Juggling multiple loans can make balancing monthly payments a headache. However, you may be able to consolidate various loans and credit card debtis under one account to make payments more manageable and lower your interest rate at the same time. Debt consolidation loan requirement guidelines for a minimum credit score vary for every lender.
While you may be able to qualify for a loan to consolidate all your loans with a credit score as low as 580, it may mean that you will have to pay a higher interest rate and could increase the overall amount you owe. A credit score of 660 or higher will give you a better chance of obtaining a debt consolidation loan where you dont have to pay an origination fee as well as a lower APR. But even those…
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