Poor credit debt consolidating loans


17-Jun-2018 07:24

Debt consolidation won’t work if you have too much debt or haven’t fixed underlying spending issues.

Almost all lenders require you to be 18 years or older and a legal U. resident with a verifiable bank account and not in bankruptcy or foreclosure.

With a debt consolidation loan, a lender issues a single personal loan that you use to pay off other debts, such as balances on high-interest credit cards.

You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.

The amount of credit card debt you can transfer is typically up to ,000.

Other options for borrowers with bad credit include secured or co-sign personal loans.

Some lenders say they have no minimum credit score requirements, but that does not mean they don’t check your credit report.

Knowing your credit profile before you apply can help set expectations.

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Several personal finance websites, including Nerd Wallet, offer free access to your credit score and credit report.Debt consolidation loans allow borrowers to roll multiple debts into a single new one with fixed monthly payments and, ideally, a lower interest rate.