Yes, you can. While many lenders do reject people with bad credit, there are others who specialise in bad credit debt consolidation loans.
By consolidating, you are getting rid of several different debts and replacing them with just one. This means your debts are a lot easier to manage and you can also benefit from extending the payment period and having less to pay out each month.
Disadvantages of a bad credit debt consolidation loan
Although it is possible to reduce your monthly payments this way, bad credit debt consolidation loans are usually at a higher interest rate than standard loans, meaning you will pay a back a lot more – sometimes double the amount you borrowed, so you should always think carefully before signing on the dotted line. Of course, sometimes this is the only option, and in those cases a bad credit debt consolidation loan can help you get back in control of your finances – albeit slowly.
If you have bad credit and are looking for a way to reduce your debts, why not consider some of the other solutions available. The article, ‘Debt consolidation alternatives’ considers some of these.
If you would like more information on bad credit debt consolidation loans and other related topics, use some of the helpful links below.
Helpful debt consolidation loan links
Types of debt consolidation loans
Debt consolidation
Getting the best debt consolidation loan
Debt consolidation alternatives
Remember, Advance With Finance is a completely free, impartial service. Although the information on this website is provided by industry experts, it should never replace the advice of a debt adviser who understands your individual circumstances. To get more help please visit our company overviews page.
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