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When it comes to debt consolidation, having a good credit score is the key to getting approval. However, the fact that you have several debts, to begin with, is enough indication that you might not be in a very sound financial place. Needless to say, your credit score may not have fared better either.

Debt consolidation and bad credit

Whilst it would be extremely difficult for you to qualify for a bill consolidation loan to get all your present debts consolidated, it is not impossible. You just have to take a few steps that would at least make you a more trustworthy borrower to the lenders. You just have to convince them that this is worth their while.

Risky borrowing

You do need to see things from the lender’s point of view. You are asking them to grant you a loan to pay off all of your present existing loans so you will just have to pay for a single one with a single interest charge moving forward. However, if you have only taken the time to manage your debts well before, you should never have been in the current situation you’re now in the first place. It is understandable if lenders will find it a little hard to consider loaning you the money you need in your current state.

Fix your credit score

This is why it is advised for you to wait at least six months before sending out an application. While it is true that you’d need to settle all these debts as soon as you can, taking a few months off will work to your favour. All you have to do is use this time as much as you can to work on rebuilding your credit score. Pay your bills on time. Register to the electoral roll. Get your income augmented if you have to. When given enough time, credit-building steps can do wonders to your credit score. By the time that you send out your loan application, getting it approved will be easy.

Payday Loans for Bad Credit Borrowers

Credit history is one of the most essential factors when you want to get a loan. Financial institutions evaluate this to check your creditworthiness. It may seem like an impossible task to be able to get approved for a loan but here are some strategies you can try.

Boost Your Credit Score

Now, this strategy will only work if you are not having a financial emergency. If your loan isn’t for something urgent, then I highly suggest that you first improve your credit score. Make sure you pay your bills on time. Don’t use your entire balance and lessen your expenses. Lastly, refuse to apply for any more new credit.

Get a Co-Signer

A co-signer is basically someone who is going to consent to paying for your debt in the event that you are unable to make the payment. When looking for a co-signer, find someone who has an excellent credit history as this will increase your chances of getting your loan approved. The only thing you need to settle regarding this is ensuring that you will pay your co-signer back.

Get an Interview with a Credit Union Officer

Sometimes to prove your creditworthiness, you need to present your case. When you ask for an interview and you’ve been granted, be prepared to show them the necessary documents that will prove your ability to pay the loan. This includes documents that show tax returns, your salary and proof of income, bank statements detailing your savings account.

When you’re desperate for a loan, you may end up overlooking many red flags. This include making transactions with a non-licensed lender. Be sure to always do some background check when looking into a lender as you may end up in a worse position. Be wary of loans with high-interest rates.

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You’re just a step away towards financial freedom. Apply now!