| 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 |
If you have bad (or no) credit, lending platform Upstart may be worth exploring. It requires a minimum of 300, one of the lowest credit floors around. Also, unlike other traditional lenders, you could still qualify if you lack credit history.
However, if you have bad credit, you could be on the hook for a hefty origination fee between 0.00% - 12.00%.
Read our full Upstart personal loan review.
It may be easier to qualify for an Upstart loan, but the company doesn’t approve everyone. Aside from a credit score of at least 300, you must have:
Additionally, Upstart may cancel your loan if your credit score drops in between approval and loan disbursement.
| Minimum credit score | 660 |
| APR range | 7.99% - 35.99% |
| Repayment terms | 24 to 72 months |
| Loan amounts | $1,000 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 only offers loans to those with fair credit, but it has a low annual income requirement. While you might not qualify for a LendingPoint right now, you might after you improve your credit score a little.
LendingPoint may not make sense if you have a lot of debt to consolidate — its maximum loan amount is just $36,500. Also, if you don’t have the credit to qualify, you can’t add a co-borrower to boost your approval odds.
Read our full LendingPoint personal loan review.
LendingPoint has transparent eligibility requirements. To get a debt consolidation loan, you must have a 660+ credit score. You must also:
| 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 the highest maximum loan amounts on list Offers joint applications and secured loans | High maximum APR Charges an origination fee Charges late fees |
Upgrade offers joint loans. If you’re looking to consolidate debt that you and someone else have accrued together, this lending platform might fit the bill. You could also take out a secured loan to access lower rates.
If your score is low, you may have to pay a steep origination fee. Further, you must set up autopay and allow Upgrade to pay your creditors to get its lowest rates.
Read our full Upgrade personal loan review.
If you have truly bad credit, you might not qualify for Upgrade by yourself. It requires a score of at least 580. It will also review your credit usage and history. You also have to:
| 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% - 9.99% |
| 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 links investors with potential borrowers. It offers a wide range of APRs, as well as flexible loan amounts.
Although you could get your loan as soon as the next business day after Prosper approves you, getting to that stage can be lengthy (five business days in some cases). And since it’s peer-to-peer, you’ll need to wait for an individual investor to pick up your loan request.
Read our full Prosper personal loan review.
| Minimum credit score | 600 |
| APR range | 8.98% - 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 |
LendingClub can pay your creditors directly, which might take some stress out of consolidating debt. But if you choose to handle this yourself, LendingClub’s payment grace period could provide peace of mind.
However, this online lender charges an origination fee on every loan. LendingClub can pay up to 12 creditors on your behalf, and you can only borrow up to $40,000.
Read our full LendingClub personal loan review.
Since it requires a credit score of 600 or higher, not everyone will qualify. Adding a co-borrower could help. LendingClub also requires that you:
Like most other lenders, LendingClub will also determine your eligibility through your credit history, debt-to-income ratio and other information provided by the credit bureaus.
| Minimum credit score | 580 |
| APR range | 9.95% - 35.99% |
| Repayment terms | 24 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 bureaus | Low maximum borrowing amount Charges an origination fee Charges late fee and dishonored payment fee |
Since Avant reports to all three credit bureaus — Equifax, Experian and TransUnion — consolidating through this lender could increase your creditworthiness. Avant also funds your loan as quickly as the next business day.
Avant’s maximum loan amount is a little low. On the plus side, it has a short minimum loan term. This could make Avant a contender if you have a moderate amount of debt to consolidate.
Read our full Avant personal loan review.
Other than a minimum credit score of 580, Avant doesn’t provide much insight into its eligibility requirements. It does advise that it may call your employer as part of its verification process.
It also requires you to have a personal checking or savings account on file. You may need to verify your identity (which you can do electronically).
Avant loans are not available in Hawaii, Iowa, Maine, Massachusetts, New York, Vermont and West Virginia.
| 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 loans are specifically for those wanting to refinance credit card debt. Even if you barely qualify for a loan, your maximum APR will only be 17.99%. This is much lower than many other lenders that offer debt consolidation loans for bad credit.
However, you can’t get a small loan from Happy Money. You will also have to pay an origination fee (albeit one that’s lower than some competitors).
Read our full Happy Money personal loan review.
For a Happy Money loan approval, you need:
| 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 |
Some borrowers prefer an in-person loan experience. With over 1,400 physical branches located in 44 states, OneMain can help with that. You can also apply online. This lender offers secured loans, which could help you qualify when you’d otherwise be denied.
OneMain Financial may only work if you need a small loan — its maximum loan amount is $20,000. Although OneMain Financial’s minimum APR is high, its maximum APR is fairly standard if you have bad credit.
Read our full OneMain Financial personal loan review.
OneMain Financial’s eligibility requirements are vague, but it’s known to work with bad-credit borrowers. Generally, OneMain Financial will review the following factors when you apply:
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.
