Applying For A Personal Debt Consolidation Loan: The Impact Of Your Credit Score
You may have reached a juncture in your life at which you’ve found yourself dealing with ever mounting and more unmanageable debt. You do feel that your debt has become completely out of control. Small Business Startup Capital
You may be looking for solutions through which you can restore some order to your finances. Small Business Startup Capital
As you go about looking for solutions regarding you debt problem, you likely have come up with many questions along the way. Small Business Startup Capital
For example, you may have a number of questions about your personal debt consolidation loan options. Small Business Startup Capital
In this regard, you may be wondering both how your credit score will affect your ability to obtain a personal debt consolidation loan and how your credit score might be improved if you can obtain a personal debt consolidation loan.
Through this article you will be provided with an overview of how a personal debt consolidation loan works. Small Business Startup Capital
You will be presented with information about how a personal debt consolidation loan is impacted by your credit score and, conversely, Small Business Startup Capital
how a personal debt consolidation loan can impact your credit score.
The Impact of Your Credit Score on Qualifying for a Personal Debt Consolidation Loan
The status of your credit score largely will dictate what type of personal debt consolidation loan you may be able to qualify for in the first instance:
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- a low interest personal debt consolidation loan
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- a bad credit personal debt consolidation loan
If you maintain a good or excellent credit score Small Business Startup Capital
(even though you may be a bit overextended as far as your debt and finances are concerned) you should be able to find a lender that deals in low interest personal debt consolidation loan options and opportunities that will be willing to work with you. Small Business Startup Capital
On the other hand, if your credit score has fallen from the good or excellent zones, Small Business Startup Capital
there are lenders developing personal debt consolidation loan options for consumers who have started to have difficulties with their credit scores.
The Impact of a Personal Debt Consolidation Loan on Your Credit Score
Representative APR 391%. Average APR for this type of loans is 391%. Small Business Startup Capital Let's say you want to borrow $100 for two week. Small Business Startup Capital Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. Small Business Startup Capital If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.
Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies.(Small Business Startup Capital ) Non-payment of a payday loan might negatively effect your credit history. - Small Business Startup Capital
