Debt Consolidation Loans For Bad Credit?

Debt consolidation loans for bad credit allow customers to borrow enough money to pay off their current debts and owe money to just one lender. They are specifically designed to help people who are struggling with repaying multiple debts by offering them a way to merge the debts into one figure. By consolidating their debts into their home loan, borrowers may be able to work with more flexible repayment options and reduce the stress of repaying multiple credit accounts each month.

Debt consolidation loans for bad credit are also designed for those with poor credit history, providing them a way of paying off their debts without the worry of missing repayments and damaging their score further. You can apply with total confidence as our soft search will not affect your rating and if you maintain the repayments on your debt consolidation for bad credit, you may even see an improvement to your score.

Can I consolidate my bad credit debts into my home loan?

Yes – There are several benefits of debt consolidation loans into your home loan, especially if you find yourself struggling to make multiple repayments or are worried about missing repayments. This includes:

  • Reducing overall repayments– if the interest rate on your debt consolidation for bad credit loan is less than the combined interest of the previous debts, you may be able to save money each month. Rather than paying off multiple credit accounts with varying interest rates, you will have one payment per month with a single interest rate.
  • Improving your monthly budget – debt consolidation loans for bad credit in Australia allow you to merge your existing debts into one sum. This can include credit card repayments, mortgage payments, car loans, and store cards. By consolidating these debts into one figure, you will only need to pay one fee per month, making repayments easier to manage and budgeting a breeze.
  • Boosting your credit rating – you may see a boost to your credit rating if you pay off the total amount of the debt. This will show on your credit file as a closed account with full repayment, which would be ideal for future credit applications.
  • Providing peace of mind – baring the burden of stress or worry is not good for anyone, especially when it is centred around money. By combining your debts into a manageable figure and having an achievable scheduled repayment date each month, you may find your mind is eased.

While there are several benefits to consolidation loans for bad credit, they need to be considered carefully before applying, just like any other type of credit. If you need more support or help with your financial situation, please contact Non Conforming Loans before applying for debt consolidation loans for bad credit.