Debt consolidation loans let borrowers take out a single loan that covers the outstanding balance on some or all of their unsecured loans. The consolidation loan is then used to pay off each of the individual loans so the borrower is only responsible for a single monthly debt payment. This results in a more streamlined repayment process and can give the borrower access to a lower overall interest rate.
When evaluating loan applications, lenders generally look for a credit score between 580 and 620. However, lenders also consider factors like the applicants ability to repay the loan. Qualifying for a debt consolidation loan can be more difficult if you have bad credit but its still possibleespecially if youre open to getting a secured lo…
Read the full article at: https://www.forbes.com/advisor/loans/can-i-get-a-debt-consolidation-loan-with-bad-credit/
