in overall interest saved. Check out our calculator to determine the potential savings.
You may reduce debt more quickly. If you consolidate at a lower interest rate, you can get out of debt faster by putting the savings into the balance remaining. You may also opt for the shorter repayment terms on the debt consolidation loan in the event that you are able to afford the monthly payments.
It simplifies the process. Instead of keeping the track of several debts, when you take out the debt consolidation loan you'll have just one payment to make. Debt consolidation loans also come with fixed terms. This means you'll know the date of your repayment that can help keep you focused.
It can help build credit. While taking out a consolidation loan may temporarily take a few points off your rating, but the total result should be positive once you begin to get rid of debt.
How to get an debt consolidation loan with bad credit
1. Review your credit report
Are mistakes in your credit report the reason your score is low? Check for errors like incorrect accounts, inaccurately reported payments , or incorrect credit limits.
You can review your credit report every week for free at any of the three major credit reporting bureaus -- Experian, Equifax and TransUnion -- using .
A small increase on your score may qualify you for an 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 the possibility of a lower interest.
>> MORE:
Another tip is to pay off any debts that are small. This reduces the credit utilization rate which makes up 30% on your score. And it can also improve the overall score , which lenders use to evaluate your ability to repay the loan. The lower your DTI ratio, the more likely a lender may approve the loan application.
2. Consider the possibility of a co-signer, secured or joint loan
Some may be easier to obtain, such as a secured, co-signed 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 are more likely to accept you or extend an interest rate that is lower. If you don't repay the loan then you'll lose the collateral.
with a higher credit score or higher income than you can also increase your chances of getting approved. Be aware that co-signers take on equal responsibility for the loan regardless of the fact that they do not have access to the funds. If you miss payments or fail to repay the loan, your co-signer's credit score could be affected.
They are similar to co-signed loans However, the co-borrower is granted the same rights to the money.
>> COMPARE:
3. Check around and make sure you are pre-qualified
To get the best deal for your debt consolidation loan, you'll want to compare interest rates and terms from different lenders. The most efficient way to do this is via . You can apply for pre-qualification with the majority of online lenders to view estimated rates and loan amounts. This requires a soft credit check, which doesn't affect your credit score.
Be sure to look for features that are friendly to consumers such as direct payments to creditors that is, the lender sends the loan money to your creditors, simplifying the process -and also removing the temptation to use the money to purchase something else.
Want to consolidate your debt? Check if you are eligible for an consolidating debt loan.
Answer a few simple questions and you'll receive a personalized report from our lending partners -without affecting your credit score.
Loan amount
on NerdWallet
4. Apply for the debt consolidation loan
After you've decided on a lender, you'll need to submit an application to obtain the loan. This is usually done online and you'll be asked to submit personal details including details about your Social Security number, and documents that prove the identity of you, your income and employment.
The approval time can differ depending on the lender. You'll typically receive your funds within a week, but some online lenders provide same- and next-day funding.
>> MORE:
5. Pay down debt and keep up with loan payments
When you have the money in your account, you can use them to pay off your debts. If the funds are being sent to your creditors for you, you must confirm every creditor you have with that your debt has been successful in being paid.
Then, you should create a plan to , which may include creating a budget that prioritizes the new monthly payment, as well as keeping an eye out for any refinancing possibilities.
Many lenders charge a late fee for missed payments -- and then report them to credit bureaus, which could hurt your score -- so you might want to set up automatic payments to avoid falling in debt.
How to obtain an debt consolidation loan for those with bad credit
Credit unions
These are financial institutions that are not for profit and may offer more flexible terms and lower rates than online lenders.
Federal credit unions limit annual percentage rates for personal loans at 18%..
Some credit unions don't allow the applicant to apply for pre-qualification for the loan The application process for a loan requires a hard credit test and can affect your credit score, making it harder to shop around.
It is also necessary to be a member of the credit union to apply for the loan that could mean being in the area and paying a modest membership fee. The local credit union is a great option to begin, however national credit unions like and also offer debt consolidation loans.
Online lending
are more convenient and often offer quick funding, however they might charge higher fees for bad-credit borrowers than credit unions .
There are also online lenders who charge fees that cover the costs for making your loan. The fees are usually deducted from the loan proceeds, so you may need to ask for a larger loan to get the full amount you need.
is among the top online lenders for a low-credit loan. If you take out a debt consolidation loan and then have Upgrade transfer the funds direct to creditors, then you may qualify for an additional rate discount of 1 to 5 percentage points.
also accepts applications from borrowers with poor credit. They will evaluate alternative data on your application, like college major and work history, which could boost your odds of approval and receiving a low interest.
>> COMPARE:
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Loan amount $1,000 - $50,000
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The amount of the loan is $1,000.
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4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula considers factors we consider to be beneficial to the consumer, including the impact on credit score, fees and rates, customer experience and ethical lending practices.
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5.0 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, rates and fees, customer experience and responsible lending practices.
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Amount of loan: $5,000 - $50,000
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APR 6.5-35.99 percent
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Reach your goals
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
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, fees and rates as well as the customer's experience and ethical lending practices.
APR 7.99-29.99%
Amount of loan: $5,000 - $50,000
on Achieve
on SoFi
SoFi
5.0 NerdWallet's ratings are 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 rates and fees, the customer experience and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula is based on the factors we believe to be beneficial to consumers, including the impact on credit scores rates and fees, customer experience and responsible lending practices.
APR 7.99-23.43%
Amount of loan: $5,000 - $100,000
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4.5 NerdWallet's ratings are compiled 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, fees and rates as well as the customer's experience and responsible lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula considers the factors we believe to be consumer-friendly, including impact on credit score, rates and fees as well as the customer's experience and ethical lending practices.
APR 8.99-35.99%
Amount of loan $2,000 - $50,000
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5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula is based on aspects we consider to be consumer-friendly, including the impact on credit score, fees and rates customers' experience, and ethical lending practices.
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on LightStream
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5.0 NerdWallet's rating is determined by our editorial team. The scoring algorithm takes into consideration aspects we consider to be beneficial to consumers, including impact to credit score rates and fees, the customer experience and responsible 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 were determined by our editorial team. The scoring formula takes into account factors we consider to be beneficial to consumers, including the impact on credit score rate and fees, customer experience and ethical lending practices.
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, fees and rates customers' experience, and responsible 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 staff. The scoring algorithm takes into consideration aspects we believe are consumer-friendly, including impact to credit score, rates and fees customers' experience, and ethical lending practices.
APR 8.3-36.0%
The amount of the loan is $1,000.
on LendingClub
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4.5 NerdWallet's ratings are compiled by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including 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 team. 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 responsible lending practices.
APR 6.5-35.99%
Loan amount $1,000 - $50,000
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Debt consolidation loan alternatives
If you're looking to consolidate debt, but loans aren't the right choice for you Here are some alternatives.
Other debt payoff methods
The debt snowball and debt techniques like avalanches are well-known strategies to pay off debt without consolidating.
It makes use of early victories to help you stay on track towards becoming debt-free. With this approach, debts are arranged from the smallest balance to the biggest. When the debt with the lowest balance is paid off, the monthly payment is applied to the next balance until it's completed. Then, you continue to make payments towards each debt until you're debt-free.
This is a very similar method that starts with your most-interest-paying 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 method.
Debt management plan
A debt management program from an independent credit counseling agency can reduce your interest rate and help you pay off debt more quickly. This is an option if have debt on credit cards and if you can stick to a payment schedule for a long time without making use of credit cards.
>> MORE:
Bankruptcy
The option of releasing your debts through bankruptcy may be an option if you're overwhelmed with debt and need at least five years or more to repay it through consolidation. Bankruptcy wipes out most kinds of unsecure debt, such as medical and credit card debts.
While your credit score may initially be affected however, it will rebound within a year of declaring bankruptcy.
>> MORE:
Most frequently asked questions: Can I get a debt consolidation loan with bad credit?
You can apply for a debt consolidation loan even having bad credit as some debt consolidation lenders specifically are geared towards borrowers with poor credit scores.
How do I consolidate all my debt with bad credit?
A combines multiple unsecured debts , such as credit cards, medical bills as well as payday loans -- into one monthly payment. Getting a credit consolidation loan with poor credit may be a bit difficult but it's feasible.
How can I obtain an installment loan with bad credit?
tend to give more consideration on bad-credit loan applicants. They also provide debt consolidation loans specifically designed for those with bad credit.
Can I apply for debt consolidation with bad credit?
You may be eligible for debt consolidation loan even having bad credit as some lenders for debt consolidation specifically are geared towards borrowers with poor credit scores.
How can I consolidate all my debt with poor credit?
A consolidation of multiple loans -- such as medical bills, credit cards or payday loans -- into one monthly installment. The process of obtaining a consolidating debt loan with poor credit may be difficult however it is possible.
Where can I get an installment loan with bad credit?
tend to look more favorably on low-credit loan applicants. They also provide debt consolidation loans specifically for borrowers with poor credit.
About the author: Jackie Veling covers personal loans for NerdWallet.
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How to Receive a Consolidation Loan for Debts with Bad Credit
A debt consolidation loan with bad credit might require building your credit or adding a co-signer.
The last update was on Jan. 24, 2023
Many or all of the products featured here are provided by our partners who compensate us. This influences which products we feature and the location and manner in which the product is featured on the page. However, this does not affect our assessments. Our views are our own. Here's a list of and .
Table of Contents
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If you're looking for a loan if you've got poor credit might require some searching around however, there are other options which include loans at credit unions and online lenders.
Some lenders are even geared to those with poor credit (a credit score of less than 630) and will consider other factors in addition to the score, including income, education and employment background.
This article will help you determine if you should consider a consolidating debt loan is the best option to tackle your debts and how to get one.
What is a debt consolidation loan?
A debt consolidation loan is a personal loan used to combine to pay down multiple loans at once Think of medical bills, or other unsecure personal loans which means you're left with a single monthly payment.
The ideal situation is that this installment comes with lower interest rates than the debt you currently have, which can save money and help you pay off debt quicker.
Is a debt consolidation loan a good idea?
If you're having trouble paying off debt and qualify for a lower interest rate for a loan consolidating debt is usually a good option.
Here are a few advantages:
It helps save cash on interest. Perhaps the most important benefits of debt consolidating is amount you save on interest by consolidating debt under an interest rate that is lower. Even a couple of percentage points can make a huge difference in overall interest saved. Check out our calculator to determine the potential savings.
You may reduce debt more quickly. If you consolidate at a lower interest rate, you can get out of debt faster by putting the savings into the balance remaining. You may also opt for the shorter repayment terms on the debt consolidation loan in the event that you are able to afford the monthly payments.
It simplifies the process. Instead of keeping the track of several debts, when you take out the debt consolidation loan you'll have just one payment to make. Debt consolidation loans also come with fixed terms. This means you'll know the date of your repayment that can help keep you focused.
It can help build credit. While taking out a consolidation loan may temporarily take a few points off your rating, but the total result should be positive once you begin to get rid of debt.
How to get an debt consolidation loan with bad credit
1. Review your credit report
Are mistakes in your credit report the reason your score is low? Check for errors like incorrect accounts, inaccurately reported payments , or incorrect credit limits.
You can review your credit report every week for free at any of the three major credit reporting bureaus -- Experian, Equifax and TransUnion -- using .
A small increase on your score may qualify you for an 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 the possibility of a lower interest.
>> MORE:
Another tip is to pay off any debts that are small. This reduces the credit utilization rate which makes up 30% on your score. And it can also improve the overall score , which lenders use to evaluate your ability to repay the loan. The lower your DTI ratio, the more likely a lender may approve the loan application.
2. Consider the possibility of a co-signer, secured or joint loan
Some may be easier to obtain, such as a secured, co-signed 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 are more likely to accept you or extend an interest rate that is lower. If you don't repay the loan then you'll lose the collateral.
with a higher credit score or higher income than you can also increase your chances of getting approved. Be aware that co-signers take on equal responsibility for the loan regardless of the fact that they do not have access to the funds. If you miss payments or fail to repay the loan, your co-signer's credit score could be affected.
They are similar to co-signed loans However, the co-borrower is granted the same rights to the money.
>> COMPARE:
3. Check around and make sure you are pre-qualified
To get the best deal for your debt consolidation loan, you'll want to compare interest rates and terms from different lenders. The most efficient way to do this is via . You can apply for pre-qualification with the majority of online lenders to view estimated rates and loan amounts. This requires a soft credit check, which doesn't affect your credit score.
Be sure to look for features that are friendly to consumers such as direct payments to creditors that is, the lender sends the loan money to your creditors, simplifying the process -and also removing the temptation to use the money to purchase something else.
Want to consolidate your debt? Check if you are eligible for an consolidating debt loan.
Answer a few simple questions and you'll receive a personalized report from our lending partners -without affecting your credit score.
Loan amount
on NerdWallet
4. Apply for the debt consolidation loan
After you've decided on a lender, you'll need to submit an application to obtain the loan. This is usually done online and you'll be asked to submit personal details including details about your Social Security number, and documents that prove the identity of you, your income and employment.
The approval time can differ depending on the lender. You'll typically receive your funds within a week, but some online lenders provide same- and next-day funding.
>> MORE:
5. Pay down debt and keep up with loan payments
When you have the money in your account, you can use them to pay off your debts. If the funds are being sent to your creditors for you, you must confirm every creditor you have with that your debt has been successful in being paid.
Then, you should create a plan to , which may include creating a budget that prioritizes the new monthly payment, as well as keeping an eye out for any refinancing possibilities.
Many lenders charge a late fee for missed payments -- and then report them to credit bureaus, which could hurt your score -- so you might want to set up automatic payments to avoid falling in debt.
How to obtain an debt consolidation loan for those with bad credit
Credit unions
These are financial institutions that are not for profit and may offer more flexible terms and lower rates than online lenders.
Federal credit unions limit annual percentage rates for personal loans at 18%..
Some credit unions don't allow the applicant to apply for pre-qualification for the loan The application process for a loan requires a hard credit test and can affect your credit score, making it harder to shop around.
It is also necessary to be a member of the credit union to apply for the loan that could mean being in the area and paying a modest membership fee. The local credit union is a great option to begin, however national credit unions like and also offer debt consolidation loans.
Online lending
are more convenient and often offer quick funding, however they might charge higher fees for bad-credit borrowers than credit unions .
There are also online lenders who charge fees that cover the costs for making your loan. The fees are usually deducted from the loan proceeds, so you may need to ask for a larger loan to get the full amount you need.
is among the top online lenders for a low-credit loan. If you take out a debt consolidation loan and then have Upgrade transfer the funds direct to creditors, then you may qualify for an additional rate discount of 1 to 5 percentage points.
also accepts applications from borrowers with poor credit. They will evaluate alternative data on your application, like college major and work history, which could boost your odds of approval and receiving a low interest.
>> COMPARE:
Individual loans from our partners
Debt Consolidation Big Purchase Emergency Home Improvement Medical
on LendingClub
LendingClub
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 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 takes into account the factors we believe to be beneficial to consumers, including impact to credit score, rates and fees, customer experience and ethical lending practices.
APR 8.3-36.0%
Amount of loan: $1,000 - $40,000
on LendingClub
on Happy Money
Happy Money
4.5 NerdWallet's ratings are compiled 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, rates and fees customers' experience, and responsible lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula considers factors we consider to be beneficial to the consumer, including impact on credit score, rates and fees, customer experience and ethical lending practices.
APR 7.99-29.99%
Loan amount $5,000 - $40,000
on Happy Money
on PenFed Credit Union
PenFed Credit Union
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account aspects we consider to be a good choice for consumers, such as 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 algorithm takes into consideration factors we consider to be a good choice for consumers, such as the impact on credit score rates and fees, customer experience and ethical lending practices.
APR 7.74-17.99%
Loan amount $600 - $50,000
on PenFed Credit Union
On Upgrading
Upgrade
5.0 NerdWallet's ratings are determined by our editorial team. The scoring formula is based on the factors we believe to be consumer-friendly, including impact to 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 takes into account factors we consider to be a good choice for consumers, such as the impact on credit score fees and rates as well as the customer's experience and responsible lending practices.
APR 8.49-35.97%
Loan amount $1,000 - $50,000
On Upgrading
on Upstart
Upstart
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring formula takes into account aspects we consider to be consumer-friendly, including impact to credit score rate 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 consumer-friendly, including impact to credit score fees and rates customers' experience, and ethical lending practices.
APR 6.5-35.99 percent
The amount of the loan is $1,000.
on Upstart
on LightStream
LightStream
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 rate and fees, customer experience and ethical lending practices.
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 impact to credit score, rates and fees, customer 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 LightStream
LightStream
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, fees and rates, customer experience and ethical lending practices.
5.0 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, fees and rates as well as the customer's experience and ethical lending practices.
APR Rates quoted are with 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 through our team of editors. The scoring formula takes into account factors we consider to be a good choice for consumers, such as impact to credit score rates and fees, the customer experience and ethical lending practices.
4.0 NerdWallet's ratings are determined through our team of editors. The scoring algorithm takes into consideration the factors we believe to be friendly to consumers, such as the impact on credit score, fees and rates, customer experience and responsible 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 team. The scoring algorithm takes into consideration the factors we believe to be consumer-friendly, including the impact on credit score, rates and fees, customer service and responsible lending practices.
5.0 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration factors we consider to be a good choice for consumers, such as impact to 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 Upgrade
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 beneficial to the consumer, such as impact on credit score, fees and rates customers' experience, and ethical lending practices.
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account aspects we consider to be beneficial to consumers, including impact to credit score, rates and fees customers' experience, and responsible lending practices.
APR 7.99-23.43%
Loan amount $5,000 - $100,000
on SoFi
on Best Egg
Best Egg!
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account aspects we consider to be beneficial to consumers, including the impact on credit score rates and fees, the customer experience and ethical lending practices.
4.5 NerdWallet's ratings are determined by our editorial staff. The scoring formula considers aspects we believe are consumer-friendly, including impact to credit score, fees and rates customers' experience, and ethical lending practices.
APR 8.99-35.99%
Amount of loan $2,000 - $50,000
on Best Egg
on Achieving
Reach your goals
5.0 NerdWallet's rating is determined by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, 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 is based on the factors we believe 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%
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 formula is based on aspects we consider to be consumer-friendly, including the impact on credit score rate and fees customers' experience, and ethical lending practices.
4.0 NerdWallet's rating is determined through our team of editors. The scoring formula is based on the factors we believe to be beneficial to consumers, including the impact on credit score, rates and fees, the customer experience and responsible lending practices.
APR 18.0-35.99%
Loan amount $1,500 - $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 aspects we believe are beneficial to the consumer, such as impact on credit score, fees and rates customers' experience, and ethical lending practices.
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration factors we consider to be consumer-friendly, including the impact on credit score, fees and rates customers' experience, and ethical lending practices.
APR 6.5-35.99%
The amount of the loan is $1,000.
on Upstart
on the Best Egg
Best Egg
4.5 NerdWallet's ratings are compiled by our editorial team. 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 are compiled by our editorial staff. The scoring formula considers factors we consider to be beneficial to the consumer, including the impact on credit score, fees and rates, customer experience and ethical lending practices.
APR 8.99-35.99%
Loan amount $2,000 - $50,000
on Best Egg
on Discover
Discover
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score, rates and fees, customer experience and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial team. The scoring algorithm takes into consideration the factors we believe to be friendly to consumers, such as the impact on credit score, fees and rates customers' 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 ratings are compiled by our editorial team. The scoring formula takes into account aspects we consider to be beneficial to consumers, such as impact to credit score, rates and fees customers' experience, and responsible lending practices.
5.0 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, rates and fees, customer experience and responsible lending practices.
APR 7.99-29.99%
Amount of loan: $5,000 - $50,000
on Achieve
on SoFi
SoFi
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring formula is based on factors we consider to be consumer-friendly, including impact to credit score rates and fees, the customer experience and responsible lending practices.
5.0 NerdWallet's ratings are compiled by our editorial team. The scoring formula takes into account aspects we believe are consumer-friendly, including impact to credit score, rates and fees as well as the customer's experience and responsible 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 determined by our editorial team. The scoring formula takes into account aspects we believe are beneficial to the consumer, 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 considers factors we consider to be beneficial to consumers, including the impact on credit scores rates and fees, customer service and ethical lending practices.
APR 11.69-35.93%
Amount of loan: $1,000 - $50,000
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, rates and fees as well as the customer's experience and ethical lending practices.
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 on credit score, fees and rates as well as the customer's experience and ethical lending practices.
APR 6.99-24.99%
Amount of loan $2,500 - $35,000
on Discover
on Upstart
Upstart
4.5 NerdWallet's ratings are determined by our editorial team. The scoring algorithm takes into consideration factors we consider to be beneficial to consumers, such as the impact on credit score, rates and fees customers' experience, and ethical lending practices.
4.5 NerdWallet's ratings are compiled by our editorial staff. The scoring algorithm takes into consideration factors we consider to be a good choice for consumers, such as impact on credit score, rates and fees, customer experience and responsible lending practices.
APR 6.5-35.99 percent
Loan amount $1,000 - $50,000
on Upstart
on Achieve
Reach your goals
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score, rates and fees, customer experience and responsible lending practices.
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, fees and rates as well as the customer's experience and ethical lending practices.
APR 7.99-29.99%
Amount of loan: $5,000 - $50,000
on Achieve
on SoFi
SoFi
5.0 NerdWallet's ratings are 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 rates and fees, the customer experience and ethical lending practices.
5.0 NerdWallet's rating is determined by our editorial staff. The scoring formula is based on the factors we believe to be beneficial to consumers, including the impact on credit scores rates and fees, customer experience and responsible 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 compiled 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, fees and rates as well as the customer's experience and responsible lending practices.
4.5 NerdWallet's ratings were determined by our editorial staff. The scoring formula considers the factors we believe to be consumer-friendly, including impact on credit score, rates and fees as well as the customer's experience and ethical lending practices.
APR 8.99-35.99%
Amount of loan $2,000 - $50,000
on Best Egg
on LightStream
LightStream
5.0 NerdWallet's ratings are compiled by our editorial team. The scoring algorithm takes into consideration the factors we believe to be beneficial to consumers, including impact to credit score, rates 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 aspects we consider to be consumer-friendly, including the impact on credit score, fees and rates customers' experience, and ethical lending practices.
APR Rates mentioned are for AutoPay. 6.99-23.99%
Loan amount $5,000 - $100,000
on LightStream
on SoFi
SoFi
5.0 NerdWallet's rating is determined by our editorial team. The scoring formula is based on the factors we believe 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 rating is determined by our editorial team. The scoring algorithm takes into consideration aspects we consider to be beneficial to consumers, including impact to credit score rates and fees, the customer experience and responsible 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 were determined by our editorial team. The scoring formula takes into account factors we consider to be beneficial to consumers, including the impact on credit score rate and fees, customer experience and ethical lending practices.
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, fees and rates customers' experience, and responsible lending practices.
APR 11.69-35.93%
Amount of loan: $1,000 - $50,000
on Universal Credit
on LendingClub
LendingClub
5.0 NerdWallet's ratings are determined by our editorial team. The scoring algorithm takes into consideration aspects we believe are consumer-friendly, including impact to credit score, fees and rates, customer experience and responsible lending practices.
5.0 NerdWallet's ratings are determined by our editorial staff. The scoring algorithm takes into consideration aspects we believe are consumer-friendly, including impact to credit score, rates and fees customers' experience, and ethical lending practices.
APR 8.3-36.0%
The amount of the loan is $1,000.
on LendingClub
on Upstart
Upstart
4.5 NerdWallet's ratings are compiled by our editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including 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 team. 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 responsible lending practices.
APR 6.5-35.99%
Loan amount $1,000 - $50,000
on Upstart
Debt consolidation loan alternatives
If you're looking to consolidate debt, but loans aren't the right choice for you Here are some alternatives.
Other debt payoff methods
The debt snowball and debt techniques like avalanches are well-known strategies to pay off debt without consolidating.
It makes use of early victories to help you stay on track towards becoming debt-free. With this approach, debts are arranged from the smallest balance to the biggest. When the debt with the lowest balance is paid off, the monthly payment is applied to the next balance until it's completed. Then, you continue to make payments towards each debt until you're debt-free.
This is a very similar method that starts with your most-interest-paying 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 method.
Debt management plan
A debt management program from an independent credit counseling agency can reduce your interest rate and help you pay off debt more quickly. This is an option if have debt on credit cards and if you can stick to a payment schedule for a long time without making use of credit cards.
>> MORE:
Bankruptcy
The option of releasing your debts through bankruptcy may be an option if you're overwhelmed with debt and need at least five years or more to repay it through consolidation. Bankruptcy wipes out most kinds of unsecure debt, such as medical and credit card debts.
While your credit score may initially be affected however, it will rebound within a year of declaring bankruptcy.
>> MORE:
Most frequently asked questions: Can I get a debt consolidation loan with bad credit?
You can apply for a debt consolidation loan even having bad credit as some debt consolidation lenders specifically are geared towards borrowers with poor credit scores.
How do I consolidate all my debt with bad credit?
A combines multiple unsecured debts , such as credit cards, medical bills as well as payday loans -- into one monthly payment. Getting a credit consolidation loan with poor credit may be a bit difficult but it's feasible.
How can I obtain an installment loan with bad credit?
tend to give more consideration on bad-credit loan applicants. They also provide debt consolidation loans specifically designed for those with bad credit.
Can I apply for debt consolidation with bad credit?
You may be eligible for debt consolidation loan even having bad credit as some lenders for debt consolidation specifically are geared towards borrowers with poor credit scores.
How can I consolidate all my debt with poor credit?
A consolidation of multiple loans -- such as medical bills, credit cards or payday loans -- into one monthly installment. The process of obtaining a consolidating debt loan with poor credit may be difficult however it is possible.
Where can I get an installment loan with bad credit?
tend to look more favorably on low-credit loan applicants. They also provide debt consolidation loans specifically for borrowers with poor credit.
About the author: Jackie Veling covers personal loans for NerdWallet.
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