Consolidation loans for bad credit?

trigger87_2

Can anyone reccomend any debt consolidation loans for someone with bad credit? Nothing serious but struggling to find any that will accept me. My current debt interest is high and I'm struggling to get out from under it so consolidating with a lower interest rate would help greatly. Thanks.

JuicyJesus

If you are not getting a loan from any places you have tried it is unlikely that there will be any loan providers with any acceptable interest rates. Ones for "bad credit" are usually extortionate to reflect, well, that the people applying for them have bad credit. Nobody here is likely to be able to recommend any.

Go to the Debt Free Wannabe board and ask their advice for getting out from under the debt, as consolidation appears to not be an option.

Dobbibill

You will struggle to find a loan at a lower APR for Consolidation with a bad history and you are effectively requesting to double your total debt. (There is nothing to say you will pay off existing debt)

This is a good thing as consolidation rarely works.

Pop over to the DFW board and post a SOA and the good people will see if there are other savings that can be made to your budget or if a different debt solution would be more suitable.

DCFC79

You need to cut your outgoings or increase your income its as simple as that, you wont find a consolidation loan, it sounds like your debts are getting on top of you, I second the dfw board.

dieselv2

If you join Clearscore, they show credit cards and loans you will be entitled to. I have bad credit but only eligible for guarantor loans.

MEM62

dieselv2 wrote: »

If you join Clearscore, they show credit cards and loans you will be entitled to. I have bad credit but only eligible for guarantor loans.

They might try to match your circumstances to companies that may be prepared to lend to you based on your circumstances but no one is entitled to a loan.

PeacefulWaters

"Hi.

I've got a record of not repaying my debts on time.

I'm also struggling to meet my current commitments.

Please will you lend me more money, but at a lower rate."

It's hardly a compelling prospect for a lender.

CakeCrusader

PeacefulWaters wrote: »

"Hi.

I've got a record of not repaying my debts on time.

I'm also struggling to meet my current commitments.

Please will you lend me more money, but at a lower rate."

It's hardly a compelling prospect for a lender.

There's lots of reasons why people run into difficulties you know. Stuff happens.



It's really tough to get a loan if you don't have the best credit file, I'm sorry. You could try a credit union? Sometimes you have to already be a member (so you need to have paid in for a certain amount of time), but the one here is flexible. The interest rate isn't bad considering the others. If you are talking about a credit card, it's possible to transfer the balance to another card with a lower APR (I've just done this). I'd pop over to the Debt Free board and write a little about who the debts are with so that people can help. They are generally a little more understanding there too

Herzlos

You're probably better off focusing your energy on paying down the worst of your debt first. Any consolidation loan, if you can get one, is still likely to be at a high rate and all you're doing is shifting it about.

PeacefulWaters

CakeCrusader wrote: »

There's lots of reasons why people run into difficulties you know. Stuff happens.

It does. And those who lead at sensible rates tend to shut up shop in such cases.