 TITLE: How to Get a Debt Consolidation Loan with Bad Credit? CONTENT: Debt Consolidation Loan Options for Military Members\n----------------------------------------------------\nMembers of the military can sometimes have more difficulty obtaining new credit from conventional lenders. Spending extended periods away from home without the need to take loans and utilize lines of revolving credit, members of the military can often have a less robust credit history.\nAs a result, there are specialized private lenders that service members of the military exclusively. Through these lending institutions, members of the military can apply for auto loans, mortgages and even personal loans that can be used for debt consolidation.\nObtaining a personal loan from a military lender is one option for military members trying to consolidate their existing debt. Military lenders will consider applicants with a lower score, but may still find people with a severely compromised credit history risky.\n* * *\n### Prosper\n[](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)[Apply](;site=exp&placement=ae-single-embed&sessionid=8952CE01-C3FF-5C0C-1210-7E33C129F096&pageid=blogs:ask-experian:how-to-get-a-debt-consolidation-loan-with-bad-credit&previouspageid=&ecsstaticid=8A13831A-7B59-4855-92DA-BEBA4848241A)\non Prosper's website\n**Recommended FICO® Score\\***\nGood - Exceptional\nAmount\nAvailable loan amounts: $2,000 to $40,000\nEst. monthly payment: $61 to $1,720\nGrace period: 0 days\nApplication fee: $0\n##### Loan Details\n*   640 minimum FICO® Score\n*   More than $16 billion loans funded\n*   Consolidate debt, finance a home improvement project, or pay off medical expenses\n*   9 out of 10 customers would recommend Prosper to friends or family\\*\\*\n*   Co-borrower option available. Applying with a co-borrower could help improve your rates.\n*   Get your money in as few as 3 days - your monthly payment stays the same\nDisclosure\nProsper works with members of the military to provide fixed-rate loans without requiring the borrower to visit a physical bank location. Prosper provides unsecured loans as large as $40,000 for those with good to very good credit scores.\n* * *\nAlternatives to Debt Consolidation\n----------------------------------\nWhile consolidating your debt may seem like the best way to lower your monthly payments or eliminate the hassle of paying multiple bills each month, for some people other debt management tactics might be a better option.\n*   ### Debt Management Plans\n    Before you consider applying for a loan, one option is to use a debt management plan to consolidate your monthly debt payments. With a plan like this, you must first find a credit counselor and work with them to formulate and stick to a repayment plan. Once you and your counselor agree on a plan, they will often try to negotiate with your creditors to see if they can get you a lower monthly payment and sometimes a lower interest rate.\n    In this scenario, once the counselor has finished negotiating, you will pay their organization directly each month and they will make all of your monthly debt payments for you.\n    A debt management plan may be a good alternative for people with \"poor\" credit scores who may not be approved for a debt consolidation loan.\n*   ### Credit Card Usage\n    Responsible credit card usage can help make sure that you don't rack up too much debt and don't get behind on payments. Knowing how to pay down credit card debt can be extremely helpful and can help you save money over time.\n*   ### Creating a Budget\n    Creating a budget and monitoring your expenses is a vital step in understanding how much you can afford to pay toward existing debt each month. Once a budget is in place, you will be able to set aside a set amount toward your debt payments and inch toward your goal of paying your loans off.\n*   ### Bankruptcy\n    If you are overwhelmed with debt and see no way of paying it off, bankruptcy may help you find relief. Filing for bankruptcy, however, will remain on your credit file for seven to 10 years and may affect your ability to obtain other loans in the future.\nIf you think debt consolidation might help you, but you are unsure what your credit score is, Experian's CreditMatchTM tool can help you find a personalized loan based your FICO® Score.\nPersonal Loan Calculator\n------------------------\n†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.\n* * *\n**Want to instantly increase your credit score?** Experian Boost™ helps by giving you credit for the utility and mobile phone bills you're already paying. Until now, those payments did not positively impact your score.\nThis service is completely free and can boost your credit scores fast by using your own positive payment history. It can also help those with poor or limited credit situations. Other services such as credit repair may cost you up to thousands and only help remove inaccuracies from your credit report. END