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You’ll typically need a credit score of at least 700 to qualify for a debt consolidation loan with a competitive interest rate. However, a lower credit score doesn’t automatically equal a...
Find out how to get a debt consolidation loan in five steps, including checking your credit score, comparing options and applying for a loan.
1. Check Your Credit Score. The credit score you need for a personal loan varies by lender. In general, your chances of getting a debt consolidation loan are better if you have a good credit...
How do I qualify for a debt consolidation loan? Applicants with good credit will have more debt consolidation options. They can get approved more easily for balance transfer credit cards with introductory 0% APR periods and personal loans with lower APRs.
Explore Bankrate's expert picks for the best debt consolidation loans available and discover how the right rate can help you manage your debts more effectively.
A debt consolidation loan is a type of unsecured personal loan with fixed interest rates and repayment terms (which usually range from 12 to 60-plus months). Personal loans provide a lump sum of money, which, in the case of debt consolidation, you’ll use to pay off your existing debt.
Debt consolidation loans can help you pay off high-interest debt like credit cards. The best debt consolidation loans have low rates, flexible terms and direct payment to your creditors.
Knowing key factors that lenders consider — like credit score, DTI ratio and income — can help improve your chances of qualifying for a debt consolidation loan.
You can get a debt consolidation loan with bad credit (629 credit score or lower), but borrowers with higher scores will likely qualify for the lowest interest rates. » MORE:...
A debt consolidation loan allows you to combine multiple higher-rate balances into a single loan with one set regular monthly payment. It is one of several tools you might consider to gain control of your debt, from bills to credit cards. With a Discover® personal loan, for example, you can apply for up to $40,000.