Attempting to get a loan saddled with bad credit can be a particularly tough experience. Though bad credit does hamper one’s chances of getting a loan that comes packaged with a perfect interest rate, there is still f hope.
Just like any other loan, in order to obtain a loan that will allow consolidation of debt into one single payment, you must first qualify for the loan. This may be easier for homeowners, who can get an equity loan using the equity of the house, or opt for a loan that is a certain amount over and above the appraised value of the house. However, there are consolidation loans available for those whose credit scores are less than perfect, those with credit blemishes, late payment history, bankruptcy, low income and for people who are non-homeowners or renters.
When it comes to bad credit consolidation loans, the interest rate plays an important role. The lower the credit score of the borrower, the greater the risk assumed by the lender in loaning the money. To offset this risk, lenders charge higher interest rates for people with poor credit scores. This interest rate is usually connected in some way to the prime lending rate, often about 2 to 3 percentage points higher. When applying for a bad credit consolidation loan, the wisest option is to shop around before coming to a decision, since interest rates vary widely from lender to lender.
Whether a bad credit consolidation loan actually helps is often determined by the actual terms of the loan. The loan could be a fixed interest rate loan or a variable interest rate loan, the term can be anywhere from 10 to 20 years, etc. One obvious benefit of these loans is that they help the debtor pay lower monthly payments besides having to make only one payment each month.
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