Consolidating loans bad credit rating

04-Jun-2016 04:10 by 3 Comments

Consolidating loans bad credit rating - russian dating service com

To some lenders you're too much of a risk, but to others you're a chance to do some business in a competitive lending market.There's no getting away from the fact that if you're considering one of these products it's likely to be because your options are limited.

What's more, if managed responsibly a bad credit loan could help you build or repair a poor credit score.

One way of thinking about a poor credit loan is as a last-chance saloon for your record.

If at all possible it's good to avoid taking on extra debt but, depending on your circumstances, you might be able to use a bad credit loan to manage any current deficits.

For example, you could consolidate your debt, extend your repayment period, or even cut your interest rate.

A bad credit loan is an option to consider for would-be borrowers who are struggling to find credit from other sources.

It's likely that the interest rates levied on such loans will be high, a reflection of the borrower's lack of other choices and the fact that they're likely to have a poor or non-existent credit history.

Bear in mind that people who have had County Court Judgements (CCJs) in the past are unlikely to be accepted for a loan offered through

What's more, making an unsuccessful application could damage your credit score even further.

A bad credit loan isn't a 'bad' thing in its own right - it's simply a loan for people with a poor credit history.

Perhaps you've missed repayments, missed bill payments and/or made failed applications for credit.

Even if you've never borrowed in the past, you might still struggle to qualify for the market-leading loans.

After all, the lender has nothing to show that you can be relied upon to make your repayments.