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A high APR bad credit unsecured loan will only serve to worsen money problems and should be avoided in favour of a debt solution.Debt solutions can be utilised to fit unsecured loans, credit card debt and personal overdrafts around household bills.While P2P loans have made it easier than ever to get a debt consolidation loan with bad credit, consolidating your debt without a loan may still be a better alternative for you.A debt consolidation loan can be a great tool for people with bad credit to help them get their finances back on track.In recent years, peer-to-peer (P2P) lending opportunities have increased the options for people looking for a debt consolidation loan with bad credit.
But if you’re one of the many consumers with bad credit, you may be wondering whether you even qualify for a consolidation loan.
Before deciding whether an Individual Voluntary Arrangement or debt management plan is the right option, it is advisable to consult a debt counsellor to discuss the situation.
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Before you get started, learn more about You may have heard the term “risk-based pricing” in regards to debt consolidation loans for people with bad credit. Lenders look at your total financial picture when determining the loan amount and the interest rate you’ll pay on a debt consolidation loan.
The better your credit, the more you’re able to borrow at a lower interest rate.
Whether you decide to apply for a debt consolidation loan or an alternative plan, you’ve made a smart choice to get out from under your bills and start on a path to becoming debt-free.