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Home Debt Debt Consolidation Getting A Debt Consolidation Loan: Individuals with Bad Credit

10 April 2017

Getting A Debt Consolidation Loan: Individuals with Bad Credit

Published on April 10, 2017

Debt Consolidation Bad Credit - Debt consolidation loans are promoted as being an outstanding way of getting in control of your financial obligations. This is true, but only for people with a strong credit rating.

If your credit report is conquered or impaired, then it will probably be really hard for you to acquire a debt consolidation loan unless you can get the business that lodged the defaults on your credit file to remove them.

If you own residential or commercial property which has equity in it, you are even more most likely to be successful in obtaining a debt consolidation loan, although the lender may request a 2nd mortgage on your home or business to protect the loan.

Individuals who own home may be much better off requesting more credit through their existing loan provider and request a "redraw" or "equity release". If you can apply through your existing lending institution you are more likely to obtain a cheaper rate of interest. The application procedure may also be easier as they understand your history.

Sadly, individuals who do not own residential or commercial property will have a hard time to protect a debt consolidation loan unless they have an unblemished credit report and a sustainable and strong earnings. In our professional experience, only well-paid individuals with an unblemished credit history are successful in getting debt consolidation loans. This has been our experience because the worldwide financial crisis.

If you have a bad credit report there might be a better option-- that is a debt relief solution. Please read our other short articles to comprehend exactly what a debt relief solution is and how it may be able help you.

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