Description: Know how you can get a debt consolidation loan even if you are struggling with poor credit.

Debt consolidation loans for bad credit: How can you get one?

Do you have poor credit and are you worried that since you have a bad credit score, you can’t be eligible for debt consolidation? There is good news for you. There are some lenders that offer bad credit debt consolidation loans. You can qualify for a debt consolidation loan despite your bad credit and get out of debt comfortably.

How do I know if I have poor credit?

Poor credit can be detected by a number of signs, but the most familiar signs are given below:

Repeated phone calls from your creditors/collection agencies
Skipping loan payments or making delayed payments on a regular basis
Using cash advance from a credit card to repay another card
Lagging behind on monthly payments like utility bills, car payments or rent
Making only minimum payments for all your bills
Continuously being worried about your finances
Giving excuses about your inability to make timely payments

If any of the abovementioned signs appears known to you, there is a high probability you have poor credit.

How to go for a bad credit debt consolidation loan

You must initially take into account the causes that resulted in your bad credit. For instance, your condition might have worsened because of an inevitable situation such as severe illness or an accident or because of improper money management. Knowing the reasons of your condition would help you find out where you have to make modifications.

Subsequently, enumerate all your monthly income and expenditures. This list would help you ascertain your ability to pay off a debt consolidation loan by making timely payments.

Then talk to your bank or credit union and find out what you have to do for taking out a debt consolidation loan. If you have a steady source of income, then you have a good chance to qualify for the loan.

If you have poor credit then it might be essential for you to bring a cosigner for the loan. In this manner, if you default on your payments, your cosigner would be liable for the payments and the lender you owe wouldn’t be affected.


If you can’t qualify for a bad credit bill consolidation loan (even with a cosigner), then you must think about other options like debt settlement or bankruptcy.