Debt consolidation loans for fair credit
Some lenders offer debt consolidation loans to borrowers with fair credit, though options are usually narrower and costs higher than with stronger credit. Here's what to expect and how to check whether consolidating would actually save money.
What to expect consolidating with fair credit
- FICO describes scores of 580 to 669 as fair. Score ranges vary by scoring model, and each lender defines its own criteria.
- With fair credit, a consolidation offer may not come in under your current card APRs once fees are included. Compare the total cost, not only the single monthly payment.
- Some lenders allow a co-applicant or offer secured loans. These can change what you're offered, and add responsibility or risk for the other person or the collateral.
- Paying down a balance or correcting errors on your credit report before you apply can change the offers you see later.
Estimate what consolidating could save
Enter your current balances and their APRs, then the APR and term you want to compare. Both are paid off over the same term.
Estimates only, based on the numbers you enter. Not an offer of credit. Lendara is not a lender.
How checking your options works
When you check your options for a debt consolidation loan with fair credit through Lendara, you answer a few questions about the loan you want, your income and your finances.
If participating lenders have options for you, you can compare them side by side: APR, fees, monthly payment, term and total cost. Nothing is accepted until you choose an offer.
If you decide to apply, the lender reviews your application, may check your credit, and decides whether to approve you and on what terms. Lendara doesn't make that decision.
Frequently asked questions
Can I consolidate debt with fair credit?
Some lenders consider applicants with fair credit, but each sets its own criteria, and no one can promise approval. Compare any offer's total cost with what you pay now.
Does a consolidation loan pay off my cards directly?
Some lenders send the money straight to your creditors; others deposit it with you. If it's deposited with you, plan to pay each balance off right away.
Is Lendara a lender?
No. Lendara is a free marketplace that connects you with participating lenders. We don't make credit decisions or lend money.
Related guides
- Personal Loans for Fair Credit: What to Know
What "fair credit" commonly means, what partners may look at beyond your score, and why personal loan rates and terms can vary so much.
- How to Compare Debt Consolidation Loan Offers
How to compare debt consolidation loan offers on APR, origination fees, term length, total cost and prepayment penalties before you consolidate.
- How to Compare the Total Cost of a Loan (Not Just the Monthly Payment)
Why the lowest monthly payment isn't always the least expensive loan, and a step-by-step way to compare offers by APR, fees, term and the total you'll repay.
Lendara is not a lender and does not make credit decisions. Lendara is a free online marketplace that connects you with participating lenders, who set their own eligibility rules, rates, fees and terms. Lendara may receive compensation from partners, which may affect which offers appear and their order.