Free Debt Analysis     (888) 986-9939

CALL US TOLL FREE

Debt Consolidation Loans for People with Bad Credit

By: Michael Millington

Having good credit can afford you certain liberties with financial institutions. Mainly, the better your credit, the more you can receive from these establishments. This is true of most credit driven products such as credit cards and personal loans. However, debt consolidation falls into a strange middle ground with many. A debt consolidation loan can help to reorganize multiple debts into one debt. But are there debt consolidation loans for people with bad credit?

Attributes of Debt Consolidation Loans for People with Bad Credit

Debt consolidation loans for people with bad credit exist. However these loans are not ideal outside of emergency use. The main issue with debt consolidation loans for people with bad credit is the interest rate attached. Bad credit loans generally come with higher interest rates than normal. This is due to the higher amount of risk the lender takes on with someone with poor credit. While this type of loan can still serve the same purpose, it might end up costing you more in the long run.

If you are forced to consider debt consolidation loans for people with bad credit, there are some things you should know. Your consolidation loan amount might be limited due to your credit. Lenders tend to loan less money to those with poor credit. In some cases, borrowing less money can help to lower your interest rates. However, this all depends on how much money you need to borrow for your debts. Knowing where you’re borrowing from can also play a role in your borrowing power. Many online or payday lenders will offer you loans with exorbitant interest rates and fees. These are rarely a good idea to take out as they oftentimes keep you in a cycle of debt.

If you’re looking for debt consolidation loans for people with bad credit, be wary and do your research. Regardless of the type of loan you get, the goal of debt elimination stays the same. Incurring more debt from debt relief defeats the purpose. Know more about your loan before you apply.

Privacy Policy |  Terms of Use |  Contact Us
© 2024 Guardian Debt Relief. All rights reserved.
Calls with the company may be monitored and recorded for quality assurance and training purposes.
Completing a form on this site does not enroll you into a debt relief program. If you do enter into a debt relief program with Guardian, your program may last 24 to 48 months. Clients who are enrolled in a debt relief program may realize savings at the completion of the program including applicable fees. These figures are based on enrolled unsecured debts, and may vary depending on your individual debt relief program. Completion rate of the program is not guaranteed, and is based on the client’s ability to make timely monthly payments. There is no guarantee that we will lower your debt by either amount or percentage, or that you will be debt-free at any set time. We do not make monthly payments to creditors, take on consumer debt, nor do we provide credit repair services, or bankruptcy, tax, legal, or accounting advice. Contact a tax professional for tax advice and consequences of debt relief. Contact a lawyer to discuss bankruptcy options. Our debt relief services are not available in all states. Depending on your location, we may be able to recommend tax professionals or attorneys to assist you. Any use of the term “debt-free” or “debt freedom” on this site or by any Guardian representative, refers only to unsecured debt enrolled in our debt relief program—and does not relate to or promise any relief from secured debt and/or unsecured debt not enrolled in a debt relief program. Please understand the benefits and consequences of enrolling in any debt relief program, including potential negative credit rating impacts.
Lifeline Debt Relief, Inc. d/b/a Guardian Debt Relief.
Navigation