What do you need to qualify for debt consolidation?

To qualify for a debt consolidation loan with competitive terms, you need good to excellent credit and enough income to afford monthly loan payments. You also need to be at least 18 years old and a U.S. citizen or permanent resident.

How to Qualify for a Debt Consolidation Loan

• Have enough income or assets

  Lenders need reassurance that you’ll be able to repay the loan. They may ask you for tax forms, pay stubs or other proof of income when you apply.

• Own a valid bank account

  You need to give the lender your bank account information to prove you have enough income or assets to repay the loan. Additionally, lenders usually send you the funds via electronic transfer, so you’ll need to give them your account information to get the loan.

• Meet the lender’s minimum credit score requirement

  You’ll need a credit score of at least 580 to qualify for most debt consolidation loans. The higher your credit score is, the lower your APR will likely be.

• Be at least 18 years old

  You must be the age of majority to get a loan in your state. For most states, it’s 18 years old. But in Nebraska and Alabama, the age of majority is 19 years old, and it’s 21 years old in Mississippi.

• Be a U.S. citizen or permanent resident

  Lenders require you to be a U.S. citizen or permanent resident with a government-issued identification number, like an SSN or an ITIN, to qualify for a debt consolidation loan. Some lenders may allow you to use a visa.

• Other lender-specific requirements

  Some lenders, like American Express, require you to be a current customer to qualify for their loans. Others, like Oportun, require you to live in one of a limited number of states because they don’t operate nationally.

  Now that you know the requirements for a debt consolidation loan, you can start comparing your options by checking out WalletHub’s picks for the best debt consolidation loans. You can also see if you pre-qualify with multiple lenders at once using our free pre-qualification tool.