Best Debt Consolidation Personal Loans for Bad Credit

Best Debt Consolidation Personal Loans for Bad Credit

Personal loans for debt consolidation are popular loans for those that may need a solution if you are in a bad credit score and you don’t know how to pay for your high credit card debts. You don’t have to be disappointed if your local bank refuse to approve your loan. If you are suffering from a low credit score, you should apply online as many online lenders now accept a low credit score from as low as 600. The following are the 4 best personal loans for people with bad credit that can be used for debt consolidation.

1. Upgrade
Upgrade offers personal loans starting from $1,000 – $50,000 that can be repaid with a 3 – 5 years monthly installment. With Upgrade personal loans, you can expect to pay an interest rate in the range of 5.96% – 35.97%. If you have a financial circumstance, you can discuss with the manager and negotiate with him. Upgrade will accept applicants with credit score as low as 620. When they review your application, they will first check to see if you have at least $1,000 of free cash flow in your monthly expenses. In addition, your debt-to-income ratio must not exceed 40%.

2. One Main Financials
One Main Financials provides personal loans from $1,500 – $30,000 specifically for people with bad credit rating. There is no minimum credit score requirement but its borrowers have a credit score range in between 600 – 650. You can pay off the One Main personal loan in 2 – 5 years. There is an origination fee but the fee is different depending on your state. Borrowers will be charged with a variable APR from 16.05% – 35.99%. To apply for One Main personal loan, you must bring in a minimum income of $50,000 every year.

3. Lending Club
Lending Club personal loan is suitable for people with bad credit score starting from 600. It offers a decent loan term of 36 – 60 months to pay off the loan. Lending Club personal loan has an interest rate that ranges from 5.98% – 35.89%. You can borrow up to $40,000 from Lending Club. If approved, they will deposit the fund in your bank account in 7 days. You can check your rate with a soft pull before completing the actual application.

4. Avant
Avant personal loans allows you to borrow a loan amount from $2,000 – $35,000. They may approve your loan even if your credit score is as low as 580. Avant minimum income requirement is quite low which is $20,000 per year. Customers are given the option to pay back the loan over a 2 – 5 years monthly installment. Interest rate for Avant personal loan is from 9.95% – 35.99%. Before the loan is issued, they will charge you a 4.75% origination fee.