Debt consolidation loan requirements: what you need to get approved
What lenders check before they say yes to a debt consolidation loan: your credit score, your income, your debt-to-income ratio and a few papers.
Debt consolidation loan requirements differ by lender, and each one checks your debt-to-income ratio, like the CFPB’s example of 33% (CFPB). The first thing to do is call a specialist. Here are the options they walk you through.
Your balances sit on several cards, each with its own rate and due date. The rules that follow show what lenders check before they swap those cards for one loan.
Debt consolidation loan requirements at a glance
Every lender sets its own credit rules and its own list of papers. You need income records, a photo ID and statements for the debts you want to pay off.
Wells Fargo also wants you to be a customer for 12 months before you apply (Wells Fargo). So a new customer cannot apply there yet.
Call and the specialist checks each lender’s customer rules with you before you fill out a form.
Credit score
Lenders use this number to judge how likely you are to repay, says the CFPB. It is based on things like your payment history and your balances.
Upstart publishes rates from 6.3% to 35.99% (Upstart). That range does not tell you where Jennifer’s 655 score would land. It does not mean she would be approved either.
Income and debt-to-income
Add up all the monthly payments you make on loans and cards. Divide that total by your pay before taxes, then multiply by 100. For Jennifer, $2,250 divided by $5,200 is 43%.
The CFPB’s example adds a $1,500 mortgage, a $100 car loan and $400 of other debts. That is $2,000 on $6,000 of income, or 33% (CFPB).
Lenders count the new loan payment in place of the card minimums it pays off. So Jennifer’s ratio can drop after the loan.
Enter your own numbers in the debt-to-income calculator.
Papers to have ready
Bring a photo ID and your two most recent pay stubs. If you are self-employed, use last year’s tax return. Add a recent bank statement.
Get the latest statement for each card. It should show the balance, the rate and the account number. Lenders that pay your cards directly need those numbers.
Write down where you have lived for the past two years.
Pre-approval
Most lenders on our list check your rate with a soft pull. A soft pull does not affect your score.
The CFPB explains two terms that sound alike. A prequalification is an estimate based on what you tell the lender. A preapproval is a firmer offer made after the lender checks your details.
Neither one promises you the loan. The final decision comes after you send in your ID, pay stubs and statements.
Using a co-signer
Someone with a stronger score and income can sign the loan with you. That can turn a no into a yes or lower your rate.
But that person owes the whole loan if you miss payments. The loan also shows up on their credit report.
Not every lender on our list accepts a co-signer. Call and the specialist tells you which ones do before you ask a family member.
“No credit check” offers
Watch out for a lender that promises approval without looking at your history. Such a lender sets its price for borrowers who cannot pay, so its rate will not beat your cards.
The FTC’s March 2026 alert lists warning signs of debt relief scams (FTC). Two of those signs are fees charged up front and promises that a result is sure.
If your score holds you back, look at the bad credit consolidation options. They cost less than a 30% loan.
Related topics
Before you borrow
What do I need to qualify for a debt consolidation loan?
Each lender sets its own rules for credit, income and where you live. Expect to show ID, proof of income and statements for the debts you want to pay off. No single score or ratio works for every lender.
What disqualifies you from debt consolidation?
It depends on the lender. Information the lender cannot verify can stop an offer, and so can missing one of its stated rules. For example, Wells Fargo requires 12 months as a customer before you apply.
Does pre-approval mean I will get the loan?
No. A preapproval is a firmer offer, but it does not promise you the loan. The lender still checks your income and ID before it sends the money.
What does pre-approval mean?
The lender has checked enough to make a firmer offer with a rate and an amount. A prequalification is looser. It is an estimate based on what you entered, before the lender checks anything.
Who is eligible for a debt consolidation loan?
That depends on each lender’s rules for credit, income and where you live. Some lenders add their own rules, like Wells Fargo’s 12 months as a customer. Your score and your debt-to-income ratio affect the rate you are offered.
Check your loan rules today
You have your statements, your pay stubs and your own debt-to-income result. One rule can still stop you, since Wells Fargo will not take your form until you have been a customer for 12 months. Call now and a specialist goes through each lender’s rules with you for free.