Debt ConsolidationWe Find Lenders Who Lend To Bad Credit Borrowers ![]() Loans For Consolidating DebtHome > Debt Consolidation Loans Other Loan ProductsBad Credit Loans / Fair Credit Loans This page was updated Friday the 22nd Jan 2021 Commentary is for informational purposes only. See legal disclaimers Consolidating Your Debt(s)Is it time to get your debt under control? If your debt has ballooned out of control you know exactly how stressful it can be. You wonder if you're ever going to find a way out of debt and you might have missed a bill payment (or 5). Even worse, you may have a poor credit rating due to late payments and/or defaulting. You might be at the stage where the debt collection agencies are ringing your phone off the hook. Wouldn't it be nice to get a lower interest loan so you can pay off all your credit cards, and your car loan. Wouldn't it be nice if you could get caught up on your phone bills, utility bills, and department store credit cards (or whatever lines of credit you may hold at the time). Yes. It would be nice, and that is where we try to help you out. Our Debt Consolidation ServiceDebt Consolidation Loans ExplainedA debt consolidation loan is when you borrow money from one lender to pay off multiple lenders. As shown in the image below, the young
woman borrows $50K from a bank (or credit union) to pay all of her
debts. There are multiple ways to borrow
money to consolidate debt and below we explain further. Our Consolidation Loan Providers
Debt Consolidation Loan Process
Debt Consolidation Approval Requirements
Is Consolidation Right For You?Like anything, there are different opinions. Some experts believe that debt consolidation is a bad idea because so many debtors end up clearing off their debt with a consolidation loan, then turn around and start spending recklessly again. And they're right. A lot of people fall into that trap. But if you are disciplined, and determined, you can get one loan at a much lower rate and save a lot of money over time. Below is our rough guideline that may help you decide. Everyone's finances is unique so you have to take an honest assessment of your current financial situation, and make an educated decision. Consider getting professional debt counseling, talking to co-workers, relatives, loan officers, etc., so you can bounce some ideas around. Take a look at consolidation if... You
have solid and realistic plan: this is critical
- you must a have realistic plan for changing your lifestyle going
forward so that you're never spending more each month than you earn
each month Take a look at different solutions if... You
have a low credit score: if you have a low credit
score somewhere below 650 institutional lenders won't approve you
for the loan you need Here is a video with another take whether or not you should consider a debt consolidation loan. Different Ways to Consolidate DebtA.) Personal Secured LoanUsed
when: you have equity in the form of a vehicle,
real estate, or tangible asset that a lender can use as security B.) Personal Unsecured LoanUsed
when: you have good enough credit to borrow from
a lender without a cosigner or an asset to secure the loan C.) Credit Card Balance TransferUsed
when: you can get approved for a 0% credit card
or at least an extremely low rate such as 1-3% D.) HELOCUsed
when: you own a home and you have a HELOC (Home
Equity Line Of Credit) E.) 401K LoanUsed
when: you have saved a considerable
amount of money in your retirement 401K fund F.) Debt Relief or Debt SettlementUsed
when: your credit is bad, your income is low,
and you have no way of securing a loan to pay down all your debt Consolidation Loan Testimonials"I had really bad credit and got turned down every online company I tried. My credit score was in the low 400 range and it wasn't looking good for me. I found WFL and they managed to find me a lender. Well actually THEY FOUND ME. WFL has lenders that approve loans if you have a monthly income and not so much based on credit score. A LIVE SAVER for us!" - Morgan Diaz in Morgantown, WV My name is Jody Marcoux and I needed a loan for $20,000 to consolidate some really high interest debt I have. About $3000 is debt I owed for payday loans, and the rest is for medical bills I had from a foot disease I was struggling with. I was recently divorced at the time so I had no help at all. The only thing I had was as full time job. My credit rating was 520 at the time of my pre-app was submitted to We Find Lenders. I was approved by a lender based in Texas and I live in PA. I was approved for $20000 over a 5 year term which made my monthly payments totally manageable. God bless you all for your help. I highly recommend WFL for others who have bad credit scores. - Jody Marcoux in Philadelphia, PA "I was trying to get approved for a loan so I could pay off all the stupid payday cash loan rip offs I was in I know it was my fault for getting the loans but I was desperate to get some bills pad, My phone was going to shut off and my utilities were going to dark soon. I used the service with WFL got approved fast and finally something went right. I was very happy and would use this site again. I recommend." - Leo Hernandez in Corpus Christi TX "I had some student loan debt a used car loan maxed out credit cards and a personal loan I was behind on in other words, I was screwed and it looked like I was going to sink because my credit rating was so bad nobody could help me get a new start. I recommend their service (WeFindLenders.com) to anyone listening today who was struggling with their debt like I was." - Marsha Centrone in Huntsville AL "Our family had to pay out of pocket for all my moms medical expenses when she fought so hard against cancer and the insurance company didn't pay all of the money we needed to not use our own money. She passed away and family was so hurt at same time we were being harassed to pay medical treatment bills. My brother found this website and did his pre-application on a Friday and by the next Wed he had borrowed over $80,000 and got the vultures at the hospital off of our backs. We love WFL and thanks because we were offered a lower rate than anyone else in our city." -Alicia Lochuck in Richmond VA "I'm a veteran who fell on hard times suffering with bad PTSD and my finances were destroyed because I couldn't hold down a job. I'm now on permanent disability and yet I was still able to get a small loan to clear off my credit balances thanks to WFL. Please keep up the good work. It went very smoothly and I got $5000 in my account in 7 business days. - Thomas K in Fort Lauderdale FL "I developed a gambling addiction a few years back after I had lost my 24 year old son in a car accident. I just didn't care anymore about myself or my own future so I just blew money off like it was nothing of importance to me and I paid for the mistake already in so many ways. I was approved for a $40,000 loan over a period of 7 years with a rate of 11% I know that's not a super low rate but MUCH lower than what I was paying in interest and penalty fee before. Thank Lance and your family and team and staff for such a neat setup for getting approved when you have bad credit rating." - Brian Engdahl in Pittsburgh PA Just like our other testimonials you can really feel how these people struggled to find a willing lend who would take the time to grant them a debt consolidation loan. We pride ourselves on getting as many offers as possible for every applicant who uses our pre-app to find a good and honest lender near them. We will be adding many more testimonials to this page into the future. What To Do After You're ApprovedOnce you've been approved for your consolidation loan, pay off your first creditors immediately. Don't give yourself time to stray off and start spending that money on stuff. After you've paid off all your first creditors, and have one payment per month, you need to change your spending habits. This will mean changing your lifestyle, and exercising discipline. Here are some ideas to get your started on the right track.
Here is a video made by a smart young lady named LaTisha Styles who made hard lifestyle choices to pay down debt quickly. Should You Be Consolidating Your Debt?Like anything, there are different opinions. Some experts believe that debt consolidation is a bad idea because so many debtors end up clearing off their debt with a consolidation loan, then turn around and start spending recklessly again. And they're right. A lot of people fall into that trap. But if you are disciplined, and determined, you can get one loan at a much lower rate and save a lot of money over time. Below is our rough guideline that may help you decide. Everyone's finances is unique so you have to take an honest assessment of your current financial situation, and make an educated decision. Consider getting professional debt counseling, talking to co-workers, relatives, loan officers, etc., so you can bounce some ideas around. Take a look at consolidation if... You
have solid and realistic plan: this is critical
- you must a have realistic plan for changing your lifestyle going
forward so that you're never spending more each month than you earn
each month Take a look at different solutions if... You
have a low credit score: if you have a low credit
score somewhere below 650 institutional lenders won't approve you
for the loan you need Here is a video with another take whether or not you should consider a debt consolidation loan. What To Have
Ready For Lenders
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