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.

Loans for ANY  NEEDS
APR from 4.99%

Table of Contents:

Debt Consolidation Loans

Best Debt Consolidation Loans

Debt Consolidation Loans bad credit

Unsecured Debt Consolidation Loans

Personal Loans for Debt Consolidation

Guaranteed Debt Consolidation Loans

Debt Consolidation Loans online

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

Debt consolidation loans don’t differ much from 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:

OneMain Financial offers Personal and Auto Loans as well as other money products at affordable rates online and in-store. 

  • MIN Loan Amount: $1500
  • MAX Loan Amount: $20000
  • Terms: 2 -5 years.
  • Rates and fees: 18% - 35.99% APR
  • Turnaround Time: Same day
  • Personal Loans
  • Auto Loans
  • Established credit history
  • US citizen or permanent resident
  • Meet your state’s minimum age requirement
Pros
  • Same day funding.
  • Secured loans available. 
  • Poor credit is not a problem.  
  • About 1,700 branches in 44 states.
Cons
  • Strict penalties for late payments. 
  • Available not in all states. OneMain Financial doesn’t operate in the following states: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont and Washington D.C. 
  • Must complete the applying process at a branch store. 
  • If you take out a secured loan, you'll be required a full coverage on the vehicle you use as collateral.

 

 

Credible offers Personal Loans, Student Loans, Mortgages, Credit Cards and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $1000
  • MAX Loan Amount: $100000
  • Terms: Vary by state.
  • Rates and fees: starting at 4.99% APR
  • Turnaround Time: 1 business day
  • Personal Loans
  • Student Loans
  • Student Loan refinancing
  • Mortgages
  • Mortgage refinancing
  • Credit Cards
  • Credit score of 640+
  • An active checking account 
  • US residence
Pros
  • Apply once to get access to multiple lenders
  • Quick funding within 1 -2 business days
  • No additional fees
Cons
  • Not many lenders to choose from
  • Not always available for bad credit
  • Sometimes lenders may charge fees to borrow

 

 

 

PaydayloansUSA.online offers Payday Loans, Installment Loans, Personal Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Vary by state.
  • Rates and fees: 4.99% to 1386% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Installment Loans
  • Personal Loans
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • More than 300 direct lenders.
  • High approval rate even for bad credit Payday Loans.
  • Online Payday cash advance with no collateral.
  • Online Payday cash advance with no collateral.
  • 24 / 7 online service.
  • hard credit check Payday Loans.
Cons
  • High interest rates.
  • Available not in all the states.
  • Not many financial products offered.

 

 

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 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 filling out a simple application form online. It takes several minutes and you get an access to a database of available direct lenders offering Personal Loans to suit your needs.

Loans for ANY  NEEDS
APR from 4.99%

Guaranteed Debt Consolidation Loans

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 a proof of this income
  • Debt-to-income ratio 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.

Debt Consolidation Loans online

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.

Read more: Personal Loans online.

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.