Best Debt Consolidation Loans For Bad Credit With Emergency Cash Of 2022

Debt consolidation loans are personal loans that enable borrowers to consolidate multiple high-interest debts into a single payment. Consolidation loans can help you repay existing debt more easily, reduce monthly payment sums, get out of debt in the future, and keep improving your credit score.

On the other hand, online seeking the perfect consolidation loans is not as simple as it sounds. With so many debt consolidation businesses to choose from, locating the best lender can be a daunting task.

Obtaining a consolidation loan can help you save money. However, the terms of your loan will be determined by your creditworthiness and the lender, which is why getting proposals from top lenders is important. So, let’s discover more!

Best Debt Consolidation Loans For People With Bad Credit

  • MoneyMutual - Overall best debt consolidation loans service provider, editor’s pick
  • BadCreditLoans - Reputed loan lending company for bad credit score
  • CashUSA - Trusted loan consolidation lenders for instant cash approval
  • PersonalLoans - Best personal loans online lenders for consolidating debt

#1. MoneyMutual - Overall best debt consolidation loans service provider, editor’s pick

MoneyMutual is a large network of lenders specializing in short-term loans. Over 60 lenders are available to assist you with loans, whether your main objective is debt consolidation or simply to get some extra cash for an expense.

You begin by visiting their website and completing the pre-qualifier questionnaire. Then, lenders who can lend to you will notify you regardless of your credit score.

Overall, this website lets you connect with lenders to obtain your required financial support. The best part is that you can get your funds in as little as one business day after approval.

This company is legitimate, and you can work with them with confidence. It opened its doors in 2010, and its mission is to get Americans the money they need with the least stress.

After you've decided on the best loan, you'll carefully read the terms & conditions. Then, if the loan funds are appropriate for your needs, you will accept them.

The loan amount, interest rate, and loan terms are determined by your lender, not the MoneyMutual network. So, before you agree to anything, read them thoroughly and carefully.


Cash advances are used to pay off debts when electronic payments are not accepted. We generally advise against using these unless necessary, as the interest rates and fees are exorbitant.

These short-term loans are intended to help you get to your next payday and are useful if you need some extra cash for an unexpected expense. These are usually due with your next paycheck, so be ready to permit the lender to debit your account on the due date.

MoneyMutual may be able to assist you if you have a low credit score and need a loan. They consider factors apart from your credit rating to determine your eligibility. Of course, the interest rates will be higher, but as long as you are employed, you would have an easier time obtaining a loan from MoneyMutual.

When it tends to come to consolidation loans, this is what so many of you will be applying for. You will repay this every month, and it is ideal if you have a stable income, such as from full-time work or state assistance, a pension, or self-employment. Read the terms carefully and make sure you understand.


  • Service at no cost
  • Quick and simple approval
  • Within 24 hours, funds will be transferred directly to your bank account
  • The website contains educational resources


  • Sometimes with high-interest rates

Visit the Official Website of MoneyMutual

#2. BadCreditLoans - Reputed loan lending company for bad credit score

This platform is intended for people with poor credit or no credit. Those who have previously struggled can restore and get a second opportunity with these small loans, which can significantly increase their credit score.

These loans can be used for various purposes. However, you should only use them for necessary expenses such as medical bills or, in this case, debt consolidation. Furthermore, BadCreditLoans, like MoneyMutual, is a marketplace of lenders.

The loans provided are not provided directly by BadCreditLoans. Instead, it connects you to a vast network of lenders who send you proposals to consider. To see which lenders are available to you, simply fill out the pre-qualifying application.

However, take caution when approaching these loans. Interest rates on bad credit loans seem to be higher, and fees may be higher than those on good or fair credit loans. Furthermore, the loan amounts are not as large as those offered by other lenders.

However, this organization is your best bet if you want to consolidate your debts and have a low credit score.


Suppose you don't know anything about loans. In that case, you can go to an educational center where they discuss the various types of loans that consumers can apply for, like auto, student, and business loans.

Furthermore, they discuss loan scams, which everybody should be aware of, especially if they have a low credit score. You can also contact them using the number on their website for any further assistance.

It's also worth noting that the customer service representatives are extremely helpful and knowledgeable about the site. However, any questions about your loan should be directed to the lender, not BadCreditLoans.

BadCreditLoans' main product is personal consolidation loans, and they start taking care not to put those with bad credit in a bad situation.

Furthermore, personal debt consolidation loans can be used for any purpose. However, you should resist the temptation to use your loan for anything other than debt consolidation.


  • Compare multiple lenders at the same time
  • Service at no cost
  • Various methods of contact
  • This could help you build your credit
  • Provides quick loans to people with bad credit


  • High-interest rates
  • Small loans

Visit the Official Website of BadCreditLoans

#3. CashUSA - Trusted loan consolidation lenders for instant cash approval

With CashUSA, you simply fill out a quick application and let them handle the rest. If you qualify for a loan, lenders will flock to you in minutes with offers based on the information you entered.

CashUSA is yet another loan marketplace with a network of lenders working together to give people who need to borrow money various options. It is helpful to think of this as a "go-between," similar to MoneyMutual because they bring forth all the loans.

This is ideal if you have bad credit, but remember that higher interest rates and service fees are unavoidable if you use this company. Loans start at $500 and go up to $10,000, with interest rates ranging from 5.99 % to 35.99 %.

Also, keep in mind that CashUSA is not a lender or servicer. As a result, you must contact your loan company directly to ask any questions or address any concerns you may have about the loan.


Numerous lenders are working for you, which is potentially their best feature. It is simple to cast a wide net and see what deals are available, which is far more convenient than calling a hundred or so places and noting down all that information. They will only refer you to lenders licensed in your state.

Another outstanding feature is the simplicity of the process from beginning to end. You begin by completing a brief form that requests only basic information such as ZIP code, birth year, and SSN's last four digits. Then, you fill out the full form, which requests additional information such as your name and email address, employer information, and military service.

After that, you submit the form, and the offers begin. Once you've found a loan that appeals to you, click on it and carefully read the contract. If you decide it is appropriate for you, you will provide whatever information the lender requires, receive your funds the next day, and begin repaying the loan.


  • There is no minimum credit score requirement
  • Service at no cost
  • A site that is safe, secure, and convenient


  • Must have an income of $1,000

Visit the Official Website of CashUSA

#4. PersonalLoans - Best personal loans online lenders for consolidating debt

PersonalLoans was established in 2001. It is one of the most established online marketplaces for personal loans. The platform is not a direct lender but acts as a go-between for the borrower and lending companies offering a variety of loan amounts, terms, and rates.

Loan amounts on the PersonalLoans platform are particularly varied. You can borrow as little as $500 with a 90-day repayment period. This is the smallest loan amount and the quickest payment plan we've found. It's also one of the things that distinguish PersonalLoans from the competition.

The site is free to use, so nothing stops you from seeing if you qualify for a quick loan. It's also not just about short-term loans. Numerous PersonalLoans loan reviews state that the offers are flexible, ranging from very short-term to six-year plans with a few of the best repayment terms on the market.

Furthermore, the offers are appropriate for applicants with bad credit and those seeking a personal loan for debt consolidation. You can even get capital to start a business, which is commendable because most business lenders won't lend to companies that aren't already up and running.


PersonalLoans is a completely free service. After all, you will be paying interest and other fees in obtaining a loan, so getting something like that for free is advantageous. The prices are also reasonable. Because this company serves people with fair to excellent credit, the rates tend to reflect that.

Furthermore, the loans are available for any purpose. You can use the loan for debt consolidation or anything else you want. However, as previously stated, only use it for things you need, not things you want.

Funding is also expedited, as you will receive your funds by the next business day. They then deposit it into your bank account. Finally, the customer service is excellent. You can contact them via email or phone if you have questions or concerns about the PersonalLoans service.

Customer service representatives are available from 6 a.m. to 7 p.m., Monday through Friday. However, remember that they cannot respond to questions regarding your specific loan but can answer questions about the site itself.


  • Loan terms vary from three to 72 months
  • Excellent interest rates, particularly if you have a good credit score
  • Up to $35,000 in loans
  • A large lending network is available
  • Loans are made in collaboration with actual credit unions/banks


  • Not available for those with bad credit

Visit the Official Website of Personal Loans

How We Made This List While Choosing The Best Debt Consolidation Loans?

You are probably aware that selecting the best consolidation loans necessitates a significant amount of time, and research, though the result frequently justifies the means.

Personal loans can significantly improve your monthly cash flow, alleviate the stress of high-interest debt, and even improve your credit score over time by lowering your debt-to-income ratio and credit utilization rates.

  • Interest rate

Even the best consolidation loan is only worthwhile if its interest rate is lower than what you're paying. Luckily, numerous personal loan companies and online lenders provide attractive rates ranging from 5% to 35% or higher.

Your interest rate will be determined by several variables, including your credit score and credit utilization.

Nonetheless, you can shop around for the best personal loans and select one that meets your needs while also resulting in a lower interest rate based on your personal credit history.

  • Speed of funds

There's a reason why most of the best consolidation loan companies advertise fast loan processing and funding. When you need to consolidate your debts as soon as possible, a lender who takes weeks to endorse your installment loan will not suffice.

Surprisingly, each debt consolidation lending institution in this guide has short processing times and quick fund transfers, allowing you to quickly pay off your credit card debt or other existing debt.

  • Origination fees

Origination fees cover the costs of having to process your loan. While not all lenders charge a fee, those who do, those that do typically charge between 1% and 10% of the total loan amount. Some lenders may include an origination fee in the loan balance. Optionally, your personal loan provider may deduct the origination fee from the total loan amount.

We recommend that you avoid consolidation loan companies that charge origination fees. However, if you find a personal loan with a low APR, it may offset the origination fee and make the extra payment worthwhile in the long run.

  • Eligibility

Obtaining debt consolidation is not always straightforward, particularly if you have a low credit score or a high debt-to-income ratio. However, these flexible repayment options are sometimes the best way to improve your credit score, creating a frustrating cycle.

With this in mind, we sought out reputable, trustworthy consolidation loan providers with simple eligibility requirements. As a result, more people may be able to qualify for a consolidation loan.

  • Loan amounts

These providers offer flexible debt consolidation funding ranging from $3,500 to $100,000 to give you various choices on your journey to consolidating credit card debt. Remember that the amount of your personal loan depends on various factors.

However, you may be eligible for a loan to pay off your debt, save cash, and enjoy complete flexibility from credit card debt.

Buying Guide: What to Look for Before Applying for Debt Consolidation Loans

  • Easy repayment

It's difficult to keep track of multiple credit card debts or loan installments each month, especially when they're due on different days. You can simplify the process by making a single consolidation loan payment, making it easier to keep up with your loan payments.

  • Upfront fees

When you take out the loan, you will most likely have to pay some upfront fees. Examples are origination fees, closing costs, and balance transfer fees. However, ensure that these fees do not outweigh any cost savings you hope to achieve through debt consolidation.

  • Debt cost

The structure of your loan determines your chances of saving money. If you have an interest rate similar to the interest rate on your current loans but choose a longer loan term, you will pay more interest charges over time.

  • Credit score

Your credit score may improve if you choose to consolidate your debts. Paying off your credit card debt with a consolidation loan lowers your credit score-to-use ratio, and your on-time payment history may improve as you make a single, one-time payment each month.

  • Customer support offerings

You most likely did not consider customer service when looking for the best personal loans. However, the support team of your lender can make or break the repayment process, especially if you are experiencing economic uncertainty or financial difficulties while repaying it.

Examine online reviews to see how previous borrowers felt about the provider's customer service. You can also look through their customer service center to see if they offer live chat, email, phone, or self-service support.

  • Collateral

You may be required to provide collateral depending on the lender. However, remember that this collateral may be seized if you fall behind on your loan payments.

FAQs On Debt Consolidation Loans

Q1. Are consolidation loans easy to get?

Yes, but it is subject to your credit score. Obtaining the loan is simple, as you can do so directly from your smartphone or computer. However, the borrower's credit score is the most difficult aspect of obtaining a consolidation loan.

A good credit score makes obtaining a loan with a lower interest rate and terms easier. Meanwhile, those with poor credit will face higher interest rates and smaller loan amounts.

Q2. Can debt consolidation help me with my loans?

Payday loans require you to repay the debt consolidation on your next payday. However, some borrowers cannot do so, resulting in higher fees. As a result, borrowing costs continue to rise. Payday loan debt consolidation can assist by combining these high-interest loans into a single payment with the help of a personal loan.

Personal loans for debt consolidation have lower fees and APRs than payday loans, which have extremely high-interest rates (400% in some cases). As a result, they make it easier for borrowers to pay off their debts.

Q3. Can debt consolidation change my credit score?

It may show up to hurt your credit score at first. For example, a hard pull on your credit score is required to obtain a loan.

Furthermore, opening a new line of credit will momentarily lower your credit score. Your credit scores should improve due to your ongoing on-time payments and lower credit score utilization ratio.

Q4. Why is debt consolidation helpful?

Debt consolidation can be beneficial in a variety of ways. For starters, it allows you to pay everything in one convenient monthly payment. Second, loans typically have lower interest rates, which saves you money.

Third, it is an excellent way to get out of debt that keeps piling up, such as payday loans, which can compound if not paid back on time.

It is also an excellent way to improve your credit score, as long as you avoid using your credit card debt or taking out additional loans while paying off the consolidation loan.

Q5. How can I get debt consolidation with bad credit?

If you believe your poor credit will prevent you from obtaining a consolidation loan, reconsider. Some credit unions offer expertise in loans to people with bad credit.

Instead of simply reviewing your credit report and making a decision based on it, they consider your employment status, education, income, and other factors.

Conclusion: Recommended Debt Consolidation Services

So, we have come to the very end of this article. As you can see, obtaining debt consolidation loans are simple if you need one. However, you must be willing to alter your spending habits. These loans will only work if you are ready to quit using your rapidly rotating line of credit and open new loans.

So, a consolidation loan could be right if you're ready to change your spending habits and pay off that debt while improving your credit score. However, before signing, carefully read all the terms and conditions of your consolidation loans.

These platforms offer various payment options, including the ability to pay off your loan in less than a year. That's much shorter than many other marketplaces, let alone banks. Of course, longer-term loans are still available if you prefer.