You need a credit score of 580 or higher to get a debt consolidation loan that offers reasonable rates, in most cases. The higher your credit score is, the lower your APR is likely to be - and the main purpose of a debt consolidation loan is to get a lower APR for your debt. If you also want to get a debt consolidation loan that does not charge an origination fee, so you don't increase the amount you owe, you will likely need a credit score of at least 660.
You can use WalletHub's free personal loan pre-qualification tool to see your debt consolidation loan options with your current credit score. That will make it easier to decide whether getting a debt consolidation loan is worthwhile. You can also see the minimum credit score required by the biggest personal loan providers below.
Credit Score You Need for a Debt Consolidation Loan by Lender
Note: The credit scores in the above table are from either the lender or multiple third-party sources.
The best candidates to get a debt consolidation loan are naturally people with good or excellent credit. They can qualify for rates as low as 4.99% in some cases. That said, it is possible to get a debt consolidation loan with fair or bad credit, and it can make a lot of sense if your existing debts are things like payday loans, which charge extremely high fees and interest.
The most expensive personal loan APRs tend to be around 36%. If you assume that you will only qualify for a lender's maximum APR, and that will still save you a significant amount of money, then it's worth considering a debt consolidation loan even if you have a relatively low credit score.
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