Adam McCann, Financial Writer
The best credit card consolidation loans for fair credit come from LightStream, a division of SunTrust Bank. LightStream’s credit card consolidation loans have a relatively low APR, ranging from a minimum of 5.99% to a maximum of 17.29%, depending on an applicant’s creditworthiness. Considering the average existing credit card account charges around 14%, LightStream provides the potential to save a lot on interest. LightStream credit card consolidation loans require a credit score of 660+, according to third-party sources. That’s toward the lower end of the fair credit range, which starts at 640 and extends up to 699.
Most credit card consolidation loans are just personal loans marketed a bit differently. Personal loans let you use the funds for whatever you want, including paying credit card debt. People with fair credit have a chance of qualifying for most personal loans because lenders tend to require a credit score of at least 660. But if you only just meet the minimum requirements for approval, you can expect to receive an APR toward the upper end of the loan’s range. Depending on the loan, that might not be ideal for credit card consolidation. The goal is to get a lower APR than you’re currently paying on your credit card.
You’ll have better luck with credit card consolidation loans if you take steps to increase your credit score to the good range. There’s a helpful guide from WalletHub on how to improve your credit score.
2022 Best Credit Card Consolidation LoansCompare Offers
People also ask
Did we answer your question?