Grace Enfield, Content Writer
Yes, it's possible to get a debt consolidation loan with bad credit, and you could be approved if you choose the right lender. You will also need to meet other requirements to get a debt consolidation loan with bad credit, like being 18+ years old, having enough income to afford the loan and having a bank account.
When you apply for the loan, you’ll need to give the lender some personal and financial information, like your name, date of birth, Social Security number, employment status and income.
How to Apply for a Debt Consolidation Loan with Bad Credit
- Pre-qualify, if possible.
Some lenders let you pre-qualify before you officially apply. Pre-qualifying shows you your approval odds and what rates you may receive. You can pre-qualify with multiple lenders at once using the free pre-qualification tool on WalletHub.
- Compare offers you’re likely to get approved for.
When comparing offers, the most important factors you need to consider are the loan amounts, APRs, repayment periods and fees.
- Find the application for your chosen lender.
You may be able to apply online, over the phone or in person at a branch. Not all lenders will offer all 3 options, though.
- Fill in your personal information.
The lender will request some personal information on your application, like your name, address, Social Security number and date of birth.
- Fill in your financial information.
The lender will also need some financial information from you, such as your employment status, income and income sources.
- Check to make sure your information is correct.
Once you’re done filling in your personal and financial information, you need to make sure that all of your information is accurate. Any incorrect information may slow down the approval process.
- Submit your application.
You could receive a decision within minutes after you submit the application. Otherwise, it could take a few business days.
If you think a debt consolidation loan is right for you, check out WalletHub’s picks for the best debt consolidation loans for bad credit.
2023 Best Debt Consolidation Loans for Bad CreditCompare Offers
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