If you’re overwhelmed by credit card debt on multiple cards, a credit card consolidation loan could help you combine it into one simple payment with a lower, fixed interest rate. A credit card consolidation loan could also allow you to pay off your debt faster — and save you money on interest.
To help you find the best credit card consolidation lenders, we compared interest rates, loan amounts, repayment terms and minimum credit score requirements. We also looked for lenders that will send payments directly to your creditors to make the credit card consolidation process even easier.
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SoFi
: Best overall
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Upgrade
: Best for building credit
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Achieve
: Best for fast funding
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LendingClub
: Best for co-borrowers
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Discover
: Best for lower minimum APR
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Happy Money
: Best for fair credit
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LightStream
: Best for competitive rates
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Compare the best credit card consolidation loans
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Why some lenders didn’t make the cut
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Methodology
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Pros and cons of credit card consolidation
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Frequently asked questions (FAQs)
Best credit card consolidation loans
Best overall
SoFi
Blueprint Rating
Fixed APR
8.99% to 23.43%
Loan amounts
$5,000 to $100,000
Direct payment to creditors?
Yes
What you should know
In addition to offering competitive annual percentage rates (APRs) and charging no personal loan fees, SoFi offers a 0.25% rate discount to borrowers who have their funds sent directly to their creditors. You can also get another 0.25% off your rate if you sign up for automatic payments plus another 0.125% reduction if you’re already a SoFi customer.
SoFi’s credit card consolidation loans are available for $5,000 to $100,000 and come with terms ranging from two to seven years. Borrowers also have access to a wide range of benefits, such as unemployment protection, financial planning and career advice.
Pros and cons
Pros
- No fees.
- Multiple discounts available (up to 0.625%).
- Maximum $100,000 loan amount.
- Same-day funding available.
Cons
- Could be hard to qualify if you don’t have good credit.
- Must borrow at least $5,000.
- Not available in Mississippi.
More details
- Interest rates: 8.99% to 23.43%.
- Loan amounts: $5,000 to $100,000.
- Repayment terms: 2 to 7 years.
- Discounts and perks: Direct lender payment discount (0.25%), autopay discount (0.25%) and existing customer discount (0.125%); member benefits such as unemployment protection.
- Fees: None.
- Min. credit score: 680.
- Can make direct payment to third-party creditors: Yes.
Best for building credit
Upgrade
Blueprint Rating
Fixed APR
8.49% to 35.97%
Loan amounts
$1,000 up to $50,000
Direct payment to creditors?
Yes
What you should know
Upgrade provides access to free credit monitoring as well as educational resources to help you know how best to manage and improve your credit health. This could make Upgrade a good option if you’re looking to better understand and build your credit.
With Upgrade, you can borrow $1,000 up to $50,000. Additionally, you could have your loan funded within one day of approval. The lender also provides the option to send the money directly to your creditors to make the process even easier.
Pros and cons
Pros
- Free credit monitoring and educational resources.
- Loan amounts up to $50,000.
- Repayment terms as long as 7 years.
Cons
- High maximum APR.
- Charges an origination fee.
- Charges fees for late and returned payments.
More details
- Interest rates: 8.49% to 35.97%.
- Loan amounts: $1,000 up to $50,000.
- Repayment terms: 2 to 7 years.
- Discounts and perks: No prepayment penalty.
- Fees: Origination fee (1.85% to 8.99%), late payment fee (up to $10) and returned payment fee ($10).
- Min. credit score: 580.
- Can make direct payment to third-party creditors: Yes.
Best for fast funding
Achieve
Blueprint Rating
Fixed APR
7.99% to 35.99%
Loan amounts
$5,000 to $50,000
Direct payment to creditors?
Yes
What you should know
If you’re looking for fast funding, Achieve — which rebranded from FreedomPlus in December 2022 — could be a good choice. The lender offers same-day approval decisions as well as funding within 24 to 72 hours. You can borrow $5,000 to $50,000 and choose a term from two to five years.
Achieve also offers rate discounts to borrowers who opt to have the lender pay off their creditors directly, apply with a co-borrower or show proof of sufficient retirement savings.
Pros and cons
Pros
- Same-day approval decisions.
- Funding within 24 to 72 hours.
- Accepts credit scores as low as 620.
Cons
- Charges an origination fee.
- Not available in all states.
- Must borrow at least $5,000.
More details
- Interest rates: 7.99% to 35.99%.
- Loan amounts: $5,000 to $50,000.
- Repayment terms: 2 to 5 years.
- Discounts and perks: Rate discount for borrowers who opt to have their creditors paid directly, apply with a co-borrower or show proof of sufficient retirement savings.
- Fees: Origination fee (1.99% to 6.99%).
- Min. credit score: 620.
- Can make direct payment to third-party creditors: Yes.
Best for co-borrowers
LendingClub
Blueprint Rating
Fixed APR
8.05% to 36%
Loan amounts
$1,000 to $40,000
Direct payment to creditors?
Yes
What you should know
Unlike many personal loan lenders, LendingClub allows you to apply with a co-borrower, which could help you qualify for a larger loan amount or better rate than you’d get on your own. Note that you and your co-borrower will be equally responsible for repaying the loan.
LendingClub loans range from $1,000 to $40,000 and come with terms from three to five years. If you’re approved, you could receive your funds in as little as 24 hours.
Pros and cons
Pros
- Allows co-borrowers.
- Funding in as little as 24 hours after approval.
- No minimum credit score requirement.
Cons
- Charges an origination fee.
- Charges late fees.
- Limited repayment terms (only 3 to 5 years).
More details
- Interest rates: 8.05% to 36%.
- Loan amounts: $1,000 to $40,000.
- Repayment terms: 3 to 5 years.
- Discounts and perks: No prepayment penalty.
- Fees: Origination fee (2% to 6%), late fee (5% of outstanding payment amount or $15, whichever is greater) and insufficient funds fee ($15).
- Min. credit score: No minimum.
- Can make direct payment to third-party creditors: Yes.
Best for lower minimum APR
Discover
Blueprint Rating
Fixed APR
6.99% to 24.99%
Loan amounts
$2,500 to $35,000
Direct payment to creditors?
Yes
What you should know
If you’d like to pay off your debt over a longer period of time, Discover might be a good option. Terms range from three to seven years with loan amounts from $2,500 to $35,000. Keep in mind that while choosing a longer term can reduce your monthly payments, you’ll also pay more in interest over time.
Unlike most personal loan lenders, Discover doesn’t charge an origination fee, which can help you save money on a credit card consolidation loan. But you do need a minimum income of $25,000 to qualify.
Pros and cons
Pros
- Repayment terms as long as 7 years.
- No origination fee.
- Repayment assistance programs available.
Cons
- Lower loan amounts compared to some lenders.
- Co-borrowers not permitted.
- Charges late fees.
More details
- Interest rates: 6.99% to 24.99%.
- Loan amounts: $2,500 to $35,000.
- Repayment terms: 3 to 7 years.
- Discounts and perks: Offers repayment assistance programs.
- Fees: Late fee ($39).
- Min. credit score: Does not disclose.
- Can make direct payment to third-party creditors: Yes.
Best for fair credit
Happy Money
Blueprint Rating
Fixed APR
10.50% to 29.99%
Loan amounts
$5,000 to $40,000
Direct payment to creditors?
Yes
What you should know
Happy Money (previously Payoff) offers personal loans specifically for credit card consolidation. These loans range from $5,000 to $40,000 and come with terms from two to five years. Happy Money also provides the option to pay your credit card issuer directly.
While Happy Money’s loans do come with an origination fee from 0% to 5% of the loan amount, you won’t have to worry about any other fees typically associated with personal loans.
Pros and cons
Pros
- No late fees or prepayment penalties.
- Accepts fair credit scores.
- Excellent Trustpilot reviews.
Cons
- Charges an origination fee.
- Doesn’t allow co-signers.
More details
- Interest rates: 10.50% to 29.99%.
- Loan amounts: $5,000 to $40,000.
- Repayment terms: 2 to 5 years.
- Discounts and perks: No fees outside of origination fee.
- Fees: Origination fee (0% to 5%).
- Min. credit score: 640.
- Can make direct payment to third-party creditors: Yes.
Best for competitive rates
LightStream
Blueprint Rating
Fixed APR
7.99% to 26.49%
Loan amounts
$5,000 to $100,000
Direct payment to creditors?
No
What you should know
If you’ve already been approved by a credit card consolidation lender, it might still be a good idea to check your options with LightStream’s Rate Beat Program. This program could get you a rate that’s 0.1% lower than any competing lender’s rate offer that you’ve been approved for — meaning you could qualify for a highly competitive APR.
With a LightStream credit card consolidation loan, you can borrow $5,000 to $100,000 with terms from two to seven years. You can also take advantage of a 0.50% rate discount if you sign up for automatic payments prior to your loan funding. However, unlike other lenders, LightStream doesn’t provide the option to pay your creditors directly.
Pros and cons
Pros
- Can get a rate 0.1% lower than competitors offer through the Rate Beat Program.
- Loan amounts up to $100,000.
- No fees.
Cons
- Direct creditor payment not available.
- Must borrow at least $5,000.
- No prequalification option.
More details
- Interest rates: 7.99% to 26.49%.
- Loan amounts: $5,000 to $100,000.
- Repayment terms: 2 to 7 years.
- Discounts and perks: Rate Beat Program (0.10%) and autopay discount (0.50%).
- Fees: None.
- Min. credit score: Does not disclose.
- Can make direct payment to third-party creditors: No.
Compare the best credit card consolidation loans
| Interest rates | Loan amounts | Loan terms | Direct payment to creditors? | |||||
|---|---|---|---|---|---|---|---|---|
| SoFi | 8.99% to 23.43% | $5,000 to $100,000 | 2 to 7 years | Yes | ||||
| Upgrade | 8.49% to 35.97% | $1,000 to $50,000 | 2 to 7 years | Yes | ||||
| Achieve | 7.99% to 35.99% | $5,000 to $50,000 | 2 to 5 years | Yes | ||||
| LendingClub | 8.05% to 36% | $1,000 to $40,000 | 3 to 5 years | Yes | ||||
| Discover | 6.99% to 24.99% | $2,500 to $35,000 | 3 to 7 years | Yes | ||||
| Happy Money | 10.50% to 29.99% | $5,000 to $40,000 | 2 to 5 years | Yes | ||||
| LightStream | 7.99% to 26.49% | $5,000 to $100,000 | 2 to 12 (depending on loan type) | No | ||||
| All rates include discounts where noted by the lender and are current as of April 6, 2023. | ||||||||
Why some lenders didn’t make the cut
Of the 14 personal loan lenders that we reviewed, only a fraction made the cut. The lenders that didn’t have high enough scores to be included received lower ratings due to having higher interest rates and not allowing co-signers.
Methodology
Our expert writers and editors have reviewed and researched 15 popular lenders to help you find the best credit card consolidation loan. Out of all the lenders considered, the seven that made our list excelled in areas across the following categories (with weightings): loan cost (35%), loan details (25%), eligibility and accessibility (20%), customer service (10%) and direct creditor payment (10%).
Within each major category, we considered several characteristics, including APR ranges, prepayment penalties, maximum loan amounts and terms, minimum credit score requirements and co-signer acceptance. We also evaluated each provider’s customer support options and customer reviews.
Pros and cons of credit card consolidation
Pros
- Simplify repayment: By taking out a credit card consolidation loan, you’ll be able to combine your debt into a single loan with one simple payment. This means you won’t have multiple payments and due dates to keep track of.
- Save money: When you take out a personal loan for credit card consolidation, you could qualify for a loan with a lower interest rate than what you’ve been paying. This will save you money on interest and total cost over the life of the loan.
- Pay off debt sooner: Credit card debt can seem overwhelming and never ending. But with a credit card consolidation loan, you’ll have a fixed monthly payment and repayment term — and finally have an end in sight. Plus, you could end up paying off your debt faster than you would have.
Cons
- Fees: Some credit card consolidation loans come with fees that could increase your overall costs, such as origination fees, late fees and prepayment penalties. When comparing personal loan lenders, make sure to see if the total expense offsets how much you can save on credit card interest.
- Not a long-term solution: Although debt consolidation can help you save money and get out of debt sooner, it doesn’t fix poor financial habits — like chronic overspending. Make a plan before you move forward with consolidating your credit cards to ensure you’re prepared to break the cycle of debt.
Frequently asked questions (FAQs)
In many cases, the best way to consolidate your credit card debt is to take out a low-interest personal loan. This debt consolidation loan will pay off all (or some, if you choose) of your credit card debt, and you’ll be left with a single, fixed payment each month instead of juggling multiple credit card due dates.
A debt consolidation loan can be a good idea if you have credit card debt at high interest rates spread across multiple cards and are struggling to pay your balances each month. Taking out a credit card consolidation loan with a lower interest rate and more favorable terms can help you pay your debt off sooner — and save money on interest in the process.
When you initially apply for a credit card consolidation loan, you could see a minor decrease in your credit score — by about five points — but that’s usually temporary.
But a debt consolidation loan can also help improve your credit. If you continuously make your payments on time, this improves your payment history and can positively impact your overall credit. The consolidation loan might also help improve your credit utilization ratio over time — the amount you owe compared to the total credit limit you have available across all accounts — or diversify your credit mix.
FAQs
Best personal loans for credit card consolidation in April 2023? ›
Every lender sets its own guidelines when it comes to minimum credit score requirements for debt consolidation loans. However, it's likely lenders will require a minimum score between 580 and 680.
What is the lowest credit score to get a consolidation loan? ›Every lender sets its own guidelines when it comes to minimum credit score requirements for debt consolidation loans. However, it's likely lenders will require a minimum score between 580 and 680.
Can you consolidate credit card debt with a personal loan? ›If you struggle to keep up with multiple credit card payments, a personal loan may be the perfect solution for consolidating your debt. By taking out a single loan to pay off your existing cards, you can simplify your finances and save money in the long run by reducing interest rates and fees.
Which loan is easiest to qualify for? ›Payday loans are short-term loans designed to be paid back by your next pay period or within two weeks of taking out the loan. Because most payday lenders don't check your credit, these are easy loans to get.
Why won't I get approved for a debt consolidation loan? ›If you can't get a debt consolidation loan, it's most likely because you don't make enough money to keep up with the payments of the loan or you don't meet the lender's credit score requirement. It's also possible that you don't satisfy basic requirements such as being at least 18 years old and having a bank account.
Is there a debt consolidation that doesn t hurt your credit? ›These methods won't crush your credit score: Consolidation loans from a bank, credit union, or online debt consolidation lender. Balance transfer(s) to a new low- or zero-rate credit card. Borrowing from a qualified retirement account, such as an IRA or 401(k).
Is it hard to get approved for debt consolidation? ›Debt consolidation loans for bad credit are hard to come by. Lenders like to see a credit score of at least 670 for a debt consolidation loan, but probably closer to 700 just to be safe.
Can I convert my credit card debt to loan? ›You can consolidate your existing credit card debt with a personal loan from IIFL Finance and pay a single EMI each month. We offer affordable, attractive, low-interest personal loans to help you raise funds for all your needs. You can also calculate your EMI using IIFL Personal Loan Interest Rate Calculator.
Can you convert credit card to personal loan? ›If consolidating credit card debt is on your mind, a personal loan is a good way to go ahead with it. A personal loan also helps you determine an EMI that is best suitable for you over a period of time and one that does not affect your financial position.
What is the difference between debt consolidation and credit card consolidation? ›There is no difference between credit card refinancing and debt consolidation — both refer to the process of taking out a personal loan to pay off your credit card debt. Tip: You're not limited to paying off only credit cards with a debt consolidation loan.
Which bank provides loan easily? ›
HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you've wondered how to get an instant loan, wonder no more.
What is the hardest loan to get? ›Conventional loans are hardest to come by. MBA's data suggests that standards tightened most on conventional and conforming loans — those eligible for purchase by Fannie Mae and Freddie Mac.
What is the hardest type of loan to get? ›Unsecured loans are harder to obtain and interest rates can be higher, as lenders rely heavily on your credit and other financial information to determine your loan eligibility. The better your credit score, the better the interest rate you're likely to get.
What are two problems with a consolidation loan? ›The biggest risks associated with debt consolidation include credit score damage, fees, the potential to not receive low enough rates, and the possibility of losing any collateral you put up. Another danger of debt consolidation is winding up with more debt than you start with, if you're not careful.
Does everyone get approved for debt consolidation? ›Even with debt consolidation loans for bad credit, approval isn't guaranteed. Lenders typically look at multiple factors when evaluating a loan application. For example, you might be denied if you don't meet income requirements or if your debt-to-income ratio is too high.
How much debt do you have to have to get a debt consolidation loan? ›There is no set amount of debt you need to have to consolidate because lenders do not have any such requirement. But for the best chance of consolidation success, your debt payments, along with your rent or mortgage payments, should not exceed 50% of your monthly gross income.
Do you need a good credit score for a consolidation loan? ›Even if you have a low credit score, you may be able to get a debt consolidation loan.
How do you get out of debt when you have no money? ›You can get out of debt with no money and bad credit with the help of a debt management program or a loan from a friend or family member. You should also look into getting a debt consolidation loan for bad credit, especially if you have some income despite not having any money saved.
Is the Freedom Debt Relief Program legit? ›Freedom Debt Relief is an accredited company and has an A+ rating with the Better Business Bureau. It is a legitimate debt settlement company; however, depending on your situation its consultants may not be able to settle or lower your debt.
What is a hardship loan? ›A hardship loan is any money that you borrow in a time of serious financial need or to cover an unexpected financial shortfall. Some options to consider when you need a hardship loan include 401(k) loans, personal loans, home equity loans or loans from friends or family members.
Can you be denied for direct consolidation loan? ›
Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed. You are also ineligible to consolidate if your loans have been reduced to judgment (unless you vacate the judgment) or if there is a wage garnishment order against you.
How fast can I get a consolidation loan? ›You should expect to wait around 7 business days for the entire decision and funding process to finish. Your wait could be shorter than that, or as long as a month, depending on the lender and your personal situation. Once you receive your debt consolidation loan, you'll use the money to pay off your creditors.
How can I clear my credit card debt? ›- Use a balance transfer credit card.
- Consolidate debt with a personal loan.
- Borrow money from family.
- Pay off high-interest debt first.
- Pay off the smallest balance first.
Debt consolidation loan
Banks, credit unions, and installment loan lenders may offer debt consolidation loans. These loans convert many of your debts into one loan payment, simplifying how many payments you have to make. These offers also might be for lower interest rates than what you're currently paying.
The Avalanche advises paying off the highest-interest card first, while making minimum payments on the others. Neither method will hurt your credit rating, and may help it. It's also fairly common to take out a debt consolidation loan to pay off cards.
What is the disadvantage of a personal loan over a credit card? ›Higher payments than credit cards
Personal loans require a higher fixed monthly payment and must be paid off by the end of the loan term. If you consolidate credit card debt into a personal loan, you'll have to adjust to the higher payments and the loan payoff timeline or risk defaulting.
Interest Rates Are Significantly Lower
The first and the most important reason why a personal loan is better to credit card debt is the interest rate involved.
This is because a personal loan can help you to get rid of the loan on your credit card which makes you pay a massive amount of interest and make it look feasible to pay back the personal loan with a low-interest rate.
Are banks forgiving credit card debt? ›Credit cards are another example of a type of debt that generally doesn't have forgiveness options. Credit card debt forgiveness is unlikely as credit card issuers tend to expect you to repay the money you borrow, and if you don't repay that money, your debt can end up in collections.
What's the most a bank will give you for personal loan? ›The largest personal loan you can get is generally $100,000, with a handful of lenders offering loans of this size. But many lenders have maximum loan amounts between $40,000 and $50,000.
Which bank is best for taking personal loan? ›
- HDFC Bank Personal Loan. ...
- Kotak Mahindra Personal Loan. ...
- Axis Bank Personal Loan. ...
- Citibank Personal Loan. ...
- Bajaj Finserv Personal Loan. ...
- Bank of Baroda Personal Loan. ...
- Standard Chartered Personal Loan. ...
- Tata Capital Personal Loan.
Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.
What loans to avoid? ›- 401(k) Loans. ...
- Payday Loans. ...
- Home Equity Loans for Debt Consolidation. ...
- Title Loans. ...
- Cash Advances. ...
- Personal Loans from Family.
- Add a co-signer. If a trusted friend or family member has better credit and stronger income than you, they may make a good co-signer. ...
- Add a co-borrower. ...
- Add collateral. ...
- Include all sources of income. ...
- Ask for a small loan.
Credit card loans tend to be riskier than other types of loans.
What kind of loan is usually the least expensive to create? ›All things being equal, the cheapest borrowing options will be either a zero-interest loan or credit card with a promotional 0% APR offer.
Which loan has the highest loan to value? ›If a mortgage is obtained through the Federal Housing Administration (FHA), the maximum loan-to-value ratio is typically 97%.
What should be avoided in consolidation? ›- Not working on your credit first.
- Not considering all your options.
- Not checking for fees.
- Missing a payment.
- Not getting to the source of your debt.
What types of loans can I consolidate? Private education loans are not eligible for consolidation. Direct PLUS Loans received by parents to help pay for a dependent student's education cannot be consolidated together with federal student loans that the student received.
Why do I not qualify for a consolidation loan? ›Many of the big banks and other credit providers offer debt consolidation loans. You may not qualify for a debt consolidation loan if you have already defaulted on repayments or had judgments against you. If your credit score is poor, you are also unlikely to be granted a low interest rate on a debt consolidation loan.
What loans are eligible for consolidation? ›
- Subsidized Federal Stafford Loans.
- Unsubsidized and Nonsubsidized Federal Stafford Loans.
- PLUS loans from the Federal Family Education Loan (FFEL) Program.
- Supplemental Loans for Students.
- Federal Perkins Loans.
- Nursing Student Loans.
- Nurse Faculty Loans.
Proof of income – this is one of the most important debt consolidation qualifications. Lenders will want to know that you have the financial means to meet the terms of loan.
Why is it hard to get approved for debt consolidation? ›Lenders might not advertise it, but most of them have a minimum credit score required to get a loan. If your score is less than 670, you might be out of luck for a debt consolidation loan. Even if you're over 670, a problematic debt-to-income ratio (more on that below) or payment history could derail your loan.
Can I still use my credit card after debt consolidation? ›Can I still use my credit card after debt consolidation? Certain types of debt consolidation will automatically close your credit cards, while other options, like a balance transfer credit card or HELOC, will not. If the account remains open and in good standing, you can use your credit cards after consolidation.
Can I get a loan to clear my debts? ›A debt consolidation loan can make repayments easier
A debt consolidation loan can solve both problems by pulling all your debt into a single loan. This reduces the amount of fees you pay and makes repayment a lot simpler. Gone are the worries that you'll miss a repayment or miscalculate your monthly budget.
On average, lenders usually expect a credit score of around 650 to extend a debt consolidation loan.
Does consolidating loans hurt credit score? ›Debt consolidation — combining multiple debt balances into one new loan — is likely to raise your credit scores over the long term if you use it to pay off debt. But it's possible you'll see a decline in your credit scores at first. That can be OK, as long as you make payments on time and don't rack up more debt.
How many points does a debt consolidation affect credit score? ›Debt consolidation loans can hurt your credit, but it's only temporary. The lender will perform a credit check when you apply for a debt consolidation loan. This will result in a hard inquiry, which could lower your credit score by 10 points. Hard inquiries will only affect your credit score for one year.
What are the four C's of credit consolidation? ›Credit History. Capacity. Capital. Collateral: These are the 4 C's of credit.
How do I know if I qualify for debt consolidation? ›- Proof of income – this is one of the most important debt consolidation qualifications. ...
- Credit history – lenders will check your payment history and credit report.
- Financial stability – lenders want to know that you're a good financial risk.
What qualifies you for debt consolidation? ›
You'll typically need a good or excellent credit score to qualify for a debt consolidation loan with competitive terms. A lower credit score doesn't automatically equal a loan denial, but the borrowing costs will likely be higher.
How to get rid of credit card debt without ruining your credit? ›The Avalanche advises paying off the highest-interest card first, while making minimum payments on the others. Neither method will hurt your credit rating, and may help it. It's also fairly common to take out a debt consolidation loan to pay off cards.
How long does debt consolidation stay on your record? ›Debt settlement will remain on your credit report for seven years. This means that for those seven years, your settled accounts will affect your creditworthiness. Lenders usually look at your recent payment history.
Does lending tree lower your credit score? ›LendingTree's inquiry does not count towards your credit score nor does it show up on your credit report to anyone but you.
Do you need proof of income for debt consolidation loan? ›There are also several lenders that offer debt consolidation loans for bad credit, but these loans tend to come with higher interest rates compared to good credit loans. Verifiable income: Some lenders have a minimum income requirement while others don't — but in either case, you'll likely need to show proof of income.
How long does it take to get approved for a consolidation loan? ›The entire process typically takes between four and six weeks from the date your application is received. Before completing a consolidation application, carefully consider the following information to determine whether loan consolidation is the best option for you.