Life is full of financial emergencies, and we often do not have the means to sort them out. Fortunately, loans create an avenue for getting the needed funds. However, if you take too many loans, you may be overwhelmed with how much you have to repay. Taking more loans may not help, but converting new loans to debt consolidation loans may fix the problem.

A debt consolidation loan helps to ease the stress of paying loans in monthly installments. You can take this loan strictly for servicing your multiple debts and make it easier to monitor the loans you already have to repay. 

This article discusses different credible platforms where you can get a debt consolidation loan. These lending platforms offer reasonable interest rates without charging extra for their services. You will find them easy to use and quick to send the loans.

Best Debt Consolidation Loans For Bad Credit:

1. Money Mutual – Best Quick Check Debt Consolidation Loan Lenders Overall 
2. Bad Credit Loans – Top Rated For Bad Credit Debt Consolidation Loans
3. CashUSA – Ideal For Speedy Cash Approval With Direct Deposit Loans In Minutes
4. Personal Loans – Recommended Personal Loans For Debt Consolidation

#1. Money Mutual – Best Quick Check Debt Consolidation Loan Lenders Overall 

This online loan service is a marketplace with multiple lenders ready to meet with borrowers. The platform uses only credible lenders to ensure every borrower gets the best from the service. Conversely, each borrower is thoroughly vetted to ensure lenders work with customers that will pay the money back.

If you are on the market for short-term loans, Money Mutual may be your go-to because it specializes in delivering quick funds in emergencies. It does not matter why you need the money; the platform allows you to use it for any purpose, including debt consolidation. Note that it does not directly lend to you but connects you to lenders within its network.

The application process is straightforward when using Money Mutual. Go to its official website; ensure you only use the official one and not a third-party source. This helps you to avoid getting scammed. Once there, fill out the form with the required information. Money Mutual does not ask for more than is required for the loan, and the requirements are short and simple.

Highlights

Easy to Compare Terms: Multiple lender connections makes it easy to compare terms and select the lender with the most favorable ones. If a lender does not have favorable terms, you can choose another.

Quick Deposit Time: You may receive the money within 24 hours if you negotiate and agree with the lender on time. However, it depends on the time of day and if it is close to the weekend. It is best to apply within a working week.

Loan Amount: Money Mutual gives loans up to $5000 for any purpose. It is not a platform that requests to know the reason for the loan. In other words, you can use it for debt consolidation.

Quick Application Process: It takes five minutes or less to complete and submit the application form. The platform also lets you know whether or not you are approved for a loan within a few minutes.

=> Click here to visit the official website of MoneyMutual

Pros

• Easy application
• Limited requirements
• Quick funding
• Multiple lenders

Cons

• Not available in every state
• May have high-interest rates

#2. Bad Credit Loans – Top Rated For Bad Credit Debt Consolidation Loans

This lending marketplace opens its doors to all borrowers who meet its requirements. It does not select based on your credit score but has a reputation for giving loans to all credit types, including bad credit. It may be the solution you need when no other platform offers the required funds. Bad Credit Loans companies can also create a way to repay the loan and boost your credit score with easy repayment plans.

It works with many lenders to boost its network and ensure every borrower gets a connection to a lender. The platform does not require knowing the purpose of the loan, but you must provide proof that you can pay it back. In other words, you can use the loan for debt consolidation or other expenses. However, using it for reasonable expenses is best to avoid accruing more debts.

Highlights

Loan Sum: Bad Credit Loans company offers all borrowers between $500 and $10,000. However, bad credit customers usually get less than the full amount and may get higher interest rates than other credit types.

Safe and Secure Site: The official website is safe and secure for use. The company ensures there is no risk of theft or hacking because of the nature of information deposited per time. Additionally, the site is easy to navigate and use.

Quick Fund Delivery: You may receive the money in your account within 24 hours or on the next business day, depending on the time of the application. However, you must provide the necessary information to process your application and agree to terms with the lender as quickly as possible. Otherwise, they may delay the delivery time.

Loan for All Purposes: Bad Credit Loans company does not make it a requirement to know why you need the loan. Unlike some platforms where you must state the reason for taking the loan, you can use this loan for any purpose. That is why it is easy to use it for debt consolidation.

=> Click here to visit the official website of BadCreditLoan

Pros

• Multiple lender connection
• A chance to improve credit scores
• Service is free
• Accepts all credits

Cons

• Possibly high-interest rates
• May send unsolicited messages

#3. CashUSA – Ideal For Speedy Cash Approval With Direct Deposit Loans In Minutes

As with the others, CashUSA is a lending marketplace, not a direct lender. It makes getting loan approvals easy for all credit types, including bad or poor credit. Every borrower has an opportunity to access different loan amounts through this platform because it uses only credible lenders.

CashUSA does not conduct a credit check on its borrowers. Therefore, it is a safe platform if you are worried about your credit score. Moreover, you can reach many lenders with one application through the platform because it uses multiple credible lenders within its network to give borrowers options.

However, note that short-term loans like the ones offered by CashUSA usually attract high-interest rates. Consider this when choosing the loan amount, which ranges between $500 and $10,000. The interests range from 5.99% to 35.99%. Nevertheless, applying for a loan is easy; complete and submit the online form, which takes only a few minutes. Once you reach an agreement with your lender, you can receive the money within one business day.

Highlights

Basic Requirements: CashUSA does not require extensive details from you when applying for a loan. You may only need to provide your name, address, phone number, bank details, valid ID, and proof of income.

Direct Funds Deposit: One of the requirements for a loan application through the platform is a bank account. This makes it easy to deposit the money within a short period, making it accessible to you.

Speedy Approval Rate: The approval rate for loans through CashUSA is high. Most applicants are approved quickly to help them access the needed funds. Moreover, the company does not stipulate what you can use the loan for; it is up to you. That is why it is excellent for debt consolidation.

Loan Amount: CashUSA offers up to $10,000 as loans to borrowers. However, due to credit score, this amount may not be available to every borrower. Some lenders may not be open to high lending sums to bad or no credit borrowers. As a result, the loan sums for such people may be too small.

⇒ Visit the Official Website of CashUSA

Pros

• Easy to access
• High approval rate
• Reasonable loan sums
• Private and secure website

Cons

• Borrowers must have a minimum of $1000 monthly income
• Must be a citizen of the United States

#4. Personal Loans – Recommended Personal Loans For Debt Consolidation

This company is a unique one on our list for two reasons. One is the loan sum, which is much higher than what others offer. Two is its lender network, which is more significant than others. These, among other aspects, make the platform one of our picks for the best debt consolidation loans.

Personal Loans company has a reputation for favoring borrowers with fair or excellent credit. However, that does not mean it completely excludes everyone with bad credit. To qualify, you must meet specific criteria and provide a good and stable income source. As a borrower, you must also not have any bankruptcy or late accounts for more than 60 days. Additionally, your credit history must show no late fee payments. Otherwise, you may have to look elsewhere for financial assistance if you have bad or poor credit.

The company offers between $1000 and $35,000 as loan sums. The full amount is accessible to excellent or very good credit customers. Borrowers with low credit ratings may not receive the entire sum, but they have a wide range from which to select. Sometimes, they can receive high sums if they negotiate with a lender and come to agreeable terms. Furthermore, it uses a third-party network of lenders for occasions where there is no available lender within its immediate network.

Highlights

High Loan Sums: The company offers loans between $1000 and $35,000; the range is wide enough for borrowers to choose the loan sum that suits their needs. 

Vast Lender Network: Personal Loans company uses its vast lender network and a third-party network for occasions when there is no lender for a borrower within its network. This means most borrowers are connected to credible lenders.

Detailed Requirements: The company has a detailed list of requirements for all applicants. You may have to provide proof of whether your house is yours or if you are in the military and other information.

Extended Repayment Plan: Personal Loans company offers an extended repayment plan for all its borrowers, up to 70 months. This gives all income levels time to plan and make timely payments without affecting their regular income or savings.

=> Click here to visit the official website of Personal Loans

Pros

• A vast lender network
• High loan sums
• Excellent interest rates for excellent credit score borrowers
• Extended repayment plans

Cons

• Interest rates may be high for bad credit
• Loan requirements may be extensive

How We Made The List While Selecting For Guaranteed Debt Consolidation Loans For Bad Credit?

We considered several factors before selecting the best debt consolidation loan platforms. Besides choosing online services, we had to check their reputation based on customer reviews. We also checked how easy it is to use their service and what their terms are, including the annual percentage rate (APR). 

There was a long list of trusted brands we had to go through to arrive at the end. Our criteria list helped us to eliminate platforms with poor reviews from verified customers. The list also helped us remove brands without easy-to-use websites and unreasonable requirements. We further narrowed the list by the loan amounts and how quickly each platform deposits the funds to your account.

What We Looked For: Debt Relief Companies With Instant Cash Advance

The following are some of the criteria that helped us select the loan companies with the best debt consolidation loan offers:

• Ease of Using Service: The brands on our review list have some of the easiest processes for using their service. You must visit their official website, fill out the loan application, and submit it. This process takes less than five minutes.
• Quick Loan Payout: There is no point in applying for a loan that you can only access when you no longer need it. The same applies if the loan takes too long to reach you, even if you still need it. So, we picked the platforms based on how quickly they send the money, considering that you may need it to make the next payment.
• Brand Reputation: Each brand on our list was carefully and thoroughly scrutinized based on customer reviews. We did not look for reviews from sponsored sites but selected reports from verified users over the years.
• Loan Amount: The loan companies give reasonable amounts as loans, and you can start from any amount. They make it easy to navigate and choose the amount that suits your needs per time.

Buying Guide: Determining Factors for Choosing Debt Consolidation Loan Services 

Knowing the factors that affect it is crucial if you are new to taking a debt consolidation loan. You may select an excellent online lending marketplace, but several other steps must be considered before reaching your goal. These factors affect your loan experience and how well you use it.

• Interest Rates

Most debt consolidation loans do not attract high-interest rates unless you have bad credit. Otherwise, you can consolidate other high-interest loans into one with 10% or less as its accruing interest rate. That should save you some money in the long run. However, this works for borrowers who use credible lenders and have excellent or fair credit.

• Loan Terms

Before signing the loan contract, you must thoroughly check and approve all the loan terms. It helps if you have someone well-versed in these terms to oversee things and ensure you get the best deal. Some lenders may have unfavorable terms or hidden charges that only appear after the fact. 

• Risks

Furthermore, you must determine possible risks in taking a debt consolidation loan. For example, the structure of the loan you want to consolidate credit card debt can affect how much you save by using a debt consolidation loan. Check the accruing interests on the loans you wish to repay before taking a debt consolidation loan. 

That should inform you of the best loan duration to reduce the interest rates. Let an experienced person check the possible risks and advice you accordingly. Additionally, some lenders may request collateral before giving a debt consolidation loan. While collateral significantly reduces the accruing interest, you may lose the collateral if you fail to repay the loan.

• Extra Fees

Some lenders add fees to their services to cover various aspects. For example, a lender may charge an origination fee or late payment fees. The lender deducts the origination fee from the principal loan sum, reducing the amount you receive into your account. 

You pay late payment fees when you do not meet the payment date. Not every lender demands this fee, but you must determine which offers the best terms and what the entire contract covers.

Debt Consolidation Loan: FAQs

Q1. Is a debt consolidation loan ideal for me?

Determining whether or not a debt consolidation loan is ideal for you depends on a few factors. One is the type of loan you want to consolidate. Its structure can affect the interest rate in the long run. Two is the interest rate on the debt consolidation loan. Three is your credit score; the lower the credit, the lower the amount you receive. Also, your credit score affects the accruing interests on the loan.

Q2. How does a debt consolidation loan help me?

The interest rate on a debt consolidation loan is typically lower than other loan types. You can save money by using this loan. Also, you can make one payment every month instead of smaller installments. This, in turn, helps you stop debt rollover, contributing to higher debts in the long run. Additionally, you can improve your credit score by using a debt consolidation loan. However, you must avoid taking more online loans for bad credit until you have cleared the old ones.

Q3. Is it easy to get a debt consolidation loan?

It is usually easy to get a debt consolidation loan, especially if you use any of the services on our list. Such a loan is akin to taking a personal loan, meaning you must provide the requirements as stated on the official website. However, it may be difficult for people with bad, poor, or no credit since lenders usually prefer borrowers with better credit. Besides, taking this loan if you have bad credit means paying higher interest than other borrowers with better credit.

Conclusion: Is Debt Consolidation A Good Idea?

Debt consolidation loans for bad credit are an excellent way to repay loans without the extra burden of more debts or higher interest. They are easy to access online, especially if you have excellent credit. As our review sections show, borrowers with bad credit also have accessible online platforms to provide these loans. So, check out Money Mutual, Bad Credit Loans, CashUSA, and Personal Loans for credible lenders and the best loan terms.

You must also consider the factors that affect the loan, especially in the long run. We have provided a buying guide to ease the process. Check the interest rates, loan terms, risks involved in using a debt consolidation loan, and extra charges. These factors should help you to make an informed decision on which platform and lender work best for your loan needs.