Grace Enfield, Content Writer
@grace_enfield
Yes, you can get a debt consolidation loan without collateral because most debt consolidation loans are unsecured. This means that putting up collateral, like a vehicle or money in a savings account, is not required to get approved. Even if you have bad credit or low income, you can still get approved for a debt consolidation loan without collateral, though the terms might not be good enough for it to be worthwhile.
The best unsecured debt consolidation loans are from LightStream. The company offers loans of $5,000 - $100,000 with APRs of 7.99% - 25.99% and repayment periods of 24 - 84 months. You’ll likely need a credit score of 660+ to qualify.
Best Unsecured Debt Consolidation Loans
| Lender | APRs | Loan Amounts | Repayment Periods |
| 7.99% - 25.99% | $5,000 - $100,000 | 24 - 84 months | |
| 6.99% - 24.99% | $3,500 - $40,000 | 36 - 72 months | |
| 6.99% - 24.99% | $2,500 - $40,000 | 36, 48, 60, 72 or 84 months | |
| 8.99% - 25.81% | $5,000 - $100,000 | 24 - 84 months | |
| 8.49% - 35.99% | $1,000 - $50,000 | 24-84 months | |
| 11.25% - 24.5% | $5,000 - $40,000 | 24 - 60 months | |
| 8.99% - 35.99% | $2,000 - $50,000 | Up to 60 months | |
| 7.99% - 35.99% | $2,000 - $36,500 | 24 - 72 months | |
| 7.99% - 29.99% | $5,000 - $50,000 | 24 - 72 months |
For more information, check out WalletHub’s complete list of the best debt consolidation loans. Then, you can estimate your potential rates with our free pre-qualification tool.
People also ask
What credit score is needed for debt consolidation?
You need a credit score of 660 or higher to consolidate your debt with a personal loan that has no origination fee and a low APR. In general, the higher your credit score is, the lower your interest rate will be on a debt consolidation loan or a balance transfer credit card.
Many lenders disclose a credit score requirement for debt consolidation loans. For your convenience, below is a list of credit score requirements from major lenders. You can...
read full answerWhy can't I get 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. Any lender that turns you down for a consolidation loan should disclose the reason why your application was...
read full answerDid we answer your question?