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Posted by / 28-May-2020 20:57

Consolidating debt with a bad credit rating

Compare loans from multiple lenders and learn more about personal loans.An unsecured personal loan is an installment loan that is not backed by collateral such as a house or car.Expect rates toward the higher end of the range — that is, up to 36% — if your credit is damaged.If you can’t qualify for a loan through a reputable lender, don’t head for a payday lender. Pros of unsecured personal loans Is an unsecured personal loan right for you?To identify and deal with the underlying problems that are causing your financial problems, your first step should be to contact a non-profit Credit Counsellor and have them go over your finances with you.After they've helped you identify the problem, they can recommend the best solution based on your situation and your financial goals and priorities.What lenders are looking for: Any reputable lender will check your credit history and ask about your income and debt when deciding whether to offer you a loan.Your credit history directly affects the interest rate you are offered, and so does your ability to repay the loan.

Your credit score still will be damaged if you default, though.

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If you are looking for a bad credit debt consolidation loan for people with a poor credit rating or credit history, you are typically looking at paying 47% interest; however, there may be a better way for you.

Borrow for a wedding or a vacation if you are confident you can make the payments. If you aim to become debt-free, create a plan to do so.

If you can’t handle your current debt, investigate your debt-relief options.

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You can use an unsecured personal loan to consolidate debt or finance large purchases.

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