How to Get a Debt Consolidation Loan

[{"selector":"#anim-44299258-24bc-497f-97d5-4cc77d470156","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-502e0b2d-ff08-4385-a970-be5cbb62f1cd","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-080f57f0-3bbb-435d-abf3-efffb0baf45a","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e3b0ab80-04df-40b8-a2a5-ae9966aef78f","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-f80bbcb0-d66d-41c9-8dfb-bb11299ebc46","keyframes":{"opacity":[0,1]},"delay":1000,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d1828234-1fbc-402a-9639-019b23c3dd96","keyframes":{"opacity":[0,1]},"delay":1000,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9e770bf2-9945-4ff6-a553-dfad6901d973 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Learn more

If you have a lot of debt or different types of debt, then a debt consolidation loan might sound like a good idea. However, if you have low credit, you may not have many options.

[{"selector":"#anim-097811f3-fc91-443c-b72d-5feee76cdbde","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d2bfe3c9-7379-408f-a713-9d6fcf3ab2fe","keyframes":{"transform":["rotate(-270deg) translate3d(-60.00001%, 0px, 0) rotate(270deg)","rotate(-270deg) translate3d(0px, 0px, 0) rotate(270deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-97390f54-8a41-4761-be92-180e080ed719","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-09d9f3bc-3288-4d80-9518-4be66606dc2b","keyframes":{"transform":["translate3d(-100%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-65d030a9-8e18-496d-becc-efbf2fa2cba0","keyframes":{"opacity":[0,1]},"delay":400,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0b9e4176-8273-4635-893c-cf1f9784debf","keyframes":{"transform":["translate3d(116.83848%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":400,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

A debt consolidation loan is a new loan that you take out to cover the balance of your other loans. A debt consolidation loan is a single, larger piece of debt, usually with better payoff terms than your original, smaller debts.

[{"selector":"#anim-a1d864ae-a7a3-4a42-acee-4c027211db3d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-0a58971b-d9f2-4eb7-bc0e-dc585ef77d17","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-627aff96-e76e-415b-8e1e-76949dcf344d","keyframes":{"transform":["translate3d(115.87301%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-95775a61-dda1-4243-9c1c-3df753714279","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-35375cc7-6ea0-4240-9018-4385fa117a1a","keyframes":{"transform":["translate3d(97.04434%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cc864dc1-6658-4b5a-8d3a-c594abfa3cfe","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b977bb45-7de9-4882-804a-915d649f69af","keyframes":{"transform":["translate3d(-83.89423%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-04397da4-c519-4235-82de-c0aca989ccca","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9efd26e4-f63d-484b-9060-d046fdf5bd0e","keyframes":{"transform":["translate3d(-115.33547%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

Get A Debt Consolidation Loan with Bad or Average Credit

[{"selector":"#anim-29b1699a-3a4f-4b53-ae07-052ac5d09398 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-07904f35-d435-402e-922e-5dc88ea98295","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-391cf745-0218-445b-a360-9a7399e25767","keyframes":{"transform":["translate3d(91.57895%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-524ae0a7-5457-4432-90e0-672b91aa7367","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fa7aee79-cc80-49d4-befe-af099fb54eb9","keyframes":{"transform":["translate3d(115.97445%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-26a7b99d-d58f-4d3e-bdd0-309e559e3560","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2c1d943b-2eab-49fe-9284-9e695c248714","keyframes":{"transform":["translate3d(0px, 141.43519%, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f6ae144e-7d8c-4a3e-87a8-9f5c879475eb","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-db15b444-b685-4354-8e87-2ce7b638eedd","keyframes":{"transform":["translate3d(0px, 150.56097%, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

Step 1: Understand Your Credit Score

[{"selector":"#anim-7a967479-8966-4976-a0f7-b1a62da12a44 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.29687488651016%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-648a44b0-1c11-4ef4-95fd-d9621dcfbedf","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-77aca881-67b3-4e3d-ac15-c9897d8b7853","keyframes":{"transform":["translate3d(93.51621%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b4159f23-0dbe-46d2-bbe5-5792eaeaeccd","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4c1155c0-48d3-4a66-a993-6a3f803a0bdb","keyframes":{"transform":["translate3d(115.97445%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-91c0ff19-7e6b-49fc-a3d3-06e7a127c75e","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-53c77951-9944-4ebf-97c6-b8d23deaf801","keyframes":{"transform":["translate3d(-92.7907%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-07832e18-018c-47f6-a287-db23f074e91b","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6011da48-b470-4b27-906c-afedfdcd9b66","keyframes":{"transform":["translate3d(-115.28663%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

Step 2: Shop Around for a Debt Consolidation Loan

[{"selector":"#anim-c440635f-4211-4ab0-bd9f-14dc777b1b62 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(4.3586854066411505%, -6.121388933592989%) scale(0.7518796992481203)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-36034a62-9206-427e-83b2-a0e28565baf6","keyframes":[{"offset":0,"transform":"translate3d(0, -262.10613%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -73.704243756%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -25.057346028%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -9.409610067000001%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -4.088855628%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":1600,"fill":"both"}] [{"selector":"#anim-ba8b8c11-86fc-4f53-829c-21a7569ff996","keyframes":[{"offset":0,"transform":"translate3d(0, -312.96304%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -88.005206848%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -29.919266624%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -11.235373136%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -4.882223423999999%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":1600,"fill":"both"}] [{"selector":"#anim-84d350b4-2ad4-4891-9b46-83bd8b99a606","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-69f32905-de60-4b07-939f-5960b69b56b5","keyframes":{"transform":["translate3d(-96.86847%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c62aa7c2-36ff-4bf1-a54d-a779ca20fc51","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bd3af565-c0eb-485d-ac2e-838b27d41541","keyframes":{"transform":["translate3d(-114.96816%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

Step 3: Consider a Secured Loan

[{"selector":"#anim-f14474a4-0be5-43dd-82de-f52111d33dea [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.179687404002955%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-70e17200-a449-4c4a-8ef1-8864902f3e0b","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4c2abf7d-3c3d-4959-b3e2-7f5d13254bcf","keyframes":{"transform":["translate3d(-86.87783%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-406cf044-cf7e-4fd0-81bf-80d6cb9f2ca6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-381b8b5f-16ee-4cb1-947e-d4f8bdb245d8","keyframes":{"transform":["translate3d(-116.61342%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bb513f4f-7f1d-49df-b2c9-0e4daf293b50","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fbf9dbb2-38a9-431d-80f5-89648a5391fe","keyframes":{"transform":["translate3d(0px, 165.93508%, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7485a1cb-8d9b-4985-942f-c2ca2a21552a","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4bb27664-1f1e-4610-b14f-88b5c51e9121","keyframes":{"transform":["translate3d(0px, 183.59537%, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

Step 4: Improve Your Credit Score

[{"selector":"#anim-2bb502ae-2c5e-4855-8c09-3d86b9de6b73 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-5.263157567254974%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-e95e0917-04fd-4440-ba76-542fe0af3394","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-84ee8269-27cd-4ee3-bfc4-cbf31239357d","keyframes":{"transform":["translate3d(87.33032%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9744d385-b73a-4744-ae78-345a68b61bd6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d39dc452-9663-46d9-96c5-585d01217d3e","keyframes":{"transform":["translate3d(115.33547%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-31e764b0-bf9c-4eea-8e24-fb7584742cec","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7756a8ad-a74b-4e97-b3f5-abf7233bbcee","keyframes":{"transform":["translate3d(0px, 186.51120%, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bba94d99-6d5c-4895-ab64-2f53b2f49a65","keyframes":{"opacity":[0,1]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1707e684-8200-4ca7-9280-17a77617fa63","keyframes":{"transform":["translate3d(0px, 207.18028%, 0)","translate3d(0px, 0px, 0)"]},"delay":450,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

Swipe up now for more financial tips!

[{"selector":"#anim-69bcd223-a93d-42e1-8e81-908f30da2b2b","keyframes":{"opacity":[1,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-aaa4da04-18e5-43f7-94ae-57079dc6b60d","keyframes":{"transform":["scale(3)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Learn more

How to Get a Debt Consolidation Loan

If you have a lot of debt or different types of debt, then a debt consolidation loan might sound like a good idea. However, if you have low credit, you may not have many options.

A debt consolidation loan is a new loan that you take out to cover the balance of your other loans. A debt consolidation loan is a single, larger piece of debt, usually with better payoff terms than your original, smaller debts.

What is a Debt Consolidation Loan?

Get A Debt Consolidation Loan with Bad or Average Credit

If you have poor or average credit, then it might be difficult for you to get approved for a consolidation loan or to get a loan with favorable terms. A bad or average credit score is typically anything under 670. You will need to take steps to get a debt consolidation loan for bad credit.

Step 1: Understand Your Credit Score

Take the time to look up your credit score and what events have caused your score. Sometimes, years of bad habits contribute to a low score.

Step 2: Shop Around for a Debt Consolidation Loan

You may have multiple options for lenders to work with, so be sure to shop around for a good interest rate and term.

Step 3: Consider a Secured Loan

Forms of collateral include a vehicle, home, or another asset. The collateral must be worth the amount of the loan if you default on the loan.

Step 4: Improve Your Credit Score

Finally, if you can’t get a loan right away, you may want to take some time to evaluate your credit score and see where your areas of opportunity lie.

Swipe up now for more financial tips!

More Stories From