A debt consolidation Loan is a type of personal loan that lets you combine multiple debts and leaves you with just one loan and one payment to manage. You might also qualify for a lower interest rate, which could help you save money on interest charges and even pay off your loan faster.
While you’ll typically need good to excellent Credit to qualify for a debt consolidation loan, there are several lenders that offer debt consolidation loans for fair credit.
Here’s what you should know about debt consolidation loans for fair credit:
- 13 best lenders for debt consolidation with fair credit
- How to get a debt consolidation loan with fair credit
- Do debt consolidation loans hurt your credit score?
- What is a fair credit score?
- How much of a loan can you get with a 600 credit score?
- How to boost your credit score
13 best lenders for debt consolidation with fair credit
If you have fair credit — usually considered to be a credit score between 640 and 699 — you might still qualify for a debt consolidation loan from certain lenders.
Here are Credible’s partner lenders that offer fair credit personal loans for debt consolidation:
| Lender | Fixed rates | Loan amounts | Min. credit score | Loan terms (years) |
|---|---|---|---|---|
View details | 9.95% - 35.99% APR | $2,000 to $35,000** | 550 | 2, 3, 4, 5* |
Avant personal loans review *If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. |
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View details | 5.99% - 29.99% APR | $5,000 to $35,000 | 600 | 3, 5 |
Best Egg personal loans review |
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View details | 6.99% - 24.99% APR | $2,500 to $35,000 | 660 | 3, 4, 5, 6, 7 |
Discover personal loans review |
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View details | 10.68% - 35.89% APR | $1,000 to $40,000 | 600 | 3, 5 |
LendingClub personal loans review †Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary. |
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View details | 15.49% - 35.99% APR | $2,000 to $25,000 | 580 | 2, 3, 4 |
LendingPoint personal loans review |
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View details | 3.99% - 19.99% APR | $5,000 to $100,000 | 660 | 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans) |
LightStream personal loans review LightStream disclosure |
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View details | 6.99% - 19.99% APR1 | $3,500 to $40,0002 | 660 (TransUnion FICO®️ Score 9) | 3, 4, 5, 6, 7 |
Marcus personal loans review 1Rate reduction of 0.25% when enrolled in autopay. 2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt. 3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details. 4Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. |
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View details | 18.00% - 35.99% APR | $1,500 to $20,000 | None | 2, 3, 4, 5 |
OneMain Financial personal loans review |
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View details | 5.99% - 24.99% APR | $5,000 to $40,000 | 640 | 2, 3, 4, 5 |
Payoff personal loans review |
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View details | 5.99% - 17.99% APR | $600 to $20,000 (depending on loan term) | 670 | 1, 2, 3, 4, 5 |
PenFed personal loans review |
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View details | 6.95% - 35.99% APR | $2,000 to $40,000 | 640 | 3, 5 |
Prosper personal loans review |
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View details | 5.94% - 35.97% APR | $1,000 to $50,000 | 580 | 3, 5 |
Upgrade personal loans review |
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View details | 8.27% - 35.99% APR4 | $1,000 to $50,0005 | 580 | 3 to 5 years4 |
Upstart personal loans review 4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 24.4% and 36 monthly payments of $36 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100. 6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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Avant
If you have poor or fair credit, Avant could be a good option for a debt consolidation loan. You can borrow $2,000 to $35,000* with repayment terms ranging from two to five years.**
Best Egg
Best Egg offers personal loans from $5,000 to $50,000 with three- or five-year terms. In addition to your credit score, Best Egg also considers more than 1,500 proprietary credit attributes from sources that include external data providers as well as your digital footprint.
This means you might have an easier time qualifying with Best Egg compared to traditional lenders.
Discover
If you’re looking for a longer repayment term on a fair credit personal loan, Discover might be a good choice. You can borrow $2,500 to $35,000 with terms from three to seven years.
