You need to apply for any of the guaranteed debt consolidation loans for bad credit if you want to get out of debt faster. Debt consolidation becomes an option when you can’t keep up with multiple bill payments each month.
With a Guaranteed debt consolidation loan, you can effectively manage your debts by rolling all of them into one single debt. In this article, you will discover some online lenders that offer this type of loan for people with less-than-perfect credit.
Guaranteed Debt Consolidation Loans for Bad Credit
Generally, having bad credit reduces your chances of getting good financing options. If you have bad credit, it could be hard to qualify for a debt consolidation loan with a good interest rate.
However, some lenders are willing to help people with less-than-perfect credit. Some of the best Guaranteed Debt Consolidation Loans for Bad Credit are discussed below.
Upgrade personal loans can be used for Debt consolidation, home improvement, and lots more. The rates are low and fixed and the monthly payments are also affordable. The application process for this loan is also quick and easy. You will be required to check your rates online with no impact on your credit score.
After this, you will receive different loan options to choose which offer is best for you. Once you receive approval, you will be sent the funds within the day you are approved for the loan.
Another lending company where you can get personal loan offers with less than perfect credit is LendingClub. If you don’t qualify for a loan, you can add a co-borrower. All the loans offered on this platform come with fixed interest rates. There is no prepayment penalty and the repayment period varies. Origination and late fees apply to LendingClub loans.
OneMain Financial offers loans to qualified applicants to finance any expense they want. This includes medical expenses, debt consolidation, and lots more. The loans offered come with fixed rates and payments. When you apply for a OneMain Financial Loan, several factors will be considered. This includes your credit history, income, expenses, the length of the term, and lots more.
Universal Credit is another online platform that connects lenders with borrowers. You can get a personal loan to consolidate your debts on this platform. The Funding time is fast as you can get the money the next business day after approval. To get a loan from this platform, you need to be at least 18 years old and be a U.S Citizen or permanent resident.
One of the best loans to get with bad credit is an unsecured loan. This means that you will not be required to provide collateral. With LendingPoint, you can get an unsecured personal loan.
The personal loan offered on this platform ranges from $2,000 to $36,500. The loan amount you get approved for depends on your credit profile and other information you provide during the application process.
Badcreditloans.com is an online platform that connects individuals that have bad credit with lenders online. When you apply for a loan on this platform, you will be connected with lenders. You can compare your options and review the offers sent to you.
Your information is also secure and you can apply for this loan any day, anytime. The services offered on this platform are free and you can get other credit-related services such as credit repair, debt relief and lots more.
How to Manage Debt Consolidation Loans
After you have successfully received a debt consolidation loan, it’s important you learn how to manage it to avoid getting into debt again. The first step to managing this loan is to create an affordable budget.
This will help you cut down unnecessary expenses. Another important action you need to take to manage this is to make payments on time. Normally, debt consolidation loans slightly impact your score. When you make the minimum payments on time, it helps you build credit.
Where Can I Get a Debt Consolidation Loan with Bad Credit?
If you have bad credit, you may be wondering where you can get a loan to consolidate your debt. You can get this loan from your Bank or credit union.
However, banks and credit unions comply with strict rules and it may be hard getting a loan. You can also get loans from online debt consolidation lenders and payday lenders.
Should I Apply for a Debt Consolidation Loan?
There are a lot of things you need to put into consideration when you want to apply for a loan with bad credit. The interest rates for applicants with bad credit will definitely be high. With this, you should consider improving your credit before you apply.
Also, consider applying for an unsecured loan as you will not be required to use an asset as collateral.
What are the Alternatives to Debt Consolidation Loan?
If you can’t get a debt consolidation loan with less than perfect credit, you can use other options to manage your debts. You can sign up for debt management programs, use balance transfer cards, or seek debt settlement with your creditors.
Is Debt Consolidation a Good Idea?
Whether or not debt consolidation is a good idea depends on your financial situation. If you owe multiple debts with high-interest rates, you should consider consolidating your debts especially if it will save you money on interest.
What are Some Banks that Do Debt Consolidation Loans?
Some banks that do debt consolidation loans include Wellsfargo, Avant, Happy Money, OneMain Financial and Upstart, Prosper etc.