There are 2 types of debt consolidation loans, secured and unsecured. What this means is for a secured loan - you will need some form of collateral such as a house or vehicle. For an unsecured loan it can take as little as a good credit rating to gain a loan.

Even though some can get an unsecured loan, it may not be a wise idea. You can’t protect your money with an unsecured loan like you can with using collateral. You might also gain a slightly higher interest rate on a consolidation loan if the loan is unsecured as opposed to secured.

The amount of the loan will greatly depend on the debt load and your ability to pay it back - as well as your employment ability. These loans though aren’t usually as readily available as a secured loan.

With an unsecured loan you will find the loan tends to be less as well than with secured, usually capping off at around $10,000. Lenders will protect their interests more since they don’t have any collateral to make sure their money is paid back. It is possible though for you to increase your credit rating by getting an unsecured loan, just by making sure you keep up with payments and don’t default on them.

With any loan, banks and other lenders will check the credit history of anyone applying for a loan. It will help if you have good credit because it will be more obvious to a lender that you will pay them back. It is also a good idea to check the reputation of the lender as well. Check their testimonials and payment plans, how long you would have to pay it back. Read all the terms and conditions and make sure you understand everything you read before proceeding.