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Credit Check Debt Consolidation Loans

There are two types of consolidation companies out there.  You have those that are credit check debt consolidation loans companies and those that do not require a credit check.  You may be tempted to go with the credit check debt consolidation loans companies.  After all, most lenders and banks require a credit check before they will lend you money.  It is something you are familiar with.  Unfortunately, you can get stung by the credit check debt consolidation loans companies. 

The number one problem with credit check debt consolidation loans companies is that they will look at this credit history.  They will use your risk to assess if you should be given a loan, which means they are more likely to turn you down.  If you already have bad credit they may increase the APR to over 20 percent per year rather than helping you out.  In fact the credit check debt consolidation loans can hinder you more than they can help you.  To this end you are better off with the no credit check companies. 

A company that is not going to run a credit check is more likely to give you the loan you require.  In other words if you need a loan and all banks and lenders have turned you down the no credit check consolidation company could be your last hope.  They may be the only company willing to offer you quick cash to get those creditors off your back. 

They also have a downside though. They figure if you are not going with a company that does credit checks there is a reason.  You pose a risk to them.  Thus, they are going to be equally harsh in their annual percentage rates, perhaps even worse.  It is a lose- lose battle really when it comes to consolidation loans and bad credit.  The only difference is that you are assured of getting the loan with a company that will not check your history versus the credit check debt consolidation loans company that does check your history and your scores to assess risk.

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