If you have low average to bad credit (below 660 credit score) you may still qualify for a debt consolidation loan but the interest rate will be high.
Rates can be as high as 30% in some cases defeating the purpose of a debt consolidation loan.
Rates do vary from lender to lender, but here is what interest rates on personal loans look like, on average: Someone with poor or average credit may be able to get an unsecured personal loan on the strength of a steady income and low debt levels.
Talk to a licensed loan officer to verify savings in regards to a debt consolidation program that you qualify for based on your credentials.
- Fixed Rate Second Mortgages - Home Equity Loan Refinancing - Low Rate Debt Consolidation - Jumbo Mortgage Refinancing Did you know that you do not have to refinance your current home loan just to get some money to consolidate debt?
But you need to understand that you still owe the money -- just now you owe it to a lender of personal loans.
Your note reads like you need a loan to make ends meet, not that you're trying to take out a personal loan for debt consolidation.
Many people have has success lowering the monthly payments with fixed second loans on set terms ranging from 15 to 30-years.