{"id":25831,"date":"2026-09-21T14:34:54","date_gmt":"2026-09-21T19:34:54","guid":{"rendered":"https:\/\/www.avant.com\/blog\/?p=25831"},"modified":"2026-09-21T16:18:06","modified_gmt":"2026-09-21T21:18:06","slug":"how-to-get-and-use-a-debt-consolidation-loan","status":"publish","type":"post","link":"https:\/\/www.avant.com\/blog\/debt-consolidation\/how-to-get-and-use-a-debt-consolidation-loan\/","title":{"rendered":"How to Get and Use a Debt Consolidation Loan"},"content":{"rendered":"<p><i><span style=\"font-weight: 400\">Last updated: September 2026.<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400\">Data note: Interest rate averages and market figures in this article reflect data as of September 2026. Rates change frequently \u2014 verify current figures at the sources cited in the References section before making financial decisions.<\/span><\/i><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Quick answer<\/b><\/p>\n<p><span style=\"font-weight: 400\">A debt consolidation loan replaces several debts, most often credit cards, with one fixed-rate loan and one monthly payment. It\u2019s worth pursuing only when the APR, fees, and payment fit your budget and you have a realistic plan to pay it off \u2014 not just a way to feel better about the balances for a month or two.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>In this article<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Quick answer: the debt consolidation loan process<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Step 1: decide whether consolidation fits your situation<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Step 2: make a complete debt inventory<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Step 3: calculate the amount and payment you can afford<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Step 4: check your credit and improve your application readiness<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Step 5: compare debt consolidation loan offers and apply for one loan<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Step 6: Pay off existing debts<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Step 7: follow the repayment plan and prevent new debt<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Debt consolidation options to consider<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">How debt consolidation can affect your credit<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">What to do if you are not approved<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Debt consolidation loan FAQ<\/span><\/li>\n<\/ul>\n<h2><b>Key takeaways<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">A debt consolidation loan is typically a fixed-rate installment loan that pays off revolving balances like credit cards, replacing several payments with one.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-do-i-need-to-know-if-im-thinking-about-consolidating-my-credit-card-debt-en-1861\/\"><span style=\"font-weight: 400\">CFPB<\/span><\/a><span style=\"font-weight: 400\"> recommends identifying why you took on the debt and building a budget before adding a new loan.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Checking your rate for a loan through Avant<\/span><span style=\"font-weight: 400\">\u00ae<\/span><span style=\"font-weight: 400\">, issued by WebBank<\/span><span style=\"font-weight: 400\"><sup>1<\/sup><\/span><span style=\"font-weight: 400\">, uses a soft inquiry and does not affect your credit score; accepting an offer involves a hard inquiry.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Fees and APR vary by lender and credit profile \u2014 compare the full range and total repayment cost, not just the advertised rate.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Not every debt qualifies: student loans and secured debts like mortgages typically need separate solutions.<\/span><\/li>\n<\/ul>\n<h2><b>Steps to the debt consolidation loan process<\/b><\/h2>\n<p><span style=\"font-weight: 400\">A debt consolidation loan pays off multiple existing debts so you owe one lender instead of several. You apply for a loan to cover your existing balances. If approved, funds are deposited to your account (or, with some lenders, sent to creditors directly). Once you pay off your balances, you will have one monthly payment for your debt consolidation loan. The process generally follows these steps:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Review every debt you currently owe.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Check whether consolidation fits your budget and goals.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Estimate the loan amount and payment you\u2019d need.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Check your credit report and score.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Compare offers from multiple lenders.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Prequalify or apply for the loan you choose.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Use the proceeds to pay off the original creditors.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Follow the new repayment plan and avoid new debt.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400\">The decision rule underneath all eight: move forward only if the new loan has an APR and total cost you understand, a payment you can afford alongside your other bills, and a payoff plan you\u2019re prepared to follow to zero.<\/span><\/p>\n<h2><b>Step 1: Review every one of your debts<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Pull a recent statement, (rather than relying on memory), for every debt you\u2019re considering consolidating. Here is an example:<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><strong>Creditor<\/strong><\/td>\n<td><strong>Balance<\/strong><\/td>\n<td><strong>APR<\/strong><\/td>\n<td><strong>Minimum payment<\/strong><\/td>\n<td><strong>Due date<\/strong><\/td>\n<td><strong>Account status<\/strong><\/td>\n<td><strong>Eligible for consolidation?<\/strong><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Card 1<\/span><\/td>\n<td><span style=\"font-weight: 400\">$4,200<\/span><\/td>\n<td><span style=\"font-weight: 400\">24.99%<\/span><\/td>\n<td><span style=\"font-weight: 400\">$130<\/span><\/td>\n<td><span style=\"font-weight: 400\">5th<\/span><\/td>\n<td><span style=\"font-weight: 400\">Current<\/span><\/td>\n<td><span style=\"font-weight: 400\">Yes \u2014 unsecured<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Card 2<\/span><\/td>\n<td><span style=\"font-weight: 400\">$2,800<\/span><\/td>\n<td><span style=\"font-weight: 400\">22.99%<\/span><\/td>\n<td><span style=\"font-weight: 400\">$85<\/span><\/td>\n<td><span style=\"font-weight: 400\">12th<\/span><\/td>\n<td><span style=\"font-weight: 400\">Current<\/span><\/td>\n<td><span style=\"font-weight: 400\">Yes \u2014 unsecured<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Card 3<\/span><\/td>\n<td><span style=\"font-weight: 400\">$1,500<\/span><\/td>\n<td><span style=\"font-weight: 400\">26.99%<\/span><\/td>\n<td><span style=\"font-weight: 400\">$45<\/span><\/td>\n<td><span style=\"font-weight: 400\">20th<\/span><\/td>\n<td><span style=\"font-weight: 400\">Past due<\/span><\/td>\n<td><span style=\"font-weight: 400\">Yes \u2014 unsecured<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Medical bill<\/span><\/td>\n<td><span style=\"font-weight: 400\">$900<\/span><\/td>\n<td><span style=\"font-weight: 400\">0%<\/span><\/td>\n<td><span style=\"font-weight: 400\">$75<\/span><\/td>\n<td><span style=\"font-weight: 400\">1st<\/span><\/td>\n<td><span style=\"font-weight: 400\">In collections<\/span><\/td>\n<td><span style=\"font-weight: 400\">Maybe \u2014 check first<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Auto loan<\/span><\/td>\n<td><span style=\"font-weight: 400\">$110,000<\/span><\/td>\n<td><span style=\"font-weight: 400\">7.5%<\/span><\/td>\n<td><span style=\"font-weight: 400\">$310<\/span><\/td>\n<td><span style=\"font-weight: 400\">15th<\/span><\/td>\n<td><span style=\"font-weight: 400\">Current<\/span><\/td>\n<td><span style=\"font-weight: 400\">No \u2014 secured<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">Not every debt is eligible for debt consolidation. Unsecured debts like credit cards, most personal loans, and many medical bills are typical candidates. On the other hand, secured debts like a mortgage or auto loan are tied to collateral and usually need their own refinancing path, and federal student loans and tax debt have their own separate programs. Consolidating a loan you already have through Avant<\/span><a href=\"https:\/\/www.avant.com\/blog\/borrow\/what-happens-when-a-bill-goes-to-collections\/\"><span style=\"font-weight: 400\">\u00ae<\/span><\/a><span style=\"font-weight: 400\"> counts as a refinance, with a different fee structure than a new loan.<\/span><span style=\"font-weight: 400\"><sup>3<\/sup><\/span><\/p>\n<h2><b>Step 2: Check whether debt consolidation fits your budget and goals<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Debt consolidation tends to help more if you\u2019re dealing with multiple high-interest revolving balances but have steady income and already have your spending already under control. It may help less if your income is unstable, you\u2019re still adding charges, or balances are large enough that a new payment would still be difficult.<\/span><\/p>\n<p><span style=\"font-weight: 400\">A quick yes\/no check:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Have you stopped adding new charges to the cards you\u2019d pay off? If not, consolidation may just stack a second round of debt on top.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Can you name what caused the balances? If not, pause to figure that out first.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Do you have a budget showing where a new payment fits? If not, see <\/span><a href=\"https:\/\/www.avant.com\/blog\/budget\/achieve-financial-stability-with-a-budget\/\"><span style=\"font-weight: 400\">Avant\u2019s guide to building a budget<\/span><\/a><span style=\"font-weight: 400\"> first.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-do-i-need-to-know-if-im-thinking-about-consolidating-my-credit-card-debt-en-1861\/\"><span style=\"font-weight: 400\">CFPB<\/span><\/a><span style=\"font-weight: 400\"> recommends identifying the cause of the debt, building a budget, and contacting creditors directly before taking on new debt, since creditors sometimes offer hardship terms without a new loan. It also points to nonprofit credit counseling as an alternative and warns some \u201cdebt consolidation\u201d advertisers are actually settlement companies charging upfront fees \u2014 a legally distinct service covered later in this article.<\/span><\/p>\n<h2><b>Step 3: Estimate the loan amount and monthly payment you need<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Add up all of your outstanding balances from Step 2 to get a target amount. Then add up all of your existing monthly payments and check your <\/span><a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-a-debt-to-income-ratio-en-1791\/\"><span style=\"font-weight: 400\">debt-to-income ratio (DTI)<\/span><\/a><span style=\"font-weight: 400\"> \u2014 monthly debt payments divided by gross monthly income \u2014 to judge whether a new payment fits.<\/span><\/p>\n<p><b>The total cost and repayment period for the existing credit-card balances will depend on each card&#8217;s APR, minimum-payment formula, fees, and future account activity. Before consolidating, compare the estimated total repayment cost of keeping the existing debts with the APR, fees, monthly payment, and total repayment amount of the proposed consolidation loan.<\/b><span style=\"font-weight: 400\">\u00a0 Check the new loan payment against your other fixed expenses \u2014 rent, utilities, insurance, other loans \u2014 to confirm it fits with room to spare. <\/span><a href=\"https:\/\/www.avant.com\/blog\/borrow\/personal-loan-calculator\/\"><span style=\"font-weight: 400\">Avant\u2019s personal loan calculator<\/span><\/a><span style=\"font-weight: 400\"> can help model different amounts and terms.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Illustrative example: The total cost and repayment period for the existing credit-card balances will depend on each card&#8217;s APR, minimum-payment formula, fees, and future account activity. Before consolidating, compare the estimated total repayment cost of keeping the existing debts with the APR, fees, monthly payment, and total repayment amount of the proposed consolidation loan.<\/span><\/p>\n<h2><b>Step 4: Check your credit and improve your application readiness<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Your credit report is the detailed record of accounts and payment history held by each bureau; your credit score is a three-digit number calculated from it; and an inquiry is \u201csoft\u201d (no score impact) or \u201chard\u201d (a small, negative effect on your credit score, tied to a formal application). <\/span><a href=\"https:\/\/www.avant.com\/blog\/borrow\/how-does-a-personal-loan-affect-credit-score\/\"><span style=\"font-weight: 400\">Avant\u2019s explainer on how a personal loan can affect your credit score<\/span><\/a><span style=\"font-weight: 400\"> covers this in more detail.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Start by pulling your free credit reports from <\/span><a href=\"https:\/\/www.annualcreditreport.com\/\"><span style=\"font-weight: 400\">AnnualCreditReport.com<\/span><\/a><span style=\"font-weight: 400\">, the authorized source for free reports from all three major credit bureaus. Review your reports for errors \u2014 accounts that aren\u2019t yours, wrong balances, mislabeled late payments \u2014 and dispute anything inaccurate before applying.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Lenders evaluating a consolidation application typically weigh credit history, income, DTI, requested amount relative to income, and payment-history track record together. No single published score guarantees approval, including through Avant \u2014 it depends on the full profile, not one number. <\/span><a href=\"https:\/\/www.avant.com\/blog\/budget\/what-is-creditworthiness\/\"><span style=\"font-weight: 400\">Avant\u2019s explanation on creditworthiness<\/span><\/a><span style=\"font-weight: 400\"> walks through how these fit together.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Before applying, gather proof of income, know your balances from Step 2, and avoid opening new accounts or large purchases in the weeks beforehand, since new activity can shift DTI, credit score, and credit utilization right before a lender looks.<\/span><\/p>\n<h2><b>Step 5: Compare debt consolidation loan offers and apply for one loan<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Most lenders follow a similar sequence: submit basic information for estimated terms (prequalification), submit a full application, receive a decision, then sign and receive funds if approved. Prequalification isn\u2019t approval \u2014 verified income and credit details can still change the final terms.<\/span><\/p>\n<p><span style=\"font-weight: 400\">First, you can prequalify for a few debt consolidation loans to compare your offers. Once you get your offers, compare the APR, loan amount, terms, and administration fees of each loan. Loans through Avant, issued by WebBank<\/span><span style=\"font-weight: 400\"><sup>1,2<\/sup><\/span><span style=\"font-weight: 400\">, range from $2,000 to $35,000, APR 9.95% to 35.99% (with the lowest rates reserved for the most creditworthy borrowers), terms of 24 to 60 months for the debt consolidation loan product, plus an administration fee up to 9.99% for new customers deducted from proceeds and treated as principal. You can <\/span><a href=\"http:\/\/avant.com\/apply?product_type=installment&amp;utm_source=meridian\"><span style=\"font-weight: 400\">check your rates<\/span><\/a><span style=\"font-weight: 400\"> at Avant to see what loan you prequalify for.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Once you\u2019ve chosen a loan, apply to one. Commonly requested information includes your name, address, income, employment, Social Security number, and the amount you want to consolidate.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><a href=\"http:\/\/avant.com\/apply?product_type=installment&amp;utm_source=meridian\"><span style=\"font-weight: 400\">Checking your rate<\/span><\/a><span style=\"font-weight: 400\"> through Avant<\/span><span style=\"font-weight: 400\"><sup>1<\/sup><\/span><span style=\"font-weight: 400\"> uses a soft inquiry with no score impact; a hard inquiry occurs only if you accept an offer. Avant advertises decisions in minutes,<\/span><span style=\"font-weight: 400\"><sup>5<\/sup><\/span> <span style=\"font-weight: 400\">though the process may take longer if additional documents are requested, and approval and terms vary by credit determination and state law.<\/span><\/p>\n<h2><b>Step 6: Pay off existing debts<\/b><\/h2>\n<p><span style=\"font-weight: 400\">If approved, funds are typically disbursed to your bank account \u2014 Avant deposits via ACH the next business day if approved by 4:30 p.m. CT, Monday through Friday.<\/span><span style=\"font-weight: 400\"><sup>4<\/sup><\/span><span style=\"font-weight: 400\"> Many consolidation offers can allow you to deposit the funds to your debts directly, or deposit to your own bank account.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Before paying, confirm the exact current payoff amount with each creditor. Keep making at least the minimum payment until each creditor confirms a $0 balance in writing \u2014 a payment can take days to post, and missing one meanwhile could still trigger a late fee.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Save documentation of every payoff: confirmation numbers, $0-balance statements, and any final letter. Watch for residual \u201ctrailing\u201d interest some issuers add between statement close and payoff posting \u2014 a small forgotten balance can later report as past due.<\/span><\/p>\n<h2><b>Step 7: Follow the repayment plan and prevent new debt<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Consider automatic payments or reminders to help avoid missed payments. Track the payment amount, remaining balance, and payoff date somewhere visible \u2014 a spreadsheet, budgeting app, or your bank\u2019s tools all work. Avant makes tracking loan balances and payments easy <\/span><a href=\"https:\/\/apps.apple.com\/us\/app\/avant\/id1578316983\"><span style=\"font-weight: 400\">through our app<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Decide in advance what to do with cards paid to zero: keeping them open with small purchases paid in full monthly is one option, closing them is another. What matters is not letting freed-up credit turn into a second round of balances while you\u2019re still repaying the loan.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Build or rebuild an emergency fund and a basic spending plan so an unexpected expense doesn\u2019t land back on a card. <\/span><a href=\"https:\/\/www.avant.com\/blog\/budget\/achieve-financial-stability-with-a-budget\/\"><span style=\"font-weight: 400\">Avant\u2019s guide to building a budget<\/span><\/a><span style=\"font-weight: 400\"> and its guide to <\/span><a href=\"https:\/\/www.avant.com\/blog\/borrow\/how-to-pay-off-your-debt-faster\/\"><span style=\"font-weight: 400\">paying off debt faster<\/span><\/a><span style=\"font-weight: 400\"> cover practical next steps. If a payment is ever missed, contact the servicer promptly \u2014 missed payments can mean late fees, a negative credit mark, and, if they continue, default and collections.<\/span><\/p>\n<h2><b>Debt consolidation options to consider<\/b><\/h2>\n<p><span style=\"font-weight: 400\">A personal loan is one option among several, and the right fit depends on your credit profile, homeownership, how much you owe, and how urgently you need a solution.<\/span><\/p>\n<p><b>Balance transfer credit card.<\/b><span style=\"font-weight: 400\"> A promotional low or 0% rate can work for smaller balances you\u2019re confident you\u2019ll pay off before the promotion ends, since transfer fees apply and the rate typically rises afterward.<\/span><\/p>\n<p><b>Nonprofit debt management plan.<\/b><span style=\"font-weight: 400\"> A nonprofit credit counseling agency can negotiate with creditors and consolidate payments into one amount without a new loan \u2014 a starting point the <\/span><a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-do-i-need-to-know-if-im-thinking-about-consolidating-my-credit-card-debt-en-1861\/\"><span style=\"font-weight: 400\">CFPB<\/span><\/a><span style=\"font-weight: 400\"> recommends considering.<\/span><\/p>\n<p><b>Creditor hardship program.<\/b><span style=\"font-weight: 400\"> Many issuers will temporarily adjust your rate or payment if you explain a hardship directly \u2014 worth trying before or alongside other options.<\/span><\/p>\n<p><b>Debt avalanche or snowball strategies.<\/b><span style=\"font-weight: 400\"> These are repayment strategies, not new loans: avalanche targets the highest-APR balance first to minimize interest; snowball targets the smallest balance first for quicker wins.<\/span><\/p>\n<p><b>Home equity products.<\/b><span style=\"font-weight: 400\"> A home-secured rate can be favorable, but the <\/span><a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-do-i-need-to-know-if-im-thinking-about-consolidating-my-credit-card-debt-en-1861\/\"><span style=\"font-weight: 400\">CFPB<\/span><\/a><span style=\"font-weight: 400\"> warns this puts your home at risk of foreclosure if payments lapse. Avant does not offer home equity products.<\/span><\/p>\n<p><b>Debt settlement.<\/b><span style=\"font-weight: 400\"> Legally distinct from consolidation: a settlement company negotiates to pay less than owed, often after you stop paying and save funds separately instead. It typically involves substantial fees, can cause significant credit damage, may create taxable \u201ccancellation of debt\u201d income, and has no guaranteed outcome \u2014 and the CFPB cautions some \u201cconsolidation\u201d marketers are actually settlement operations charging upfront fees.<\/span><\/p>\n<h2><b>What to do if you are not approved<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Common denial reasons include income that doesn\u2019t support the requested amount, a high DTI, limited credit history, or recent delinquencies. If a creditor takes adverse action on a completed application, applicable law generally requires notice containing the principal reasons for the decision or information about how to obtain those reasons. If a consumer report contributed to the decision, additional FCRA disclosures may also apply.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Submitting additional applications may result in additional hard inquiries, which may affect your credit score depending on the scoring model and your credit profile. Consider a smaller amount that better matches income, a qualified co-borrower only if both of you understand they\u2019re equally responsible for the full loan, or a few months strengthening your application first.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Other paths include contacting creditors directly about hardship options, working with a nonprofit credit counselor, and rechecking your report for errors. If you have questions about a denied application through Avant, <\/span><a href=\"https:\/\/support.avant.com\/article\/234-how-can-i-contact-avant?_gl=1*4urvlu*_gcl_au*MTA0NjQ4NTA0Ny4xNzgyODQyNTAxLjg1Nzg1MDk3MS4xNzg4NDU3MjQ2LjE3ODg0NTcyNDUuMzA0NDMzMjYzLjE3ODg0NTcyMTkuMTc4ODQ1NzI3Nw..*_ga*MjA5MzUyMDc5MC4xNzY0MDg4MzA2*_ga_6P071X1K07*czE3ODg0NTcyMDgkbzExMCRnMSR0MTc4ODQ1ODkwMSRqMiRsMCRoMA..\"><span style=\"font-weight: 400\">customer support<\/span><\/a><span style=\"font-weight: 400\"> can walk through next steps, and an independent nonprofit counselor can offer a second opinion not tied to any lender\u2019s products.<\/span><\/p>\n<h2><b>Debt consolidation loan FAQ<\/b><\/h2>\n<h3><b>Can I get a debt consolidation loan with fair or bad credit?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">It\u2019s possible, though the APR typically reflects added risk to the lender, often toward the higher end of the published range. Eligibility and loan terms depend on the applicant&#8217;s credit profile and other underwriting criteria. No particular credit score guarantees approval. For applicants with fair credit, please see <\/span><a href=\"https:\/\/www.avant.com\/blog\/borrow\/how-to-get-a-personal-loan-with-a-580-669-credit-score\/\"><span style=\"font-weight: 400\">how to get a personal loan with a 580-669 credit score<\/span><\/a><span style=\"font-weight: 400\">. Comparing a few offers, rather than assuming denial, is the best way to find out.<\/span><\/p>\n<h3><b>What debts can I consolidate?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">Unsecured debts like credit cards, medical bills, and other personal loans are typical candidates. Secured debts, federal student loans, and most tax debt generally need separate solutions.<\/span><\/p>\n<h3><b>How much can I borrow for debt consolidation?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">That depends on the lender, income, and credit profile \u2014 loans through Avant, issued by WebBank, range from $2,000 to $35,000<\/span><span style=\"font-weight: 400\"><sup>1,2<\/sup><\/span><span style=\"font-weight: 400\">, with minimums varying by state.<\/span><\/p>\n<h3><b>Does debt consolidation lower my monthly payment?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">It could, particularly with a longer term or a lower blended APR, but it isn\u2019t guaranteed. A longer term can shrink the monthly amount while increasing total interest.<\/span><\/p>\n<h3><b>Does debt consolidation hurt my credit?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">Paying down revolving balances may lower reported utilization, which is one factor considered by many credit-scoring models. The effect on a particular score can vary. On-time payments are reported like any installment loan; missed payments can affect your score too.<\/span><\/p>\n<h3><b>Should I close my credit cards after consolidating?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">Not necessarily. It depends on the card\u2019s age, your overall utilization, and whether you\u2019re confident you\u2019ll avoid running the balance back up.<\/span><\/p>\n<h3><b>How long does funding take after approval?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">For Avant, funds are generally deposited via ACH the next business day if approved by 4:30 p.m. CT, Monday through Friday.<\/span><span style=\"font-weight: 400\"><sup>4<\/sup><\/span><span style=\"font-weight: 400\"> Other options\u2019 timelines vary.<\/span><\/p>\n<h3><b>What happens if I miss a payment on a consolidation loan?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">You could be charged a late fee, and the missed payment can be reported to the bureaus, which may affect your score. Contact your servicer before the due date if you think you\u2019ll miss one.<\/span><\/p>\n<h3><b>Is debt consolidation better than debt settlement?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">Debt consolidation and debt settlement are different approaches to managing debt. Debt consolidation generally uses a new loan to repay existing debts, with the borrower then repaying the new loan. Debt settlement generally involves negotiating with creditors to accept less than the full amount owed. Consumers should review the costs, terms, and potential effects of each before choosing an option.<\/span><\/p>\n<h3><b>What happens if a debt has already gone to collections?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">If a debt or bill has gone to collections, check out <\/span><a href=\"https:\/\/www.avant.com\/blog\/borrow\/what-happens-when-a-bill-goes-to-collections\/\"><span style=\"font-weight: 400\">Avant\u2019s overview <\/span><\/a><span style=\"font-weight: 400\">to see what actually happens and how it can affect your options.<\/span><\/p>\n<h2><b>Disclosures<\/b><\/h2>\n<p><span style=\"font-weight: 400\"><sup>1<\/sup><\/span> <span style=\"font-weight: 400\">Avant branded credit products are issued by WebBank.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><sup>2<\/sup><\/span> <span style=\"font-weight: 400\">Loan amounts range from $2,000 to $35,000. APR ranges from 9.95% to 35.99%, with the lowest rates available only for the most creditworthy borrowers. Loan lengths for Avant\u2019s debt consolidation loan product range from 24 to 60 months. Administration fee up to 9.99% for new customers. If approved, actual rates and loan terms may vary based on credit determination, credit history, current income, ability to repay, state law, and other factors. Minimum loan amounts vary by state. See Avant.com for full terms. The administration fee is deducted from the loan proceeds and paid to the lender, and is deemed part of the loan principal and subject to the accrual of interest.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><sup>3<\/sup><\/span> <span style=\"font-weight: 400\">Refinance loans range from 24 to 60 months with an administration fee of up to 5% for refinance customers.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><sup>4<\/sup><\/span> <span style=\"font-weight: 400\">Personal loan funds are generally deposited via ACH for delivery the next business day if approved by 4:30 p.m. CT Monday through Friday.<\/span><\/p>\n<p><span style=\"font-weight: 400\"><sup>5<\/sup><\/span> <span style=\"font-weight: 400\">The decision process may take longer if additional documents are requested. Approval and loan terms will vary based on credit determination and state law.<\/span><\/p>\n<h2><b>References<\/b><\/h2>\n<ol>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-do-i-need-to-know-if-im-thinking-about-consolidating-my-credit-card-debt-en-1861\/\"><span style=\"font-weight: 400\">What do I need to know if I\u2019m thinking about consolidating my credit card debt? \u2014 Consumer Financial Protection Bureau<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-a-debt-to-income-ratio-en-1791\/\"><span style=\"font-weight: 400\">What is a debt-to-income ratio? \u2014 Consumer Financial Protection Bureau<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/how-to-consolidate-debt\/\"><span style=\"font-weight: 400\">How to Consolidate Debt \u2014 Experian<\/span><\/a><\/li>\n<li style=\"font-weight: 400\"><a href=\"https:\/\/www.annualcreditreport.com\/\"><span style=\"font-weight: 400\">AnnualCreditReport.com \u2014 the only authorized source for free annual credit reports<\/span><\/a><\/li>\n<\/ol>\n<p><i><span style=\"font-weight: 400\">This article was written and reviewed by Avant staff with AI assistance.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last updated: September 2026. Data note: Interest rate averages and market figures in this article reflect data as of September 2026. Rates change frequently \u2014 verify current figures at the sources cited in the References section before making financial decisions. Quick answer A debt consolidation loan replaces several debts, most often credit cards, with one [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":25103,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[272,573],"tags":[816,333,303,278],"class_list":["post-25831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-education","category-debt-consolidation","tag-balance","tag-card-debt","tag-debt","tag-debt-consolidation","entry","has-media"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Get and Use a Debt Consolidation Loan - The Avant Blog<\/title>\n<meta name=\"description\" content=\"A debt consolidation loan combines multiple existing debts, typically credit cards, into one new loan with a single payment. 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