Debt consolidating finance people poor credit
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.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.There are companies and organizations who offer programs that consolidate all your debt payments into one monthly payment and provide substantial interest relief.
By this point, the credit score is affected and the consumer has no idea how to improve the financial situation.
It differs from a mortgage, car loan, or secured loan in that the lender cannot directly seize your assets if you fail to pay back the loan.
Your credit score still will be damaged if you default, though.
Is it truly what you need, and will it actually help?
Are you dealing with your situation, or are you just prolonging the pain?