What is debt consolidation?
Debt consolidation is the process of rolling several old debts into one new debt – usually to save money or for the sake of convenience.
Which lenders offer bad credit personal loans?
Several dozen lenders offer bad credit personal loans. These are generally smaller lenders that aren’t household names.
What is an unsecured bad credit personal loan?
A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset (such as a car or jewellery) as collateral or security. Lenders charge higher interest rates on unsecured loans ...
What is a secured bad credit personal loan?
A bad credit personal loan is ‘secured’ when the borrower offers up an asset (such as a car or jewellery) as collateral or security. The lender can then seize the asset if the borrower fails to repay ...
Can I get guaranteed approval for a bad credit personal loan?
No. Bad credit personal loans are harder to access than regular personal loans, so lenders will want time to study your application.
How do you get a bad credit personal loan?
You can get a bad credit personal loan by applying directly to a lender, by going through a mortgage broker or by using a comparison website like RateCity.
How long does it take to get a bad credit personal loan?
In the best-case scenario, an application for a bad credit personal loan can be made within minutes and then be approved within 24 hours.
How much can you borrow with a bad credit personal loan?
Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans – they also get loaned less money. Each lender has its own policies, but you’ll find ...
What are the pros and cons of bad credit personal loans?
In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts in such a way that it makes it easier for them to repay those debts. This is because the ...