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Compare debt consolidation loans for bad and fair credit
Debt consolidation can help you organize your finances, but it may not mean savings if you have poor credit.
Using a personal loan to consolidate debt can help you save on interest and pay down your accounts quickly. That's because loans have lower rates than a credit card and fixed repayment terms to keep you on track.
But borrowers with credit scores below 670 could struggle to qualify for low enough rates to benefit from a debt consolidation loan. The few lenders that accept bad or fair credit charge origination fees of up to 10% and rates higher than your typical credit card.
Debt consolidation can still help you manage your debt payments and avoid rising interest rates if you have bad credit. But you may want to save this option for paying down accounts with rates over 36% APR.
To narrow down your choices, compare APR, credit score requirements and amounts available through different lenders. Select Compare for up to four lenders to weigh their benefits side by side. To check your rate, select Go to site, or More info to read an expert review.
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