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What to Look for in a Debt Consolidation Company

If you want to consolidate your existing loans, you should start looking for a debt consolidation company to help you. It can be very tiring managing multiple debt payments – you are always worried that you might forget a due date and miss out on a payment. Your existing debt may have high interest rates and you want to find a loan provider that will not just help you consolidate your debt, but also provide lower interest rates and fees.

Things to Remember When Looking for the Best Debt Consolidation Company

Reputation

You will want to work with a debt consolidation company that has a good reputation. One way to find out is simply by asking around. You can also check online reviews from previous clients to make sure that they are legitimate and authorized to provide debt consolidation relief to consumers.

Realistic

You may be offered a debt consolidation loan that is too good to be true. But be wary, it may be just that – too good to be true. Debt consolidation companies are also in business to make money, so if you’re being offered dirt-cheap interest rates and fees, it may be a scam.

If the bills from your existing loans keep piling up and you are starting to get overwhelmed, it may be time to seek the help of a debt consolidation company. Be sure though that at the end of the day, you are indeed saving money by getting a debt consolidation loan and not getting deeper into debt.

Can I Get a Consolidation Loan if I Have Poor Credit?

Many people have multiple loans which can be stressful to manage. If you belong to this group, you may have considered getting a consolidation loan to get rid of multiple loan accounts. However, if you missed repayments, your credit score may not be that great. If you really want to get a consolidation despite your poor credit, here are some options:

Banks and Traditional Lenders

Banks and mainstream lenders are notorious for turning down borrowers with unsightly credit scores. If they do agree to accommodate you, you will be charged higher-than-usual interest rates and fees based on their lending model that is risk-based.

Payday Lenders

Payday lenders also provide quick cash but you should be ready to shoulder extremely high APRs. The downside in applying for a loan from a payday lender is that the high interest rates can be burdensome and put you deeper into debt.

Online Lenders

People with bad credit usually turn to online lenders who offer debt consolidation loans. Just like based banks and mainstream lenders, they use a risk-based model to determine the interest fees applicable to your loan. Despite the high interest rates of 25% to 35%, many people with poor credit apply for a loan from online lenders to consolidate their debt because of the convenience.

Remember that not all lenders have the same consolidation loan offerings. It is best to speak with a loan specialist to further discuss the option that is best suited for your situation.

How Can I Get a Bill Consolidation Loan with Bad Credit?

It’s hard to keep up with multiple debt payments. You need to make sure that you get all bills paid on or before the due date or you will be penalized with late charges and fees.

In order to relieve yourself from unnecessary stress, you can get a bill consolidation loan to combine all your debt in one loan. This means you only need to keep track of one loan thus avoiding missed or late payments. Another advantage you can get from obtaining a bill consolidation loan is that your credit score will increase since paying off other debt has a positive impact on your credit history.

To get a bill consolidation loan, look for a lender that offers debt consolidation loans. You simply look for a lender online and get a quotation to find out how much the loan will cost you. Your goal here is to save money from multiple interest rates so search and compare before obtaining the loan.

What if My Credit is Not Good?

Unlike banks and regular lenders, you can get a debt consolidation loan from an online lender even if you have bad credit. Traditional lenders will turn you away once they find out that you have bad credit. Bad credit lenders understand that not all borrowers have good credit and will focus more on your income and affordability. Seek the help of a direct lender that specializes in bad credit consolidation loans. Most online lenders offer flexible borrowing so you can get the loan that you need at the best rates and terms. 

Loancaptive’s FAQ’ S

Here are some of the frequently asked questions of our valued customers.

Q: How much money can I borrow?
The cash amount that you can borrow depends on the loan type that you have. When you have a short-term loan, the maximum amount to borrow is $995 while personal loans range to $1,000 to $25,000.

 

Q: Do you have personal loans for bad credit?
Yes, our loan types are suitable for everyone. Even if you have a history of bad credit, we will help you find a lender and loan that based on your purpose.

 

Q: What are your unsecured loans?
Our unsecured loans consist of credit cards, personal, and term loans. We suggest to fill out our application form to provide you the best-unsecured loan.

 

Q: How many months is your repayment period?
Our repayment period is from 3-18 months. You can choose your repayment method upon your application.

What Are Unsecured Loans?

There are different types of unsecured loans. The common unsecured loan is a credit card where borrowers can use their credit limit again once repaid. Another type is a payday loan which is applicable to employees or anyone who have a proof source of income. A payday loan is a short-term loan that takes 15-30 days only. There are also signature loans, term loans, and students loans that are categorized as unsecured loans.

Unsecured Loans Guide

We provide you the unsecured loan you need. In order to get the money you want, you must fill in the details needed in our application form. Then, we will evaluate and give you a direct lender for your purpose.

Unsecured Loans Guide

Unsecured Loans Guide

Unsecured Loans Guide