Everything You Need to Know About 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.

What is a Debt Consolidation Loan?

A debt consolidation loan is a new loan that you take out to cover the balance of your other loans. 

How to Qualify

To get a debt consolidation loan, you must be 18 years or older and a legal U.S. resident. You must also have a bank account and not be in bankruptcy or foreclosure. These are the basics of qualifying for a debt consolidation loan. 

Personal Loans for Debt Consolidation

If you have poor credit and need a personal loan, you may want to check out these providers. They will offer high-interest loans to people with poor credit. 

Get The Look

Should I Get A Debt Consolidation Loan?

If you’re in a pinch and need to consolidate your loans to make them more manageable, then your best option may be to get a personal loan or a debt consolidation loan. 

The Bottom Line

Having poor credit does not mean that you can’t get a debt consolidation loan. However, it might be more difficult for you to get a loan right away or to get one at a favorable rate. 

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