Debt Consolidation Loans for People with Poor Credit
To get out of debt you may want to consider a debt consolidation loan. Debt consolidation loans allow you to pay off all your high-interest credits cards or multiple debts that have high payments. In exchange, you end of up with one payment, and in some cases, a lower payment than what you were paying with your combined debts. Thankfully, debt consolidation loans for people with poor credit are available.
Personally, I believe that getting a debt consolidation loan to pay off all debts is better than debt settlement when working with a debt settlement agency during negotiations of your debts you are advised to stop making payments. This is obviously not favorable for your credit. Missed payments will cause you to lose many points on your credit scores.
In the case of debt consolidation, no payments are missed. You apply for however much money is needed to pay all your balances in full. This results in a boost to your credit score, especially paying off your revolving credit, your credit cards. You only will have one payment to make to the creditor that you got the debt consolidation loan from. I have listed a few options below.
The name says it all, even with bad credit you can get this loan to consolidate your debts. They have been in business and helping those with bad credit since 1998. The APR (Annual Percentage Rate) for these loans range from 5.99%-35.99%. Bad Credit Loans has a simple application process with straightforward directions. You can access their website by clicking here.
Curadebt is a debt relief company that provides many services with debt consolidation being one of them. They have been established since 2000. Curadebt has excellent online reviews and ratings. You have a choice between secured/unsecured debt consolidation loans after you have paid off the balances on your debts you can get credit restoration services from Curadebt.
Personalloans.com takes an easy convenient approach with loan amounts ranging from $1,000 to $35,000. Depending on the loan terms, repayment time frames range from 6 to 72 months. The rate of the APR (Annual Percentage Rate) depending on the terms of the loan range from 5.99% to 35.99%.
Personalloans.com do have loan requirements:
- You must be 18 or older, have a valid SSN card and be a legal citizen or permanent resident
- You must have a full-time employer, self-employed, or receive reliable income such as Social Security benefits or disability. Income verification may need to*
- You must have a bank account; this is where your funds will be directly deposited
- Excellent or good credit is not necessary; however, you must demonstrate that you are responsible
- No accounts more than 60 days late
- No active or recent bankruptcies
- No pattern of late payments
- Debt must be covered by income
- No recent charged-off accounts
The types of loans given are peer to peer loans, personal installment loans, and bank personal loans. These can be used to consolidate your debts. If you have any further questions or comments feel free to ask.