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Where Can I Get an Unsecured Loan to Pay Down Debt? – Riss

“Dear Steve,

Approx. $25K in credit card debt. Using 75% of available credit and making minimum payments. Tried the home equity route already and was denied. Have a credit score of about 706.

I would like to obtain an unsecured loan to pay down debt, but using 75% of my available credit is probably going to hurt me even if my credit score is 706, right? Do you think there’s even a chance of obtaining a loan? I’d rather not have another credit inquiry on my credit. I’ve had 3 in the past year or so.


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Dear Riss,

I think my guide The Ultimate Debt Consolidation Loan Guide: Getting Approved, Acting Smart, and Being Wise will do the trick for you.

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

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Riss

    Thank you for the quick response! I was reading that guide and saw the Lending Club’s criteria for most likely getting approved included a debt-to-income ratio of 35% or less. Not going to be the case for me – more like 70%. Is it still worth it to apply?

    • Steve Rhode

      Well that’s a decision only you can make. Applying does create a credit report hit but they are among the most likely lenders I know to actually fund the loan.

      It does sound like your debt to income ratio is very high and you might not be approved.

      If they do not approve you then I think we’d need to start looking at other options to deal with the debt. See

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