{"id":23721,"date":"2026-03-31T16:38:37","date_gmt":"2026-03-31T16:38:37","guid":{"rendered":"https:\/\/incredipros.com\/?p=23721"},"modified":"2026-03-31T16:38:38","modified_gmt":"2026-03-31T16:38:38","slug":"how-do-you-qualify-for-a-debt-consolidation-loan","status":"publish","type":"post","link":"https:\/\/incredipros.com\/?p=23721","title":{"rendered":"How Do You Qualify For A Debt Consolidation Loan?"},"content":{"rendered":"<div>\n<div id=\"block_3e210e125e8f2f3de80edb4de13d9bca\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Before applying for a debt consolidation loan, check your credit score, decide how much you want to consolidate and crunch some numbers.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            It\u2019s crucial to compare lenders and pick a debt consolidation loan that either lowers your monthly payment or reduces the total amount of interest you pay.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            If a debt consolidation loan doesn\u2019t make sense, adjust your budget or explore balance transfer credit cards.\n                                                <\/li>\n<\/ul>\n<\/div>\n<p>Knowing how to get a debt consolidation loan and what the alternatives are could put you on a better financial footing and help you achieve longer-term financial goals. To get the best rate and terms, it\u2019s best to follow specific steps. Your credit score will determine whether you\u2019re eligible for a low-interest debt consolidation loan rate or not.<\/p>\n<p>If your credit score is low because of maxed-out credit cards, see if you qualify for debt consolidation with bad credit. You may need to shop around a bit more for a competitive rate, but it could be worth it if your new score takes you out of the bad-credit category.<\/p>\n<h2 id=\"one\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"1. Check your credit score\" data-outcome=\"\">1. Check your credit score<\/h2>\n<p>There are a few ways you can check your credit score. Some banks and credit issuers, like SoFi, allow you to view your score for free if you have an account with the company.<\/p>\n<p>Your credit score carries more weight than any other factor when getting a debt consolidation loan. You\u2019ll typically need a credit score of at least 740 to qualify for a loan with a highly competitive interest rate.<\/p>\n<p>Some lenders offer loans for bad credit, but the annual percentage rate (APR) will likely be higher. Depending on how low your score is, you may need to shop around more to find the best bad credit loan rates.<\/p>\n<h2 id=\"two\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"2. List out your debts and payments\" data-outcome=\"\">2. List out your debts and payments<\/h2>\n<p>Create a list of all the debt accounts you plan to consolidate \u2014 including the amounts you owe, interest rates and minimum monthly payments. Then, add up the balances to determine the loan amount you\u2019ll need to consolidate your debt.<\/p>\n<p>After that, add up all your minimum payment amounts to see how much you\u2019re currently paying every month. This will help you determine if a debt consolidation loan will cost more or less on a monthly basis.<\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Two reasons you should consolidate credit card debt\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>A debt consolidation loan can help your credit score in two major ways. First, combining multiple debts into one new fixed-rate loan reduces the risk of you dropping a payment when dealing with multiple due dates. Second, paying off credit card debt directly reduces your credit utilization ratio, which could boost your scores quickly \u2014 if you avoid future credit card use. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h2 id=\"three\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"3. Run some debt consolidation scenarios\" data-outcome=\"\">3. Run some debt consolidation scenarios<\/h2>\n<p>It\u2019s a good idea to crunch figures ahead of starting the application process. This way, you have an idea of what you can and can\u2019t afford ahead of time. Ultimately, the lender will determine what you qualify for, but seeing how an example might play out can be helpful to set your expectations for what you\u2019ll find.<\/p>\n<p>Use a personal loan calculator to see what kind of payment you\u2019re looking at on the new loan. Try longer terms of five years or more for lower payments. Shorter terms of three years or less will save you money on total interest.<\/p>\n<p>For example, compare $10,000 of minimum credit card payments against two consolidation loan terms. Paying slightly more each month will save thousands of dollars in interest and cut years out of the repayment schedule. <\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table has-fixed-layout wrapped\">\n<thead>\n<tr>\n<th\/>\n<th>Minimum credit card payment<\/th>\n<th>3-year loan term<\/th>\n<th>5-year loan term<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Monthly payment<\/td>\n<td>$167.22<\/td>\n<td>$361.52<\/td>\n<td>$253.93<\/td>\n<\/tr>\n<tr>\n<td>Total interest paid<\/td>\n<td>$47,856.58<\/td>\n<td>$3,014.86<\/td>\n<td>$5,236.06<\/td>\n<\/tr>\n<tr>\n<td>Months until paid in full<\/td>\n<td>346<\/td>\n<td>36<\/td>\n<td>60<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2 id=\"four\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"4. Compare lenders\" data-outcome=\"\">4. Compare lenders<\/h2>\n<p>When comparing debt consolidation lenders, consider the APRs, fees and any other perks they offer borrowers. Bankrate is a good place to start since it can help you compare multiple lenders at once.<\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    A note about those low minimum rates\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>One Bankrate expert\u2019s shopping journey found that the lowest personal loan rates are typically offered to borrowers with excellent credit scores of 780 or higher for short terms of 36 months or less.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p>You may also want to check with your current bank or credit union if it offers personal loans for debt consolidation. Compare your financial institution\u2019s rates and terms to those offered by other top lenders.<\/p>\n<p>Utilize resources like CFPB\u2019s complaint database, Trustpilot and the Better Business Bureau to determine whether a lender is reputable.<\/p>\n<div class=\"TipBox flex sm:items-center gap-6 sm:gap-7 md:gap-8 mx-2 sm:mx-8 mb-8\">\n    <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"TipBox-icon Icon icon-offset-blue-200 text-gray-900 icon-highlight-blue-600 mt-4 sm:-mt-4 md:-mt-1\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Lightbulb Icon<\/title>\n<path d=\"M10.725 18.804c.22 2.389 1.25 4.196 2.486 4.196 1.243 0 2.277-1.825 2.49-4.23a.66.66 0 0 0 .08-.318c0-.667.458-1.22 1.042-1.918l.013-.015c.787-.949 1.764-2.125 1.764-4.025C18.6 9.844 16.429 7 13.2 7c-3.23 0-5.4 2.837-5.4 5.486 0 1.918.979 3.105 1.768 4.056l.028.033c.563.683 1.007 1.221 1.022 1.885.003.13.042.247.107.344Z\" fill=\"transparent\" class=\"icon-offset\"\/><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M12 4.386a.698.698 0 0 1-.692-.7V1.7c0-.385.311-.7.692-.7.38 0 .692.315.692.7v1.986c0 .385-.312.7-.692.7Zm-5.557 2.32h.005-.01.005Zm.489-.202a.674.674 0 0 1-.489.202.728.728 0 0 1-.488-.202l-1.384-1.4a.708.708 0 0 1 0-.988.689.689 0 0 1 .977 0l1.384 1.4a.708.708 0 0 1 0 .988Zm6.529 11.454c0 .385.311.7.692.7v.009c.38 0 .692-.315.692-.7 0-.718.501-1.313 1.141-2.065l.014-.016c.863-1.021 1.932-2.287 1.932-4.333 0-2.852-2.378-5.915-5.916-5.915-3.537 0-5.916 3.054-5.916 5.906 0 2.065 1.073 3.343 1.938 4.367l.03.036c.617.735 1.103 1.314 1.12 2.029.009.385.32.673.71.682.38-.009.674-.332.674-.717-.026-1.225-.761-2.1-1.479-2.95-.83-.98-1.609-1.907-1.609-3.455 0-2.18 1.825-4.507 4.532-4.507 2.708 0 4.533 2.337 4.533 4.515 0 1.526-.807 2.484-1.587 3.412l-.022.027-.008.01c-.724.854-1.471 1.736-1.471 2.965Zm-.008-4.051-.744.752v2.774c0 .385-.312.7-.692.7a.698.698 0 0 1-.692-.7v-2.774l-.796-.805a.708.708 0 0 1 0-.988.688.688 0 0 1 .978 0l.51.516.458-.464a.688.688 0 0 1 .978 0 .708.708 0 0 1 0 .989ZM2.192 12.322h1.955c.38 0 .692-.314.692-.7 0-.384-.312-.7-.692-.7H2.192a.698.698 0 0 0-.692.7c0 .386.311.7.692.7Zm11.84 8.252h-3.918a.698.698 0 0 1-.692-.7c0-.385.311-.7.692-.7h3.918c.38 0 .692.315.692.7 0 .385-.312.7-.692.7Zm-3 1.986h1.963c.38 0 .692-.315.692-.7 0-.385-.312-.7-.692-.7H11.03a.698.698 0 0 0-.692.7c0 .385.312.7.692.7Zm10.776-10.237h-1.955a.698.698 0 0 1-.692-.7c0-.385.312-.7.692-.7h1.955c.38 0 .692.315.692.7 0 .385-.311.7-.692.7Zm-4.259-5.617a.33.33 0 0 0 .003 0h-.008.005Zm-.49-.202c.138.13.31.2.49.202a.674.674 0 0 0 .488-.202l1.384-1.4a.708.708 0 0 0 0-.988.689.689 0 0 0-.978 0l-1.384 1.4a.708.708 0 0 0 0 .988Z\" class=\"icon-base\"\/><\/svg>    <\/p>\n<p class=\"w-full mb-0\">\n        <strong class=\"font-bold\"><br \/>\n            Bankrate\u2019s take:<br \/>\n        <\/strong><br \/>\n        If the lenders offer online prequalification tools, consider using them to gauge your approval odds. You can complete the prequalification process to view potential loan offers and interest rates without negatively impacting your credit score.\n    <\/p>\n<\/div>\n<h2 id=\"five\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"5. Apply for the loan\" data-outcome=\"\">5. Apply for the loan<\/h2>\n<p>Prepare the necessary documentation that the lender requires before starting the full application. Although this varies by lender, you\u2019ll typically need to provide the following:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Proof of income. <\/strong>W-2s, 1099s, pay stubs or tax returns. <\/li>\n<li>\n<strong>Proof of identity. <\/strong>Driver\u2019s license, state-issued ID, passport or other official ID.<\/li>\n<li>\n<strong>Proof of address. <\/strong>Utility bill, lease or rental agreement, bank or credit card statement or voter registration card.<\/li>\n<li>\n<strong>Proof of banking account.<\/strong> Many lenders use a read-only access system, like Plaid, to connect to the bank you want your loan funds deposited into. They may also use this as a way to verify your income through direct deposits. <\/li>\n<\/ul>\n<p>Once you have your documents handy, submit the loan application. Many lenders allow you to apply online, receive a quick decision and upload the supporting documents to issue final approval. But if you\u2019re applying with a traditional bank or credit union, you may be required to visit a physical branch to apply, and it could take longer to receive a lending decision.<\/p>\n<h2 id=\"six\" data-position=\"6\" data-beam-element-viewed=\"\" data-id=\"br-h2-6-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"6. Close the loan and make payments\" data-outcome=\"\">6. Close the loan and make payments<\/h2>\n<p>Upon approval, review and clarify the loan terms. The lender will process the file for closing and disburse the loan proceeds to your bank account directly. Unless you choose a debt consolidation lender that pays your creditors directly, you\u2019ll need to pay each creditor with the funds you receive.<\/p>\n<p>Keep making your scheduled payments until each of your creditors shows a zero-dollar statement balance. You\u2019re still responsible for regular payments until the balance is paid in full.<\/p>\n<h2 id=\"alternatives\" data-position=\"7\" data-beam-element-viewed=\"\" data-id=\"br-h2-7-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Alternatives to debt consolidation loans\" data-outcome=\"\">Alternatives to debt consolidation loans<\/h2>\n<p>There are also a number of alternatives to debt consolidation loans you can consider before applying.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Rebalance your budget.<\/strong> Track your spending for a few weeks and see if you can reduce some costs and use the savings toward debt repayment. Consider trimming down on subscription services or switching to a cheaper internet or cell phone plan.<\/li>\n<li>\n<strong>See if you can change bill due dates.<\/strong> If you\u2019ve had some near-misses on monthly payments because of random due dates, ask the creditor if you can change the due date so it matches most of your other bills.<\/li>\n<li>\n<strong>Use a balance transfer credit card.<\/strong> Qualifying for a balance transfer card with a 0% introductory rate allows you to consolidate all of your credit card balances into one account, leading to faster payoff and savings on interest \u2014 as long as you pay the balance before the promotional period ends.<\/li>\n<li>\n<strong>Home equity loan. <\/strong>If you\u2019re a homeowner, you can borrow against the equity you have in your property, often at a lower rate than you\u2019d pay on a debt consolidation loan. You can also spread the payment out over 30 years, which may help reduce payments. However, a major disadvantage of a home equity loan is that if you default, the lender can foreclose on your home.<\/li>\n<li>\n<strong>Seek third-party help. <\/strong>If you have a significant amount of debt \u2014 over $10,000 \u2014 consider seeking help from a credit counseling agency or debt relief company. Either could help you consolidate your debt and negotiate with your creditors to get you more favorable terms, though you may find a nonprofit credit counselor to be more cost-effective.<\/li>\n<li>\n<strong>Savings.<\/strong> Tapping your savings to pay more than the minimum monthly payment on your debt can also help you get out of debt faster and save money on interest charges. If that drains your emergency savings, consider splitting up your debt pay down with some savings and a smaller debt consolidation loan. <\/li>\n<\/ul>\n<p>If you\u2019re in a position where you need to consolidate debt, it\u2019s important to honestly examine how you\u2019re spending money. If the swipe-and-go ease of credit cards is an ongoing issue, stow them away after your debt consolidation pays them off. Otherwise, you\u2019re likely to end up with multiple personal loans, which could add even more strain to your budget and cause additional credit damage.<\/p>\n<h2 data-position=\"8\" data-beam-element-viewed=\"\" data-id=\"br-h2-8-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Bottom line\" data-outcome=\"\">Bottom line<\/h2>\n<p>Getting a debt consolidation loan is a relatively easy process if you have a solid job and a fair credit score. You\u2019ll boost your approval odds if you\u2019ve taken some basic steps ahead of time to make sure you qualify for a personal loan.<\/p>\n<p>Make sure your budget is ready for a regular fixed monthly payment. There is no minimum payment option with a personal loan. Pick the shortest term you can afford so you\u2019re debt-free faster.<\/p>\n<p>If your credit score jumps a bunch, you can refinance your personal loan to a lower rate in the future \u2014 typically with no prepayment penalties of any kind. A debt consolidation loan could be a great step in the right direction to ditching overwhelming credit card debt.<\/p>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"1dJOFZpF0X\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. It takes less than a minute to<br \/>\n                            complete.\n                        <\/p>\n<p>Your responses are anonymous and will only be used for improving our website.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Help us improve our content<\/p>\n<div class=\"HelpfulCTA-actions flex gap-4 mt-2\">\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--yes border border-2 border-blue-600 text-blue-600 rounded px-6 py-2 transition font-semibold flex items-center gap-2 hover:bg-blue-50\" data-cta-yes=\"\" data-beam-element-clicked=\"\" id=\"did-you-find-this-helpful-yes\" data-type=\"button\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Yes\" data-outcome=\"response submitted\"><br \/>\n                <span class=\"Icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Thumbs Up Icon<\/title><path d=\"M13.165 2.175c.322 0 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0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/loans\/personal-loans\/how-do-you-qualify-for-a-debt-consolidation-loan\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways Before applying for a debt consolidation loan, check your credit score, decide how much you want to consolidate and crunch some numbers. It\u2019s crucial to compare lenders and pick a debt consolidation loan that either lowers your monthly payment or reduces the total amount of interest you pay. If a debt consolidation loan<\/p>\n","protected":false},"author":1,"featured_media":23722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-23721","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Do You Qualify For A Debt Consolidation Loan? | IncrediPros<\/title>\n<meta name=\"description\" content=\"Key takeaways Before applying for a debt consolidation loan, check your credit score, decide how much you want to consolidate and crunch some numbers.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/incredipros.com\/?p=23721\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Do You Qualify For A Debt Consolidation Loan? 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