You could be wondering what it would take to get unsecured debt consolidation loans bad credit. It will depend on which lender you are trying to get the debt consolidation loan with and you may have to use one from a debt consolidation service as opposed to your bank or a more traditional lender. Since the economic downturn many financial institutions have changed their lending policies making it more difficult to receive unsecured debt consolidation loans bad credit. The good news though is that you should be able to find a source so that you can secure a debt consolidation loan.
Some of the parameters of unsecured debt consolidation loans bad credit could include a credit score of more than 580, which is quite low, so as you can see there is hope. Oftentimes you must prove an income of at least $1500.00 a month or more. This will depend on the resource you are using for the consolidation loan. You may be restricted to a cap on the amount of money that the institution will be willing to loan you. If this is going to be a factor in unsecured debt consolidation loans bad credit then it may not help you get out of debt. However, because there are so many avenues to explore regarding unsecured debt consolidation loans bad credit you shouldn’t get too discouraged.
Other questions that could be asked of you for unsecured debt consolidation loans bad credit could be if you have a co-borrower, filed for bankruptcy in the past ten years or if you own a home. Even if you have less than desirable credit at this time you may have equity in your home, which should work in your favor. Since you are allowed one free credit report per year in the United States you should obtain your copy of all three credit reporting agencies to make sure there are not any discrepancies on it. You can dispute any inaccurate items and perhaps improve your credit worthiness. You aren’t alone in needing unsecured debt consolidation loans bad credit, so keep working toward your goal of financial security.