Debt consolidation loan?
Question:
but i'm paying all my bills on time (only minimum..can't pay more).
2 are BofA$8800 with 24.99% interest,2 are CITI $9900 with 26.99% interest and rest 6 are$5500 . i asked to CITI card to lower my interest rates but they were not helping me at all. is anyone know where i can get a loan for debt consolidation?
male 28 living in southern CA. credit score 640.
annual gross $70000 . Married .wife not working( no credit). rent.
please help.
Answer:
Bad credit debt consolidation loans are quite popular with those with poor credit history. If your loan application is rejected by a lender, bad credit debt consolidation loans are there to help. If you want to repair your credit history by repaying a loan, which has simple terms and low monthly installments, again bad credit debt consolidation loans are for you. They save you after rejection and help you regain your financial credibility, so that you can again enter the mainstream credit market.
Bad credit debt consolidation loans are of two types:
1. Secured bad credit debt consolidation loans:
These types of bad credit debt consolidation loans are secured by a collateral usually some property or a guarantor. Since, the lenders find something to bank upon in case you default on payments, the interest rates on secured bad credit debt consolidation loans are cheaper, the lending amounts are higher and the repayment period can be long.
2. Unsecured bad credit debt consolidation loans:
Persons who do not have anything to offer as the collateral or security, can take unsecured bad credit debt consolidation loans. The lenders find themselves at increasing level of risk while giving such loans. The existing bad credit situation and lack of a collateral, make them charge high interest rates and offer low loan amounts to offset the risk involved. But, a person who has a bad credit and cannot provide a collateral has little choice, but to take these high interest loans. At least by repaying these the borrower can rebuild his credit history. Read more from: http://www.credit-card-gallery.com/artic...
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