Consolidating student loans with bad credit
Having a low score affects your purchasing power and access to credit.People with poor credit find it difficult to get a job, rent a house or apartment, and meet unexpected expenses.We asked the experts to find out the best types of loans for consolidating debt for people with poor credit.RATE SEARCH: Get Cash Using Your Home Equity A debt consolidation loan is a personal loan that pays off multiple debts, such as credit cards and student loans.As a student loan lender, we get a lot of great questions about how student loans affect credit score. The answer depends on whether you’re talking about federal or private student loans.Federal loans don’t take credit scores into account, which is why every borrower gets the same interest rate regardless of financial profile.Read the other posts in the series to get all the info you need to make intelligent decisions about your student loans.Student loans are the ultimate double-edged swords.
Representative Example: The representative rate is 52.26% APR (variable) so if you borrow £4,000 over 22 months at a rate of 26.82% p.a (fixed) plus an arrangement fee of £400 you will repay £271.26 per month & £5,967.70 in total. Buddy Loans are the new, friendly guarantor lender.
Please only apply if you are aged 18 to 65, employed or self employed with a income of more than £800 a month. UK credit is a specialist no fee guarantor loan provider, they can lend to you even if your guarantor is not a home owner.
If you have a guarantor who is tenant they can help you borrow from £1,000 - £6,000.
A debt consolidation loan may be a great option for you.
But how do you get a debt consolidation loan with bad credit?