Savings used to pay off debt.

Debt Consolidation Loans For Poor Or Bad Credit

If you need a debt consolidation loan but have bad credit, you know that it can be difficult to get approved. Difficult, but not impossible. We may be able to match you to a lender that can offer you a loan that you can use for debt consolidation, even with bad credit. Get started now.

Let’s Get Started!

Erasing debt with a consolidation loan.

Get Your Offer

It takes just a few minutes to get an offer for a loan that you can use for debt consolidation. Here is how it works.

Complete Your Quote Form

First, you will need to complete your loan quote form. Simply head to the top of the page and enter some information about the loan you are requesting and your personal details. You will also be required to enter your checking information, because this is where your lender will send your money. Don’t worry, the form is secure.

Receive An Offer From A Lender

If approved for a loan, one lender from the group will send you a loan offer. You will be directed to the individual lender’s website where you can review the terms of your offer. The offer will be between you and your lender, we will not have any loan details.

Review Your Loan Offer

Once at the lender website, be sure to thoroughly review your loan offer. Note the interest rate and any fees. Make sure that you are clear on all of the details and ask your lender to clarify anything that you are not sure of.

Get Your Money & Pay Your Debt

If you were approved and decided to accept your loan, you can have money in your bank account as soon as the next business day. It will be deposited directly into your checking account and you can then proceed to pay off your debt.

Qualifying For A Debt Consolidation Loan With Bad Credit

As you probably already know, qualifying for a debt consolidation loan with bad credit can be a challenge. Still, it is possible and the financial relief that this type of loan offers is usually well worth the effort. If you are struggling to qualify, here are some things you can do.

Understand Your Credit Score

You can not know where you need to get if you do not know where you are. Secure a copy of your credit report and find out your score. With a report in hand, you should also look for inaccuracies that could be driving your score down lower than it should be.

Tally Up Your Debt

If you do not have a firm number for your total debt, you need to get one. Record all of your debt on a spreadsheet and total it up. You should also organize your debt in order of the interest rate that you are paying. This will let you know which debt is the most expensive.

Research Potential Lenders

Put together a list of lenders that may be able to offer you a loan. This is easy enough to accomplish by simply doing a search for “debt consolidation bad credit”. In your list, you should also consider lenders that require secured loans. Secured loans will often have a lower interest rate because they offer lenders some protection against default.

Look For A Cosigner

This is a lot to ask just anyone, but if you have family or a close friend who would be willing to cosign, it could mean the difference between approval and denial. Keep i mind that if you default on the loan, your cosigner will be responsible.

Demonstrate Stability

Showing a pattern of stability may help you get approval from a lender. On time bill payment and a steady stream of income can accomplish this. If you are employed, produce several months worth of pay-stubs. Self employed individuals will likely need a few years of tax returns.

Improve Your Credit

This may take some time, but you can improve your credit if you put effort into it. Pay your bills on time and try to pay off any debt on your own that you can. Use a service like Experian Boost to add a few points to your score.

Posted by
James

James Car is a finance, loan and budget expert based in the United States. After attending Brookhaven college, he went on to become a successful entrepreneur. He now enjoys writing articles that help people save and make the most of their money.