It seems unfair for lenders to want borrowers to have excellent credit scores when applying for debt consolidation loans. Especially when those who would benefit most from a debt consolidation loan are likely to have bad credit.
Debt Consolidation loans can offer a convenient solution to your debt. They can reduce your minimum repayment and interest and create one manageable debt rather than having several small debts to look after.
The good news is debt consolidation loans are available for people in debt and at Lanyana Financial Group, we can assist with debt consolidation for bad credit.
What Is Debt Consolidation for Bad Credit?
Before you spend too much time looking into debt consolidation for bad credit, you may be wondering what exactly it is. Many people struggle with their debts for different reasons. Some have a high number of monthly payments to keep track of, and it may be easy for some of those payments to slip through the cracks. Others may have high interest rates on their debts. It can be difficult to pay balances down when so much of your payments are being applied to interest rather than principal.
Debt Consolidation for bad credit is used to refinance your debt and to consolidate your accounts into a single loan. In most cases, you will have a single loan payment to make each month. The interest rate is typically lower than what you may have been paying on your credit card accounts and other debts, and this means a larger amount of your monthly payments is being applied to principal. In addition, because your debts are consolidated into a single loan, your monthly payment for your debts may be lower.
Your Credit Rating
Refinancing your debts with many banks and lenders often does require you to have a good or excellent credit score. However, if you are struggling with debt, your credit rating may be filled with defaults. At Lanyana Financial Group, we offer you a range of financial solutions suited for people with bad credit. Through our affiliate lenders, you can easily enjoy the benefits of debt consolidation for bad credit.
Our goal at Lanyana Financial Group is to help you find the financial solutions you need to get back on track. Our positive financial solutions give you access to creative and forward-thinking lenders whose loan programs can be used to your benefit.
Through our solutions, you could lower your interest rate and repayments, establish a more attractive debt repayment plan and more. To learn more about debt consolidation for bad credit, contact us today. This may be the best move you make.
First published on Positive Solutions Finance.