The new loan is a chance to lower monthly payments or find a cheaper interest rate.
But qualifying for a new loan with bad credit is tricky.
Here’s a look at resources that can help you if you need a debt consolidation loan for bad credit.
Borrowers can use a debt consolidation loan to pay off debts and replace them with a single loan.
For borrowers, this can mean lower and more flexible credit requirements to qualify for student loan refinancing.
Lenders such as Earnest, for instance, have no minimum credit requirements for student loan refinancing.
Avant, for example, offers unsecured personal loans for borrowers with credit scores as low as 580.
Please do your homework and let us know if you have any questions or concerns.
Try the following to get the debt consolidation loan you need — even with poor credit.
If the debt you’re trying to consolidate is student loans, you’re in luck.
You have a mound of debt and you’re not sure how to repay it.
You’ve considered taking out a personal loan to consolidate the debt, but it’s hard to find debt consolidation loans for bad credit.
They will look at your credit score, but they also consider your application based on criteria such as your education and employment history.