There are different ways to apply for debt consolidation loans. Before applying to a specific institution, it’s important to consider its advantages and drawbacks.
Most of the borrowers will more likely apply to the bank (probably to the same that provided them with a loan). People tend to trust such institutions more than to online lenders, for instance. Still, they don’t take into account that banks don’t accept bad credits, especially, when it comes to debt consolidation loans. Furthermore, the more banks risk, the more they will ask for it. That’s why don’t surprise if you face sky-high interests.
Moreover, there are two more options – debt consolidation lenders and debt relief companies. They usually take into account specific difficulties of the borrowers, though often refuse to the bad credit. Obviously, it’s possible to negotiate with at least one lender – it depends also on your previous credit history and spending habits.
Honestly, receiving any type of the loan with a bad credit is difficult, sometimes impossible. But when you are looking for a debt consolidation loan with a bad credit, it’s still important to consider a couple of variants.