One of the most frequent uses of a Personal Loan is debt consolidation. It lets a borrower to pay off his numerous debts turning them into one convenient repayment at affordable rates and flexible terms. Debt consolidation Personal Loans are highly available, even for bad credit borrowers both online and in-store. Compare the offers from the top direct lenders.

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Table of Contents:

What is Debt Consolidation?

How does Debt Consolidation work?

Best Debt Consolidation Loans

Debt Consolidation Loans for bad credit

Unsecured Debt Consolidation Loans

Personal Loans for Debt Consolidation

Guaranteed Debt Consolidation Loans for bad credit

Is Debt Consolidation a good idea?

Debt Consolidation Loans

Debt consolidation loans are the type of cash advance used to simplify the process of paying off multiple debts from credit cards, high-interest loans, and other bills and turn them into one monthly payment. It allows borrowers to save money by lowering the rates and pay the loans back faster and easier.

Among other benefits of debt consolidation loans are:

  • Lower interest
  • Fewer payments
  • Simpler repayment process
  • Flexible terms
  • Making a repayment plan
  • Paying debts on time

How does Debt Consolidation work?

Debt consolidation loans don’t differ much from the usual cash advance. See how they work:

  1. You look through your existing debts and decide which you want to consolidate;
  2. Check the possible debt consolidation offers and compare their programs;
  3. Set the repayment plan with convenient monthly payments and start paying off your debts.

Best Debt Consolidation Loans

If you like many other US residents are looking for ways to get your debt under control, consider debt consolidation loans. They are sure to lower your debt and help you pay it off faster. One fixed monthly payment at lower APR is definitely easier and more convenient than multiple repayments at various rates. Mostly Personal Loans are used for consolidating debts as they provide good terms and finance charges. Choose any of the offers below to help you solve your financial hardships. Compare their rates, terms, and other conditions:

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Instant Loans USA will help you get the cash you need when you need it. You can apply for Payday Loans, or Personal Loans online. Choose the best rates and terms and get the same-day financing.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
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  • $100 - $1000 Payday Loans
  • $5,000 - $35,000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High loan amounts up to $35,000. 
  • Minimal basic requirements.
  • No collateral or co-signer.
  • Bad credit is OK. 
Cons
  • High interest rates.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

 

 

Debt Consolidation Loans bad credit

Though being approved for a debt consolidation loan may require some effort it’s still highly possible. All you need is to look for an online lender or credit union providing such loans regardless of your credit score. Applying online you should understand that most companies will consider your job, income, and even education rather than credit history – so, you have great chances of approval.

Read more: Bad Credit Personal Loans

Choosing a bad credit debt consolidation loan make sure that it has a lower interest than your existing debts.

In order to increase your chances of getting a loan for consolidating debts with bad credit you can follow the expert advice:

  • Check your credit history regularly and do your best to keep it correct and improve the score;
  • Apply for a secured debt consolidation loan, or add a co-signer;
  • Improve your debt-to-income ratio;
  • Surf the Net and compare the offers.

Unsecured Debt Consolidation Loans

Debt consolidation loans are called unsecured if they don't require any collateral. They usually have simple requirements which are debt-to-income ratios of up to 50% and minimum FICO credit scores as low as 585.

Unsecured debt consolidation loans are safer for a borrower as you don’t risk any of your property in case you default on the loan. But if you have a bad credit score and a debt-to-income ratio not enough to get approved, you’d better consider a secured Personal Loan. You’ll have more chances of getting approved.

Read more: Secured vs Unsecured Personal Loans

Personal Loans for Debt Consolidation

Personal loans are more and more often used to consolidate existing debts. They have affordable rates which are usually lower than interest on Payday Loans, credit cards, etc. And Personal Loans offer convenient monthly repayments.

But to make a Personal Loan really useful for debt consolidation you’d better prepare for it carefully:

  • Make a convenient affordable repayment plan;
  • Control your expenses not to waste money on useless purchases;
  • Increase your credit score to get lower interest rates on a loan;

You can apply for a debt consolidating Personal Loan online or in-store just by filling out a simple application form online. It takes several minutes and you get access to a database of available direct lenders offering Personal Loans to suit your needs.

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Guaranteed Debt Consolidation Loans for bad credit

To apply for a guaranteed debt consolidation loan you need to look for a lender that provides loans to any type of borrower, with any credit score, with simple eligibility criteria. It’s easier to find such a lender online as they offer more flexibility and have fewer requirements than banks or credit unions. Mostly, the approval requirements for a guaranteed debt consolidation loan are:

  • A stable income source and proof of this income
  • A debt-to-income ratio of less than 50%
  • ID, Social Security Number
  • Address proof

If you meet these basic criteria, you are very much likely to be approved for a loan as soon as you fill out an application form and get an instant decision from a lender. Applying as well as checking your rates won’t affect your credit score.

Is Debt Consolidation a good idea? 

For a really quick and easy debt consolidation loan, it would be wise to apply online. You just need to state the loan amount, fill out a request form, find out if you prequalify, get the offers, compare them, and choose the most convenient one, receive the loan. All this process takes a few minutes, is completely online, with no driving, faxing, paperwork, etc.

Before applying find out the details of online debt consolidation loans you need to make the right choice:

  • The repayment terms vary from 3 months to 7 years.
  • The APR is 5.99% - 36%.
  • The amounts go up to $35000.
  • Bad credit is not a problem.

Compare the offers online and find the one at lower rates than your existing debts so that this loan really helped you to save money and get rid of debt sooner.