Grace Enfield, Content Writer
@grace_enfield
The best debt consolidation loans for veterans with bad credit are from PenFed Credit Union. The company has a credit score requirement of 600 or higher and offers loan amounts of $500 - $50,000, repayment periods of 12 - 60 months and an APR range of 5.99% - 17.99%. You must be a member of the credit union to qualify for a loan, but anyone can join.
Best Bad Credit Debt Consolidation Loans for Veterans
| Company | Credit Score Required | APR | Loan Amounts |
| 600* | 5.99% - 17.99% | $500 - $50,000 | |
| Not disclosed | 7.49% - 18% | $250 - $50,000 | |
| No disclosed | 7.24% - 17.65% | $2,500 - $100,000 | |
| 620 | 7.99% - 35.99% | $2,000 - $36,500 | |
| 580 | 11.69% - 35.93% | $1,000 - $50,000 | |
| 580 | 9.95% - 35.99% | $2,000 - $35,000 | |
| None | 5.35% - 35.99%, typically | $1,000 - $50,000 | |
| 620* | 8.49% - 35.97% | $1,000 - $50,000 |
*According to multiple third-party sources.
To see which companies may approve you and which rates may be available to you, check out the free pre-qualification tool on WalletHub.
Finally, if a debt consolidation loan for bad credit isn't right for you, there are other ways to consolidate. For example, using a credit card for bad credit or getting a loan from friends or family members may be good options for you.
The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 24.83% and 60 monthly payments of $26.36 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $15,817 including a $594 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).
2023 Best Debt Consolidation Loans
Compare OffersPeople also ask
Will the VA give me a loan with bad credit?
Unfortunately this isn't determined by the Department of Veterans Affairs. Credit score is determined by the lender who use the various credit score systems to calculate if you're eligible, type of loan eligible for and interest rate. I recommend shopping around for different lenders to get the best option within... read full answer
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