Is there a Bank of America debt consolidation loan?

A credit card consolidation loan is a good idea if it reduces the cost of your debt and allows you to repay what you owe sooner than you would otherwise. Furthermore, a credit consolidation loan is the best choice if it will save you more than the top balance transfer credit cards… read full answer.

Credit card debt consolidation loans help put all your balances in one place. But they’re not worth it unless you also get a reduced interest rate relative to what you’re currently paying. Checking with a personal loan provider to see what rates you’re pre-qualified for should give you an idea of whether you’ll actually save money if approved.

If you can qualify for a balance transfer credit card that will accommodate all of your debt and provide a 0% introductory interest rate for 12+ months, that may be a better choice. That’s easier said than done, however, so it’s a good idea to keep your options open.

Credit card consolidation loans are a good idea when they:

1. Save you money on interest.
2. Help you get out of debt sooner.
3. Offer a better deal than balance transfer credit cards.

If you can’t find a credit card consolidation loan that will save you money, or qualify for any good balance transfer cards, there are a few alternatives to consider. A secured personal loan or home equity loan could get you lower rates, but at the risk of losing your property/home if you default. A loan from a friend or relative could get you low rates but could put stress on your relationship. Finally, other debt solutions like settling with your creditors may be helpful.

The minimum credit score for personal loan approval is 600. That’s the lowest credit score the most popular lenders will generally accept for unsecured loans. Personal loans for credit scores of 600-699 tend to be for relatively low amounts and have high APRs, however. The best personal loans require good credit or excellent credit for approval, which means a credit score of 700 or higher. … read full answer

Personal loan credit score requirements aren’t set in stone. Lenders consider many other factors, including your income, existing debts, monthly expenses and more. But credit is still one of the biggest parts of the approval process. With that in mind, WalletHub researched some of the most popular lenders to find out their loan requirements.

Credit Score for Personal Loan Approval by Lender:

*According to multiple third-party sources.

If your credit score is below 600, you still have options. For example, you could opt for a secured loan, where you put up something valuable as collateral. If you fail to pay back the loan, the lender can take the collateral as compensation. Because this greatly reduces the risk for the lender, people with any credit score may be considered for secured loans.

You can check your credit score for free on WalletHub. You’ll also get personalized advice for how to improve your score.