So even if you get approved for a loan, you could end up paying more in interest and fees than someone with better credit.
So whether you are approved for a loan at a high interest rate, or you get turned down because of your credit, remember there are plenty of other options for debt consolidation loans for bad credit.
One option for home owners is to use equity in their homes as the basis for consolidation loans.
In order to do this, your house needs to be worth significantly more than the remaining balance of loans against the property.
Many people looking for debt consolidation loans with bad credit profiles contact their bank or credit union first.
And while it makes sense to do business with an institution that you already know and trust, you may be disappointed if you get turned down for a loan.
If you’re struggling with debt – as many consumers are – you may be looking for a way to pay off your bills and get back on track financially.
This type of credit card charges no interest for a promotional period, often 12 to 18 months, and allows you to transfer all your other credit card balances over to it.
Having less than perfect credit shouldn't stop you from receiving the benefits of consolidating your debts.
That's why P2P Credit offers bad credit debt consolidation loans to those who have poor to average credit.
Most issuers charge a balance transfer fee of around 3%, and some also charge an annual fee.
Before you choose a card, calculate whether the interest you save over time will wipe out the cost of the fee.