Although another loan may seem like the last thing you need when you feel like you have more payments than you can make, bad credit unsecured debt consolidation loans are actually a wise way to keep you from going under financially. These loans can seem like a bad deal because they are usually at a higher interest rate than traditional loans, however bad credit lenders need to offer you their loan at a higher rate of interest because of the additional risk that your bad credit poses to them.
An unsecured loan means that your home is not on the line if you default for any reason. Instead, your loan is more like a personal loan, with no need to consider a refinance. These debt consolidation loans allow you to take all of your existing debt and consolidate it as one single payment. If you are careful not to use any additional credit, then you will be making payments to one company without the need for refinancing or other potentially difficult processes.
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The debt consolidation loan may be higher or lower in interest than your current loans, however the benefit is that you are not paying multiple minimum payments to many different companies. Thus, your minimum payment on the loan will be much lower than your payments were before. You will also be much more likely to miss a bill or forget to make a payment if you are only paying one company.
Writing an email to a debt consolidation company or filling out an online submission form can help you to protect your mortgage and the equity in your home, giving you the room that you need to rebuild your credit. Choose wisely based on the facts and not the marketing of debt consolidation companies, and you may be able to find a bad credit loan to save you.
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