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Debt consolidation won’t work if you have too much debt or haven’t fixed underlying spending issues.
Almost all lenders require you to be 18 years or older and a legal U. resident with a verifiable bank account and not in bankruptcy or foreclosure.
Borrowers with excellent credit and low debt-to-income ratios may qualify for interest rates at the low end of lenders’ ranges.
Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels, but should expect rates toward the higher end of the range — up to 36%.
The interest rate depends on your credit profile, and it usually doesn’t change during the life of the loan.
Debt consolidation is only one of several strategies for paying off debt.
Other options for borrowers with bad credit include secured or co-sign personal loans.
In addition to paying off your balance before the rate increases, you’ll want to avoid making further charges.
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Look for a site that offers educational tools such as a credit score simulator or guidance on how to build credit.
If you can’t qualify for a loan through a reputable lender, don’t head for a payday lender. For borrowers with good credit, a balance transfer credit card is an alternative to a debt consolidation loan.