Where Can I Get Approved for a Bill Consolidation Loan? – Erv

“Dear Steve,

I have recently been turned down for a bill consolidation loan for $30,000 . I have a credit score of 640 and I am current on all of my bills.

Since I have been turned down for a loan and I am a little leary of debt settlement companies what other options do I have. I would rather get a BCL if that is still possible.



Dear Erv,

With a 640 credit score I think you’d have a hard time getting approved for a bill consolidation loan. Peer-to-peer lenders like LendingClub.com and Prosper.com both make a lot of unsecured bill consolidation loans but the cutoff line of those that get approved is higher than 640 in my experience.

Have you reviewed your consolidated credit reports to see if there are any errors that are bringing down your score?

Do you know exactly why your credit score is reduced? If not, I’d suggest the free credit score modeling tool at CreditKarma.com.

Please post your responses and follow-up messages to me on this in the comments section below.


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Damon Day - Pro Debt Coach

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