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 Bad Credit Debt Consolidation Loans Guaranteed Approval - To get a bad credit debt consolidation loan, you will first need to compare your options and choose a loan that you can realistically qualify for based on your credit score. After you decide which loan works best for you, you need to apply for it and wait for a decision. Once you are approved and you receive the money, you will have to pay off your existing debt and then repay the new loan over time.

Debt consolidation loans for bad credit are supposed to help you save money by combining your debts with a lower APR. However, your options for debt consolidation loans with bad credit are limited, and you may not get a lower APR than your original debts or a large enough loan for consolidation to make sense.

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When choosing a bad credit debt consolidation loan, the most important things to compare are APRs, loan amounts, repayment periods, and credit score requirements. You need a good chance of getting approved for a large enough loan to consolidate with a low enough APR to save money. For your convenience, below is a comparison of some of the best debt consolidation loans for people with bad credit.

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For more information and offers, you can compare debt consolidation loans for bad credit on . You should also consider some alternatives to debt consolidation loans in your research.

Some personal loan providers accept applicants with bad credit. If you have bad credit, you can often expect APRs higher than 30% and it can be difficult to get a loan amount higher than $5,000. These loans will most likely also have an origination fee, which can add another 0% to 8% on top of the total debt you already owe.

Secured personal loans are similar to unsecured personal loans but they require collateral. If you do not repay the loan, they can take possession of the collateral. You will also likely get lower APRs on a secured personal loan than an unsecured personal loan. In addition, valuable collateral can give you larger loans.

A home equity loan you borrow a lump sum of money secured by your house. You'll have up to 30 years to repay the money in some cases, and the APRs are extremely low (4% to 8%). Unfortunately, home equity loans usually require a credit score of 620 or higher. If you have a particularly valuable house with a lot of equity, you may be able to get approved even with bad credit.

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AnHELOC is basically a home equity loan that functions like a credit card. You have a certain credit limit based on your equity, and you can withdraw up to that amount of money at any time during the line of credit's "draw period." You only need to make monthly payments on what you choose to borrow. HELOCs have the same general requirements as home equity loans.

You can consolidate debt by doing a balance transfer to a credit card. The best credit cards for consolidating debt are those that have 0% introductory APRs on balance transfers, but these cards tend to require good or excellent credit to qualify. With bad credit, you'll only be able to qualify for expensive unsecured credit cards with low credit limits or secured credit cards that require you to put up a security deposit.

Depending on the lender, you can apply for a debt consolidation loan online, in person, or over the phone. You will need to give the lender some personal information when you apply, such as your name, address and date of birth. The lender will also ask for some financial information, such as your employment history and income.

Before you apply, you should also check if you are pre-qualified, to see which loan providers may approve you and what rates you may qualify for. Pre-qualification will not affect your credit score.

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Applicants often receive approval the same day they apply and funding as soon as the next day. However, this does not always happen. If it is not, you should find out if you are approved and receive the money within 7 business days of applying for a personal loan. Some home equity products may take over a month to get back to you, though.

Once you receive the money, you will be able to use the money to pay off the debts you owe, such as credit card debt, personal loan debt or medical bills. Some lenders will spread payments for you, as long as you tell them where the money needs to go. If they do not provide this service, you will have to distribute the money on your own.

Once you pay off your old debts, you need to repay the new loan. You will only have to make one payment per month to your lender, and it may be lower than your old monthly payments due to a reduced interest rate, a longer payment period, or both. When you make monthly payments, your lender will report positive information to credit bureaus, which should increase your credit score.

You can use Sloan's calculator to estimate the amount you'll end up paying over the life of the loan.

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The full range of available rates varies by state. The average 5-year loan offered for all lenders with the Upstart platform will have an APR of 24.83% and 60 monthly payments of $26.36 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,817 including a $594 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income and certain other information provided in your loan application. Not all applicants will be approved.

Your loan amount will be determined based on your credit, income and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).

You need a credit score of 660 or higher to consolidate your debt with a personal loan that has no origination fee and a low APR. In general, the higher your credit score is, the lower your interest rate will be on a debt consolidation loan or balance transfer credit card.

Many lenders disclose a credit score requirement for debt consolidation loans. For your convenience, below is a list of credit score requirements of major lenders. You can check your credit score for free on

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To read more about the top-ranked offers, check out our picks for the best debt consolidation loans and the best balance transfer credit cards. If you think a debt consolidation loan is right for you, you can evaluate your potential rates with our free-qualification tool.

Debt consolidation is a good idea for borrowers with high-interest debts owed to multiple lenders. Whether or not debt consolidation is smart depends largely on whether you can get a new loan or credit card that will save you money compared to the current cost of your debts. The simplicity of a single payment can also be helpful.

If you can qualify for a new loan or line of credit with a lower APR than your current creditors are charging, consolidating the debts will reduce the overall cost of what you owe by slowing the rate at which interest accrues. This in turn will help you pay off what you owe more quickly.

If you find yourself with too many individual debts that are difficult to keep track of, and you risk missing monthly due dates as a result, consolidating can help simplify your finances.

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If you have a credit score of 660+, you should be able to qualify for a personal loan with no origination fee. And some balance transfer credit cards for scores of 700+ have no balance transfer fees. Other loans and cards may charge fees that increase what you owe by 1% to 8%, which can make debt consolidation a bad idea.

Depending on how much you owe and how high your credit score and income are, you may not qualify for a large enough loan or credit limit to accommodate all of your existing debts. In this case, you may consider consolidating part, or you may decide that opening a new account is not a good idea.

In the long run, debt consolidation can help you get debt-free more quickly and raise your credit score. But this will cause short-term credit score damage from the hard inquiry required to open a loan or credit card. This can affect your approval odds or the rates you get for things like auto loans or mortgages for up to a year.

In conclusion, debt consolidation is a good idea when it helps you get organized and get better rates. You can click on the button below to compare the best debt consolidation loan offers on.

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The best way to consolidate debt is to take out a new loan or credit card that has a lower APR than all of the original debts and then use it to pay off the original debts.

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