How Do Debt Consolidation Loans Work?
Posted on July 9, 2009 at 3:35 am
If you have really bad credit, one of two things can happen. Either you won't be approved for the loan amount that you were applying for, and your creditor may instead grant you a lower amount, or you will be given a higher interest rate. But I may be wrong.
Posted on August 4, 2009 at 12:59 am
How do debt consolidation loans work for a consumer with bad credit?
I agree with caffeinatrix. You would either be denied or be slapped a higher interest rate.
What does bad credit mean?
A FICO score of 580 to 619.
Posted on August 4, 2009 at 1:06 am
Take note too that each time a potential lender pulls out a copy of your credit report, it's recorded, and it has a negative impact on your credit rating. So if you already have a copy of your report, bring it with you to discuss with the lender to prevent them from pulling another copy of your report--especially if they are not going to extend you a loan anyway.
Posted on August 4, 2009 at 1:15 am
How to get a debt consolidation loan with a bad credit? Why not find out if one of the reasons why you have bad credit is an unfortunate misreporting of a creditor (they do make mistakes) on a simple matter such as a finance charge? Review your credit report and try to clean it up. Repairing your credit would help you expand your options for personal loans in the future.
Posted on August 6, 2009 at 12:38 am
How do i qualiufy for a debt consolidation loan anyhow?
Posted on August 6, 2009 at 2:58 am
Secured or unsecured?
With the unsecured type, you'd really have no problem. But you'll be getting a whole lot of monthly interest if you do so. Especially if you have bad credit.
Posted on August 6, 2009 at 3:13 am
With the secured loan. I have built up enough equity in my home to get a loan for it and pay off my debts. I want to know if it's still a good idea tho
Posted on August 7, 2009 at 4:47 am
The whole home equity loan deal is a bad idea if you ask me, because you'll be putting your house up as security for the loan. Aside from that you may risk losing your house if you won't be able to make payments on the loan. Besides you really won't get a hundred percent of the equity that you have. That may range from 50-80% of the total equity, and the lenders typically put a lot of factors into consideration
Posted on August 7, 2009 at 7:54 am
How do debt consolidation loans work? Well, to address the home equity loan, it is risky as Lurker mentioned. And fundamentally, you really are not getting to the root of the problem. Instead, you are robbing Peter to pay Paul!
Posted on August 10, 2009 at 4:10 am
what are the other factors that lenders consider? i'm sorry, i really am interested in getting the equity loan
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