| Minimum credit score | 300 |
| APR range | 7.80% - 35.99% |
| Repayment terms | 36 and 60 months |
| Loan amounts | $1,000 to $50,000 |
| Origination fee | 0.00% - 12.00% |
| Pros | Cons |
|---|---|
Borrowers can take out up to $50,000 Can receive funds within one business day of approval Can apply for a second loan if you already have one | Restrictive loan terms of 36 and 60 months High maximum APRs Doesn’t offer joint loans |
Borrowers interested in Upstart can borrow up to $50,000 and receive funds through its loan marketplace within one business day after they’ve been approved. Unfortunately, if your credit doesn’t quite meet the requirements, Upstart doesn’t offer joint loans.
| Minimum credit score | 660 |
| APR range | 7.99% - 35.99% |
| Repayment terms | 24 to 72 months |
| Loan amounts | $2,000 to $36,500 |
| Origination fee | Up to 10% |
| Pros | Cons |
|---|---|
Funds deposited as soon as next business day Flexible repayment terms Annual income requirement of only $35,000 | Loans not available in Nevada or West Virginia Doesn’t offer joint or cosigned loans APR rates can get as high as 35.99% |
LendingPoint gives consumers with scores of 660 and above an opportunity to qualify for a debt consolidation loan. However, keep in mind that if you have a lower credit score, you most likely won’t be eligible for LendingPoint’s lower APR rates.
| Minimum credit score | 580 |
| APR range | 8.49% - 35.99% (with autopay) |
| Repayment terms | 24 to 84 months |
| Loan amounts | $1,000 to $50,000 |
| Origination fee | 1.85% - 9.99% |
| Pros | Cons |
|---|---|
Receive funds within a day of approval Among highest maximum loan amounts on list Offers joint applications and secured loans | High maximum APR Charges an origination fee Charges late fees |
If your credit score isn’t quite up to par, Upgrade offers joint loan applications as well as secured loans. Consumers can apply for up to $50,000 and receive their money within one business day after being approved.
| Minimum credit score | 560 |
| APR range | 8.99% - 35.99% |
| Repayment terms | 24 to 60 months |
| Loan amounts | $2,000 to $50,000 |
| Origination fee | 1.00% - 7.99% |
| Pros | Cons |
|---|---|
Allows co-applicants Lower credit score requirements Higher maximum loan size | Borrowers are charged an origination fee High maximum APR for some borrowers Charges late payment fees |
Prosper is a peer-to-peer loan marketplace that funds loans quickly (as soon as one business day, in some cases). Relative to lending platforms, it has a wide range of possible APRs — but look out for origination fees, which take a small percentage of the loan upfront.
| Minimum credit score | 600 |
| APR range | 9.57% - 35.99% |
| Repayment terms | 24 to 60 months |
| Loan amounts | $1,000 to $40,000 |
| Origination fee | 3.00% - 8.00% |
| Pros | Cons |
|---|---|
Option to change your due date one time Option to add a co-borrower 15-day grace period for payments | Loan amounts only up to $40,000 High maximum APR Charges origination and late payment fees |
Not only does LendingClub pay your creditors directly, but you may also receive your funds within 48 hours. Watch out for origination fees, which are deducted from the amount of money you receive from the lender.
| Minimum credit score | 580 |
| APR range | 9.95% - 35.99% |
| Repayment terms | 12 to 60 months |
| Loan amounts | $2,000 to $35,000 |
| Origination fee | Up to 9.99% |
| Pros | Cons |
|---|---|
Receive funds as soon as the next business day Lower origination fee compared to other lenders Reports to all three credit | Low maximum borrowing amount Charges an origination fee Charges late fee and dishonored payment fee |
As Avant reports to all three credit bureaus — Equifax, Experian and TransUnion — taking out a debt consolidation loan through this lender could help you increase your creditworthiness. Avant also funds your loan as quickly as the next business day so you won’t be waiting around very long.
| Minimum credit score | 640 |
| APR range | 11.72% - 17.99% |
| Repayment terms | 24 to 60 months |
| Loan amounts | $5,000 to $40,000 |
| Origination fee | 1.50% - 5.50% |
| Pros | Cons |
|---|---|
Can opt to pay creditors directly No application or late payment fees Consolidation loans specifically geared toward credit card debt | Funding time typically three to six business days No joint applications Loans not available in Massachusetts or Nevada |
Happy Money is transparent about its debt consolidation loan requirements, making the information easy to find on its website. For a Happy Money loan approval, however, you’ll need to make sure you have no delinquent payments and a credit score of at least 640. Happy Money doesn’t charge application or late fees, and its loans are specifically for those wanting to consolidate credit card debt.
| Minimum credit score | Not specified |
| APR range | 18.00% - 35.99% |
| Repayment terms | 24 to 60 months |
| Loan amounts | $1,500 to $20,000 |
| Origination fee | 1.00% - 10.00% |
| Pros | Cons |
|---|---|
Offers both secured and unsecured loans Flexible repayment terms of 24 to 60 months Physical branches located throughout the country | Low maximum loan amount High origination fees High interest rates |
OneMain Financial may be best for those seeking small loans, as its maximum loan amount is $20,000. This lender’s APR rates are also higher than many of the other lenders on this list — but they may be significantly lower than rates offered by predatory lenders.
Watch out for predatory lenders. Having bad credit can make you an easy target for predatory lenders that offer payday loans or car title loans. These types of loans don’t typically require a credit check, but they come with sky-high APRs and short repayment terms that can trap you in a cycle of debt.
If you’re able to keep up with your loan payments, debt consolidation loans may actually help with your credit score. As you pay off your debt, you’ll reduce your debt-to-income ratio and demonstrate to creditors that you can make timely payments. Over time, this can boost your credit score.
Different lenders have different credit score requirements. Some will require that you have a good credit score while others will accept fair credit. The lower your credit score, the higher your APR rates may be.
If you want to apply for a debt consolidation loan but you have a lot of debt, getting approved may be difficult, but not impossible. For starters, check your credit score to see where you stand and work on cutting down on your debt. You can do this by using methods like the debt snowball method or the debt avalanche method.
