No, not everyone can get a consolidation loan because applicants need to meet specific requirements in order to qualify. To get a consolidation loan, you’ll need to meet the lender’s minimum credit score requirement, be at least 18 years old, have enough income to afford the loan and have a bank account. Even if you meet all the requirements, approval is never guaranteed.
Requirements to Get a Consolidation Loan
Meet the lender’s credit score requirement
For most debt consolidation loans, you’ll need a credit score of at least 580 to qualify. However, there are some debt consolidation loans that do not have a credit score requirement. These loans typically have high APRs and fees to compensate for the lack of a credit score requirement.
Be at least 18 years old
You’ll need to be the legal age of majority in your state to get a debt consolidation loan. In most states, it’s 18 years old. However, the age of majority in Alabama and Nebraska is 19 years old, and it’s 21 years old in Mississippi.
Have enough income to afford the loan
You may need to prove that you have enough income or assets to afford the monthly loan payments. You can do this by providing the lender with income documents, such as a W-2, 1099, pay stub, bank statement or direct deposit form, if they request them during the approval process.
Have a bank account
A way to prove you have enough income or assets to repay the loan is to give the lender your bank account information. Additionally, most lenders send you the funds by electronic bank transfer. So, having a bank account usually is a requirement for approval.
Be a U.S. citizen or permanent resident
You’ll need to be a U.S. citizen or permanent resident with an identification number issued by the government, such as an SSN or an ITIN, to qualify for a debt consolidation loan. Some lenders let you use a visa, though.
Now that you know a little more about what you need to get a debt consolidation loan, you can start comparing options. To see the top-ranked offers, check out WalletHub’s picks for the best debt consolidation loans. Then, you can estimate your potential rates with our free pre-qualification tool.
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