How to Get a Debt Consolidation Loan, Even With Bad Credit
If you have a lot of debt or different types of debt, then a debt consolidation loan might sound like a good idea. However, if you have low credit, you may not have many options.
In this article, you will learn about the ins and outs of a debt consolidation loan, the pros and cons of getting one, and what your alternatives are if you aren’t ready to get a debt consolidation loan.
Understand Your Credit Score
Continue to monitor your score over time. You can learn what contributes to a good score as well as what causes your score to decline, and act accordingly.
Shop Around for a Debt Consolidation Loan
You might want to investigate online lenders as well as brick and mortar lenders such as your local credit union.
Consider a Secured Loan
Forms of collateral include a vehicle, home, or another asset. The collateral must be worth the amount of the loan if you default on the loan.
How to Qualify for a Debt Consolidation Loan
To get a debt consolidation loan, you must be 18 years or older and a legal U.S. resident.
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