Can you consolidate debt with Bad Credit

Are you overwhelmed by debt? Do you have a bad credit rating? Can you consolidate debt with Bad Credit? Find out in this blog.
Can you consolidate debt with bad credit?

Unfortunately, many Australians overwhelmed by their debts can miss some of their monthly payments. This can lead to your credit score taking a big hit.

If you have multiple debts and a bad credit history, you could lose financial control before you know it. So can you consolidate debt with bad credit? Yes, you can! This solution gives you the opportunity to save thousands and build up your credit score!

Traditional banks are highly unlikely to take a risk on granting finance to somebody with a poor credit history. This is where the Australian Lending Centre could help. Through our debt consolidation bad credit loans, we can help you get back in control of your finances.

How Can You Consolidate Debt With Bad Credit?

Essentially, these loans allow people with bad credit scores to consolidate their debts into one easy-to-manage loan. This is possible with a low credit score because your credit file is not checked.

This means that instead of paying multiple credit repayments each month, an individual with bad credit can simply pay one monthly repayment, giving them more financial control and a heightened ability to pay back their debts.

Even better, when you consolidate debt with bad credit, you could secure a lower interest rate than the combined rates of your current debts, which could save you hundreds of dollars each month.

Why consolidate debt with bad credit?

  1. Get a 2nd chance: With bad credit, it’s unlikely that you’ll be approved for finance by a bank, which is why consolidating debt with a private lender can be a lifeline. Debt consolidation also gives you the opportunity to tidy up your debts, which otherwise could become out of control.
  2. Simplified Repayments: Combining multiple debts into a single loan simplifies your financial management. You’ll make one monthly payment instead of juggling various due dates and interest rates.
  3. Lower Interest Rates: If you qualify for a debt consolidation loan, you may secure a lower interest rate compared to your existing debts. This can save you money over time.
  4. Improved Credit Score: Responsible repayment behaviour on your consolidation loan can positively impact your credit report. Consistently making payments demonstrates financial responsibility and may help rebuild your credit score.
  5. Reduced Stress: Dealing with multiple creditors and varying terms can be stressful. Debt consolidation streamlines the process, allowing you to focus on repayment without the hassle of managing multiple accounts.
  6. Avoiding Default: By consolidating, you reduce the risk of missing payments or defaulting on any individual debt. This helps maintain a more stable financial situation.

Can you consolidate debt with bad credit with Australian Lending Centre?

You don’t need to struggle with multiple debts. Call Australian Lending Centre today on 1300 138 188 or fill out a no-obligation online application, to find a financial solution.

Get In Touch With Us Now!

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