Best For Bad Credit: Upgrade
- Time To Receive Loan:1 Days
- Loan Amount:$1,000 – $50,000
Unlike many other lenders, Upgrade allows co-signers and joint applicants. That means borrowers with poor credit can get help qualifying for debt consolidation loans.
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Co-signers and joint applicants allowed
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Low minimum credit score requirement
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Rate quote does not impact credit
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2.9% to 8% origination fee
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Not available in all 50 states
Upgrade is a San Francisco-based fintech company that services loans from its banking partners, Cross River Bank and Blue Ridge Bank. Upgrade’s all-online process includes a rate quote that won’t impact your credit, an application that can be completed within minutes, and funding that’s available within one business day of approval. And if you’re getting a debt consolidation loan, funds can be sent directly to your creditors.
While Upgrade allows co-signers and joint applicants, borrowers with credit scores as low as 550 may qualify on their own. The downside is that you may be charged a hefty origination fee, up to 8%, which is deducted from loan proceeds. That means you’ll need to apply for as much as 8% more than you want to borrow.
Some other positive notes to consider include loans that start as low as $1,000 and range as high as $50,000, no prepayment fee, and the option to change your payment due date.
Bm Credit Pte Ltd Debt Consolidation Loan/plan
As a licensed moneylender in Singapore, 96BM Credit Pte Ltd provides fuss-free debt consolidation loan in Singapore.
Our clients choose us because of how fast we approve their loans.
Additionally, with extremely reasonable interest rates as low as 2.27% simple interest per month, it will ensure that your debt consolidation loans will remain extremely affordable for you to pay off.
Consider A Secured Loan
Personal loans for debt consolidation are typically unsecured, meaning they dont require collateral. If youre having a hard time getting approved for an affordable unsecured debt consolidation loan, a secured loan might be worth considering.
Secured loans require some form of collateral, such as a vehicle, home or another asset. The collateral usually has to be worth enough to cover the loan amount if you default. Because of this, its typically easier to get approved for a secured loan than an unsecured one, and you may even qualify for a better interest rate.
Takeaway: To increase your loan approval odds and chances of landing a lower rate, shop around for a secured personal loan.
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Unsecured Debt Consolidation Loans
This type of loan doesnt require you to be a homeowner. Your ability to repay the loan and your credit history are the two principal factors that determine whether you are accepted for an unsecured debt consolidation loan.
This means that you may struggle to be approved for these loans if you have a poor credit score. If you do qualify, you may not be able to borrow as much as others and you may be stuck with a higher interest rate.
Upgrade: Best For Joint Applications

Minimum credit score: 620
Loan length: 24 to 84 months
Loan amount: $1,000 to $50,000
Origination fee: 1.85% – 8.00%
Upgrade has the highest minimum credit score requirement on this list. However, if your credit score isnt quite up to par, this lender offers joint loan applications as well as secured loans. Consumers can apply for up to $50,000 and receive their money within one business day after being approved.
What to like
- Receive funds within a day of approval
- Among highest maximum loan amounts on list
- Offers joint applications and secured loans
What to keep in mind
- Can only choose from two loan terms
- 620 minimum credit score
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How Bankruptcy Can Affect Your Credit
You can get rid of your unsecured debt under Chapter 7. Your credit score has probably taken a nosedive due to late payments, defaults, and collections already listed on your credit reports. Upon completing the proceedings, the credit bureaus will remove your unsecured debts and collection accounts, noting that the bankruptcy court discharged them.
Chapter 13, which has a lifespan of seven years on your credit report after discharge, is less damaging to your credit. In the short term, the cumulative damage may be no more significant than the previous damage to your credit score. After discharge, your credit reports may look better than before bankruptcy.
Nonetheless, bankruptcy inflicts long-term damage to your credit by lingering for seven to 10 years. It will discourage many creditors from offering you a loan or credit card, at least in the early years following discharge.
But despite bankruptcys damage to your credit score, many creditors will consider extending credit to you once the court proceedings end.
Eventually, the negative items on your credit reports will age away.
How To Qualify For A Debt Consolidation Loan If You Have Bad Credit
Watch out for predatory lenders.
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Can I Consolidate My Debt If I Have Bad Credit
Even if you have a low credit score, you may be able to get a debt consolidation loan. Secured loans are usually easier to get approved for than personal loans â this is because they use an asset, such as your house, as collateral to reduce risk for the lender. However, you may lose the asset if you donât keep up with repayments, so a secured loan is not to be taken out lightly.
However, debt consolidation isnât right for everyone, and it can have some downsides. Hereâs what you should consider before getting a debt consolidation loan:
Avant: Best For Fast Funding
Minimum credit score: 600
Loan length: 24 to 60 months
Loan amount: $2,000 to $35,000
Origination fee: Up to 4.75%
As Avant reports to all three credit bureaus Equifax, Experian, and TransUnion taking out a debt consolidation loan through this lender could help you increase your creditworthiness should you decide to apply for another personal loan down the road. Avant also funds your loan as quickly as the next business day so you wont be waiting around very long.
What to like
- Receive funds as soon as the next business day
- Lower origination fee compared to other lenders
- Reports to all three credit bureaus
What to keep in mind
- Low maximum borrowing amount
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What Is A Debt Consolidation Plan
When It Gets You Lower Rates
If you’re able to qualify for a new loan or line of credit with a lower APR than your current creditors are charging, consolidating the debts will reduce the overall cost of what you owe by slowing down the rate at which interest accrues. That in turn will help you pay off what you owe more quickly.
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Applying For Bad Credit Debt Consolidation
Here at Australian Lending Centre our goal is to take away the stress of bad credit debt consolidation loan applications. When you need to consolidate with bad credit, there are a few things we can do to qualify your for your loan. Heres what you can do today:
Select the type of loan that you want by clicking the button with the icon.
Continue through the form and follow through to the upload document prompts.
If approved, the funds could be transferred to your account as little as 72 hours.
Consolidate All Your Outstanding Debt Into One Account With Us And Enjoy Interest Rates As Low As 38% Pa

Interest rates from as low as 3.8% p.a.
Effective Interest Rates starting from 6.78% p.a.+
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Stretch your payments by up to 10 years
Reduce your total monthly payments substantially by stretching your loan repayments by up to 10 years
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Requirements
Total outstanding debt of more than 12 times your monthly income. Annual income of at least S$30,000 but below S$120,000
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Convenience of making repayments to a single bank
Consolidate all your outstanding debt from credit cards, lines of credit and/or any personal loans across all financial institutions or refinance your existing Debt Consolidation Plan with our attractive rates
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Get a Revolving Credit Facility with up to 1 time your monthly income
Receive a revolving credit facility with a limit of your monthly income as your survival credit**
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How it works
# The above illustration is for first time application for the DCP with HL Bank. The DCP amount is based on an assumption of applicant having a total unsecured outstanding amount of S$100,000 across 5 different banks and this outstanding amount of S$100,000 is consolidated to a DCP with HL Bank plus a buffer of 5% allowance at interest rate of 3.8%p.a.,, loan tenure of 10 years. We have waived the one-time processing fee of 1.5% on the approved DCP loan amount or S$300, whichever amount is higher. This is only an extract and full terms and conditions apply.
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Our Editorial Review Policy
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What Is Considered Bad Credit
A FICO score between 300-580 is a bad credit score.
Bad credit is a term used to describe a persons financial history when they have made poor choices with credit and failed to may payments on time. As a result, getting a loan from a lender can be challenging, as they may view you as a high-risk borrower.
It is one factor that lenders look at when considering whether or not to give you a loan. Some lenders will provide you with a loan, but the terms and rates will not be favorable.
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How Can I Get All My Debt Into One Payment
You can consolidate your debt into one monthly payment through either a consolidation loan or debt relief. The steps for using a consolidation loan using the companies in this review are as follows:
During the payoff period, keep your credit cards at home and rely on a debit or prepaid card for your shopping needs. Always ensure that your checking account has sufficient funds for the monthly repayment of the consolidation loan.
Alternatively, these are the steps to take if you use a debt settlement organization:
No Guarantor Needed But You Can Have One If You Like
Although some loan providers will insist you have a guarantor if you have bad credit, this is not essential. If you dont want a guarantor, then we will still strive to find you a debt consolidation loan without one. However, if you have a guarantor willing to help with your consolidation loan, this isnt a problem either.
Regardless of your choice, well find you the best debt consolidation offers we can. You can find more information on our guarantor policy available here.
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Why Could Making Minimum Payments On Credit Cards Cause Bad Credit
Making minimal repayments, the total amount owed will always remain high, which means you have a high credit utilisation ratio. Experts suggest keeping your credit utilisation ratio lower than 30% can benefit your credit score, while a ratio of 31% or more can damage it. A credit utilisation ratio is the amount that you currently owe compared to the total loan amount. So, if your total loan amount is $1,000 and you still owe $300, then you would have a credit utilisation ratio of 30%. Put simply, credit utilisation ratio= loan amount still owed / total loan amount.
Debt Consolidation Loans Faqs
Debt consolidation is a way to combine some or all of your debts into one single monthly payment.
It means you could make one payment per month, rather than several. This can make it easier to keep track of all your payments.
With Shawbrook, this involves you taking out an unsecured loan which you use to pay off existing debts.
Other types of debt consolidation include a second charge mortgage or a balance transfer. A balance transfer refers to moving debt from one account or credit card to another.
For more information, visit our: Ultimate guide to debt consolidation
Debt consolidation can cause a temporary dip in your credit score but can improve your rating over time.
This is because being accepted for a loan will require whats known as a hard search a type of credit check that will leave a record on your file which can lower your credit score and can be seen by other lenders.
But over time, debt consolidation loans may help to improve your credit score. Thats because having one monthly repayment can make it easier for you to pay on time, every time.
Receiving a quote for a debt consolidation loan from Shawbrook Bank wont affect your credit score as the record, known as a soft search, isnt visible to anybody but you. You will only impact your credit score if you apply for the loan.
Your circumstances will determine if a debt consolidation loan is right for you.
For more information, visit our: Ultimate guide to debt consolidation
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Why We Help People With Bad Credit Get Debt Consolidation Loans
If you have a poor credit history, it can feel like the financial world is closed to you. However, with a debt consolidation loan, you can start to repay your creditors while making positive steps towards ultimately improving your score. Even people with very poor credit can still be helped by a debt consolidation loan.
Whether you have bad credit or not, we could still help you on your search for debt consolidation loans bad credit and will always strive to find you the best deal possible. We want to help you get back on top of your debts.
What Are The Risks Of Debt Consolidation

The biggest risk associated with debt consolidation is a lack of discipline resulting in new debt before you repay the existing debt. Taking on new debt defeats the purpose of consolidation. Youll find yourself once again making multiple monthly payments, and, in the long run, you could end up in deeper trouble than when you started.
When you take the debt settlement route, your current creditors will notice if you build more debt and may retaliate. The form of retaliation may be to require you to close your new account or even cancel any concessions made to your existing account, such as reduced interest rates, a longer repayment term, and/or debt forgiveness.
Debt settlement also carries the risk that your creditors wont agree to a relief plan. Some may instead decide to sue you in court and force you into bankruptcy.
You may be unable or unwilling to complete the debt relief program, which could land you in bankruptcy court. The relief service companies cannot guarantee you will finish your program by a specified date or that you will save a specified amount.
You wont know in advance how much your if you take the debt settlement route. You can be sure that the relief youre given will remain on your credit history for seven years, although most of the damage to your score occurs in the first two years.
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