Debt Consolidation Loan Requirements
Qualifying for a debt consolidation loan generally comes down to four factors: credit score, debt-to-income ratio, income stability, and documentation. Here's what most lenders look for.
Credit Score
620+ typically required; 700+ for the best rates. Some lenders serve 580-619 at higher APRs.
Debt-to-Income Ratio
Most lenders want your total monthly debt payments (including the new loan) under 40-50% of gross income.
Steady Income
Proof of consistent income — pay stubs, tax returns, or bank statements — to show you can repay the loan.
Existing Debt Documentation
Account statements for the debts you plan to pay off, so the lender can verify payoff amounts.
Don't Qualify Yet?
A nonprofit debt management plan doesn't require a credit check, and debt settlement may fit if your debt-to-income ratio is too high for a new loan.