Options for these bad credit loans , which merge multiple debts into one monthly payment, are limited, but they do exist.
with bad credit Consolidating loans
However, if the lender thinks you are a riskier borrower because you have poor credit, you may find that:. The company you choose to work with will negotiate your interest rate down and set up a repayment plan. As such, the snowball method may be more motivating.
Credit score requirements for debt consolidation loans
Although these products seem to provide financial relief in the short term, over time, they just add to a sticky situation. You get updates on the dashboard and can contact customer service through it for a quicker response. Typically, your interest rate will be lower than those on the debts you pay off, and you only have to pay closing costs.