A lower credit score doesn’t necessarily mean a lender will deny you a home equity loan. It does mean the loan will be more expensive, as you won’t get the lowest interest rate. It’s possible to get a home equity loan with a fair credit score — as low as 620 — as long as other requirements around debt,

Among the 59 companies considered, Upgrade emerged as the best personal lender for bad credit. Before getting a bad credit loan, review the cost and repayment terms.

A home equity loan can be a good option to consolidate debt, as it usually carries lower interest rates and longer terms than other financing options. Advantages of using home equity loans or HELOCs to pay off debts include the streamlining of payments and lower monthly payments (compared to credit card bills,