Unfortunately, many Australians who are overwhelmed by their debts can find themselves missing some of their monthly payments. This is a difficult situation that can lead to an individual building a bad credit rating. This bad situation has the tragic potential of spiraling out of control; you may need more money to be able to pay off your monthly debt payments, but your bad credit rating may make it harder to gain access to the finance you need. This is where Australian Lending Centre can help. Through our debt consolidation bad credit loans, we can help you get back in control of your finance. Even if you have a bad credit rating or a limited credit history, Australian Lending Centre is here to help you.
How do Debt Consolidation Bad Credit Loans Work?
Bad credit debt consolidation loans work in the same way as regular debt consolidation. Essentially these loans allow people with a bad credit score to consolidate their debts into one loan. 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, with debt consolidation bad credit loans you could secure a lower interest rate than the combined rates of your current debts, which could save you hundreds of dollars each month.
Debt Consolidation Bad Credit Loans with Low Interest Rates
If you have a bad credit rating, a debt consolidation bad credit loan could help you pay off your debts at a lower interest rate. This could not only save you money but also reduce the risk of defaulting on your payments.
Let’s look at an example. If you are paying off multiple debts, the chances are that a few of those debts will be from credit cards. Credit cards have higher interest rates than most other loans, and these rates become even higher when you miss a payment. In addition to this, each of your creditors may charge a fee for missing a payment or for other reasons. With all of these extra payments and high interest rates, you may find yourself paying far more than you need to be.
The solution? Debt consolidation bad credit loans can help you clear high interest debts such as credit cards and enable you to take control of your finance. After clearing your debts with your debt consolidation bad credit loan, you can repay your new loan at a lower interest rate.
Rebuilding your Credit Rating Through a Bad Credit Debt Consolidation
Clearing multiple debts with a bad credit debt consolidation loan could help improve your credit rating, as you will have a lower risk of multiple defaults and have less unpaid debts to your name. Even better, successfully paying off your bad credit debt consolidation loan could help rebuild your credit rating, giving you more financial freedom in the future.
You don’t need to struggle with multiple debts. Call Australian Lending Centre today on 300 138 188 or fill out our Express Enquiry form, and find out your financial options.