Free Credit Score Repair
It is always better to apply with a higher credit score. America loan Service has partnered with Novita to provide free credit repair services. Improve your credit score first if you have the time to wait.
Bad Credit Debt Consolidation Loan: $500 to $5,000
This lender will accept a loan application regardless of your credit score. They have over 100 lenders that review your application and if any are interested, they will send you an offer. Read the offer carefully and make sure you are satisfied with all of the terms and conditions. Some offers may have high-interest rates and may not be worth accepting.
Payday Bad Credit Debt Consolidation Loan: $500 to $5,000
Consolidating payday loans with 400% to 1500% interest rates is very difficult to accomplish. OppLoans specializes in paying off payday loans. They offer an installment loan which provides equal payments over a set period of time.
An unsecured personal loan is a great solution if your credit score meets the criteria of the lender. The primary goal of debt consolidation with a personal loan is to lower the interest rate expense on credit cards or other high-interest loans. A personal loan for debt consolidation may not be suitable if the interest rates are as high as your credit card interest unless you do not trust yourself to pay off the credit cards. We have listed personal loan providers with credit scores starting at 620. This group of lenders ranges from $5,000 to $100,000.
Auto refinance can be a great way to get capital out of an asset and use this money for debt consolidation. This provider can refinance your vehicle and get your capital back to work.
Co-Signing or Joint Signing
We have listed a lender that specialized in co-signing with funds up to $40,000. If you are looking at a co-signer, we have a link that talks about the pros and cons of co-signing.
Student Loan Refinancing
We have listed the best student loan refinancing providers in the USA that will work with co-signing. Most students have not had the time to establish their credit score. This is considered no credit history vs. calling it bad credit. The results are the same for the person applying, the lenders will not consider offering you a loan.
Home Equity Loan or Home Equity Line of Credit (HELOC)
A home equity loan or home equity line of credit (HELOC) can be a good way to consolidate debt even with bad credit. When you have good credit and the bank looks to provide a home equity loan or HELOC, they will normally finance the property up to 80-90% of the loan to value. The loan to value is the difference between the size of the mortgage and what you will get if you sold the property. With bad or fair credit, the loan to value may drop to as low as 60 to 70% and the interest rates may be higher. This will mean that the amount they are willing to lend will be lower.
Cash Out Refinancing
Cash-out refinancing can offer two benefits to debt consolidation, it can improve the terms of an existing mortgage and delivers additional funds at a lower interest rate. Homeowners who are looking for debt consolidation capital may want to look at cash-out refinancing. The main purpose of cash-out refinancing is to put cash in your pocket from the equity that you've built up in your home and keep only one payment. This capital could be used for debt consolidation and just is another way to access cash without adding a home equity loan or line of credit. The issue with all home refinancing programs will be your credit score. With a lower credit score, you may be forced to find a co-signer to get the interest rate you're looking for.
Pros and cons of Cash Out Financing
The new mortgage will offer one loan payment instead of adding the home equity loan or credit line monthly fees. Your success will depend on your current equity.
Like any mortgage, you will have legal fees, home inspections, and appraisal fees. If you review the costs from your first mortgage, expect the same charges all over again. Depending on the terms of your first mortgage, you may also be subject to prepayment penalties. Review your existing mortgage and check for early repayment fees.
Mortgage Refinancing Options
A reverse mortgage is another way to access the capital for debt consolidation from your home or property. This product is best suited for retired people that want to start taking equity from their property. Before you take this step, LendingTree will provide you information on the steps.
Reverse Mortgage Options
Business Loan for Debt Consolidation
We have added a number of business loan providers that will look at a debt consolidation loan with credit scores starting at 500. Some conditions apply like time on business and gross annual revenues.
Research your Credit Score and Credit History
If you have not completed this already, it is a good idea to check your credit score and credit history. Look through the items and make sure you agree with everything listed on the report. If you disagree with the information on the report, contact the credit bureau and let them know that there is an error.
America loan Service was contacted by Walker looking for a direct loan for debt consolidation with bad credit. We responded to Walker and tried to help with his request.
Walker has a debt consolidation loan from a direct lender of $36,000 from courtesy of Florida Bank of Volusia County from 10 years agoStarting Interest Rate (APR)Remaining principleLender nameLender cityLender StateLoan Obtained
|11.0% APR||$32917.95 outstanding||NCNB National Bank of Florida||Live Oak||Florida|
|8.7% APR||$25059.31 outstanding||Southeast Bank of Madison County, National Association||Madison||Florida|
|9.3% APR||$31907.1 outstanding||Southeast Bank of Wildwood||Wildwood||Florida|
|8.1% APR||$29836.08 outstanding||Atlantic Bank of Jacksonville||Jacksonville||Florida|
Debt consolidation private loan for $98000 - Miami, Florida
Seeking loans frequently impacts clients credit scores. When approved, clients experience changes to their credit. Walker underwent many variations to their credit over the course of the acceptance of this $98000 private loan. Walker had an initial credit score of 497.
- Equifax initial credit score of 497
- Transunion initial rating of 525
- Experian initial credit score of 545
Details on the lender named Ocean Bank from Miami, Florida which gave the $98000 private debt consolidation loan
- Ocean Bank
- Street Address: 780 N.W. 42nd Avenue
- Branch city: Miami
- Branch state: Florida
- Branch zip code: 33126
- Branch County: Miami-Dade
A standardized, in-depth view of Ocean Bank, Florida
Ocean Bank we believe to be a loan provider which can be found in Miami, Florida. This bank has approximately 21 offices currently, which is a large number of offices. Usually, banks with such a large number of locations like Ocean Bank will lend to worse credit people preferentially versus other, more standard loan providers. This is partly because they can afford to take risks with their money. Most banks have all-in asset ranges of approximately $490 million while Ocean Bank has $3,236,784,000 total assets, making them an excellent choice for individuals who have good credit ratings.
At the time of this writing, Ocean Bank is active; that means that you currently can procure financing from this lender. While we can not totally be absolutely positive, our data at present are up to date with the FDIC's (Federal Deposit Insurance Corporation). Active lenders similar to Ocean Bank may or may not still be offering loans currently.
Original inquiry for a debt consolidation loan from Walker
Hi There, My name is Walker and we are looking for a $98000 loan to pay off credit cards and fix up our house a little. My job is stable but I've ruined my credit score when I was laid off for over a year. My wife and I are both doing well now and want to clean up the mess we made. Can you suggest a few ideas?
- County: Miami-Dade
- Home State: Florida
- Current zip code: 33135
- Current income: $65,000
- Profession: Flooring sales
- Credit Card Debt: $2500 on their Carter Lumber Company Credit Card
While the situations described are true, the names and some locations have been changed to protect our readers. America Loan Service would like your comments regarding our work. Please do not give us your last name and try to keep the information in your comments quite nonspecific. It is the overall topic that everyone relates with and we appreciate your comments. When you send your comments, it will be reviewed within 24 hours and you will be notified if they are published.