#debt consolidation loans bad credit
7. Bad Credit Debt Consolidation Loan
Can I get a debt consolidation loan even if I have bad credit?
Do you have bad credit and are you concerned that because of it you cannot qualify for debt consolidation. We have good news. Bad credit and debt consolidation loans can go together: even if you have bad credit, you may still eligible for a debt consolidation loan .
How can I tell if I have bad credit?
- Bad credit can be identified by a number of factors, but the most common indicators are the following:
- Frequent phone calls from bill collectors
- Using a cash advance from one credit card to pay off another
- Missing loan payments, or even being regularly late with payments
- Paying only a fraction of your bill at one time
- Falling behind on monthly bills such as rent, hydro, or car payments
- Always making excuses about why you cannot make payments
- Constantly being concerned with your finances
If any of the above indicators sounds familiar, there is a good chance you have bad credit.
How do I go about getting a bad credit debt consolidation loan?
You should first consider the reasons behind your bad credit. For example, your situation may be due to an unfortunate circumstance (like illness), or it could be due to poor money management. Identifying the causes of your situation will help you determine where you need to make changes.
Next, make a list of your monthly income and expenses. A list will help you determine how much you are capable of paying back in a debt consolidation loan .
Then, contact your bank or credit union and determine what you need to do to get a debt consolidation loan. If you have a stable income there is a good chance you will be able to get a loan.
In addition, it may be necessary for you to have a co-signor. This way, if you fail to make payments, your co-signor will be responsible for the debt, and the people you owe will be unaffected.
If your bank or other lender will not, because of your bad credit, give you a debt consolidation loan (even with a co-signor), then it may mean you should consider a consumer proposal or bankruptcy as a way to deal with your debt.