student loan is subject to completion of a loan application/consumer credit agreement, verification of application information, credit qualification, and a benefit to borrower determination.
In recent years, peer-to-peer (P2P) lending opportunities have increased the options for people looking for a debt consolidation loan with bad credit.
A debt consolidation loan can be a great tool for people with bad credit to help them get their finances back on track.
Before you get started, learn more about You may have heard the term “risk-based pricing” in regards to debt consolidation loans for people with bad credit. Lenders look at your total financial picture when determining the loan amount and the interest rate you’ll pay on a debt consolidation loan.Consolidating multiple credit accounts into one new loan with a single payment may help you lower your overall monthly expenses, increase your cash flow, and eliminate the stress of multiple monthly payments.When you're choosing the term of a loan, consider the total amount of interest and fees you’ll pay.With a debt consolidation loan, a lender issues a single personal loan that you use to pay off other debts, such as balances on high-interest credit cards.You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.While your bank or credit union may offer various personal loans for debt consolidation, it’s possible you won’t qualify if you have blemished credit.