If you want to apply for a debt consolidation loan — but you have a lot of debt or your debt-to-income ratio is too high — getting approved may be difficult, but not impossible. For starters, check your credit score to see where you stand and which lenders you might qualify with. Also work on cutting down on your debt. You can do this by using methods like the debt snowball method or the debt avalanche method. Don’t sign with the first lender to offer you a loan either. Prequalify with various lenders so you can compare rates and terms before signing on the dotted line.