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Easy Application Bad Credit Debt Consolidation Loans

Debt is something that many people experience, and it can be difficult to juggle multiple repayments to various lenders, but there is an easier way to simplify repayments in the form of a debt consolidation loan. Regardless of whether the debt has come about as a result of a slowdown in business or more personal reasons, it is possible to get debt consolidation loans with bad credit from lenders who specialise in bad credit loans. These debt consolidation quick loan lenders can often help when the more traditional lenders such as banks are unable to do so.

If you want to pool all your debts into one easy to manage repayment schedule, please call Universal Finance today. Our network of lenders offer guaranteed debt consolidation loans for bad credit as well as a range of flexible repayment terms.

Interest Rates and Fees for Consolidation Loans with Bad Credit

The interest rate for debt consolidation loans depends on a number of factors with the predominant one being whether the loan applied for is secured or unsecured.

Universal Finance are difficult loans specialists, so if you have been looking at unsecured consolidation loans for bad credit, you can rely on our team to source the financial product with the lowest fees and rates of interest available. Our network of lenders specialise in unsecured bad credit debt consolidation loans in order to help people that the more traditional lenders cannot.

For more information on debt consolidation loans for bad credit with an online decision, please get in touch today and one of our consultants will be happy to help.

Making Debt Manageable

For many people and businesses, managing debt takes up a great deal of time and effort that could be better utilised elsewhere. Applying and getting approval for online debt consolidation loans even with bad credit is quick and straightforward when you deal with Universal Finance. We will use our extensive experience and expertise to find you a loan that makes your debt more manageable and frees up your time for more worthwhile pursuits.

Frequently Asked Questions

How does debt consolidation work, what does it involve?

Debt consolidation takes all of your smaller loans from different creditors, whether they are store cards, financial institutions, or credit cards, and combines them into one loan. When you take out a debt consolidation loan, you are borrowing the sum amount of your debt from one institution which is used to pay off all of your individual debts, leaving you with only one creditor to make your repayments to.

How does debt consolidation decrease monthly debt payments?

The interest rate on your debt consolidation will likely be lower than you are currently paying on your smaller debts and it is this rate that will save you money on your monthly repayments over the life of the loan. Credit cards and store cards are designed to take the longest time for you to pay off completely as they drag out the repayments over a longer time, all the while charging you more and more interest. By taking out a debt consolidation loan, you are transferring all of those smaller debts into one loan with one repayment at a lower interest rate which is over a fixed term.

Is a consolidation loan right for me?

If you are struggling to manage the repayments on your debt or have multiple store cards or credit cards, you may feel as though you will never be free of it all. A debt consolidation loan combines all your smaller debts into one easy to manage repayment which takes the pressure off your monthly finances and gives you some light at the end of the tunnel when it comes to being free your personal debts.

Do consolidation loans hurt your credit score?

Though there will be an initial decline in your credit score when you first get approval for your debt consolidation loan, the loan may also help you to improve your credit score over the life of the loan if you make the payments on time. If you are struggling to make payments on all of your debts on time every month, your current situation may be hurting your credit score already. Provided you make your debt consolidation payments on time, this kind of loan can help you to turn your credit score around.

Is it a good idea to do debt consolidation?

If you can get an interest rate that is lower than your existing debts, then a debt consolidation loan can be beneficial in maintaining you credit score as well as irradicating debt. Debt consolidation can also be beneficial for those who struggle to maintain multiple monthly debt repayments. Though it may not work for everyone, debt consolidation is certainly worthwhile looking into for your personal finances.

What is the downside of debt consolidation?

Debt consolidation is not a cure-all for financial problems or for the financial habits that got you into debt in the first place. If your credit score is bad, then you may be subject to higher interest rates or fees for debt consolidation due to the risk being taken by the institution.

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For further information about debt consolidation loans, please don’t hesitate to drop us a line.