Do Your Have Bad Credit and Need To Consolidate Your Loans

It may sound so redundant but most articles about bad credit consolidation loans will continuously to pose questions concerning your bad credit history. You may already be annoyed with all those questions that just emphasize the fact that yes, you have bad credit so you need a loan.

You have a debt and you have to consolidate so you are looking for available options for you to try. If that is what you want, then you need to do some researching about the best options which are suitable for your present condition. Before you avail of the debt service offered by a certain agency, you should know first the various kinds of accessible debt services.

The first thing which you need to consider before applying for bad credit consolidation loans is if you have the qualifications to apply for the said loan. You may get an equity loan if you have a house through the appraisal of its value or by utilizing your equity so you will obtain the financing that you need. Most probably, if you have all the necessary qualifications, you may be able to apply for an unsecured loan.

In an unsecured loan, your debt will be consolidated with low payment which you will give monthly while being assured that the debt will have no ties to some or all of your assets. You may need another loan, though. It is good to know that there are existing companies which may assist you in handling your debt without using an additional loan. On the other hand, before you clap your hands in glee, you should be aware that these companies will charge a fee before they help you in negotiating a lower interest rate with your creditors.

Aside from that, the company will also manage the payments which you give every month. Bear in mind that one company is different from another. A certain company may offer a way that will differ from the method offered by another company. One thing to consider in finding the right agency or company for you is to make sure that the techniques offered by the agency have the capability to help you save some money. If you are able to save some money then you will be able to pay and lower your credit balances.

There are certain companies that offer bad credit consolidation loans while asking for just an undersized monthly fee. Others charge much but also offer a small monthly fee. Sometimes, these companies are worthy of the amount they charge so you will decide to apply for the loan they offer. You should note that there are companies which are operating illegitimately and they will take your payment every month but keep it for at least one month or maybe even more than that before they make the payments.

Since the payment made is considerably late, your creditor will charge you with late fees. In short, these companies may just drown you in troubled waters instead of keeping you afloat. So before you affix your signature, consider these things first.


  1. My husband and I have bad credit card debt. We’ve been with careonecredit and don’t seem to be getting anywhere and getting sued by the credit card companies. We need a break. Is there any bank that would give us a loan to pay off all credit cards to consolidate? Our mortgage was behind in the past but has been current. We just need a break.. we mean well! We know we made bad decisions in the past.

  2. We are a couple in our mid to late 50’s. We have a home valued at $580,000 cad. We owe the bank $170,000 (interest only mortgage and line of credit ) We would like to clear our credit cards which stand at approx $20,000, because it costs us $650 per month, just to keep them below their limit. Other downsizing to a another home. What would be the least expensive way of clearing the credit cards. Both of us do not have god credit. Thanks

  3. To the commenter above please follow this link You need to consolidate your debt. This is when you take out one loan to pay off many loans. This allows you to get a fixed or lower combined interest rate in turn saving you money.

    Hope that Helps,
    Daniel – BCLC

  4. I have credit card debts I need to pay, but would like to combine them all and make one monthly payment. My total debt in credit cards is approximately $26,000. I have bad credit and need help a.s.a.p!

  5. Hello Cheryl,

    It took me months to find loan lenders I felt comfortable letting you guys know about. I am performing due diligence on a few debt consolidation companies now and will post that information up when I’m done.

    Best Regards,
    Daniel – BCLC

  6. I have personal loans in the amount of $7800 that I would like to consolidate. Some of these loans I am paying 24% interest. Can you help me. My credit is not horribly bad, but somewhat so.

  7. Is there a number I can call to speak to a represenative?

  8. Hi my name is Rodolfo Baltazar,I have a big problem i have a very poor credit which I have a dept of total of 15,000 which I really like to pay. I really want to have help. I would like to qualify for a loan and to have the opportunity to pay my debt.

    Thank you

Speak Your Mind