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Can I get a debt consolidation loan during the pandemic?

Submitted by Ben49 on Tue, 05/19/2020 - 17:54

Can I get a debt consolidation loan during the pandemic? My credit score is 689. I have a personal loan where the lender is charging 15% interest. I didn't have a good credit score back then. So, I had to go for this loan at a very high-interest. My lender has generously told me that it's okay if I don't make payments in the next 2 months. However, I have to pay the missed payments later. What's my benefit then? So, I want to take out a debt consolidation loan and pay off this personal loan. I will also pay off a few other debts and use the remaining money for covering my expenses.

Any idea or help is appreciated.

You can do that. You can take out a debt consolidation loan and pay off your other debts. But, I have a suggestion for you. Your credit score is already 689. Try to improve your credit score and cross the 700 mark. This may help you to qualify for a loan at a lower interest rate. Your debt to income ratio should be 50% or less. So, work on these factors first.

You can also do another thing. You can enroll in a debt consolidation program and pay off your debts within 5 years. There is no credit score requirement. The debt consolidation company will negotiate and lower your interest rates. You won't have to go through any hassle.

Submitted by David Martin on Wed, 05/20/2020 - 00:45

David Martin

( Posts: 394 | Credits: 3933 )

You can shop for a more suitable personal loan if your credit score is better now.
However, if you feel you're paying high interest on your loan, and you can't take out a personal(consolidation) loan at a better interest rate, you can opt for a debt consolidation program.
A counselor can negotiate with your creditors to reduce the interest rate on your loans. And, you'll have to pay a single amount every month towards paying back your multiple loans.
You will also get complete guidance from your consolidation company.
You can have a look here:

Submitted by Mabelle Page on Wed, 05/20/2020 - 00:33

Mabelle Page

( Posts: 295 | Credits: )

Hello Ben!

I will suggest you to first have a session with a Credit Counselor. State your present condition to the Credit Counselor.

You can get valuable suggestions from the Counselor.

Other than that, you may call 800-DEBT-913 to get some valuable information.

Submitted by Ryan Miller on Wed, 05/27/2020 - 21:37

Ryan Miller

( Posts: 249 | Credits: 2769 )

Hi Ben!! Yes, of course, you can take out a consolidation loan to pay off your personal loans and other debts. But please make sure that the interest rate of the consolidation loan is much lower than your existing debts. I hope you will be a debt-free person asap.

Submitted by Craigh.terry on Fri, 05/29/2020 - 21:56


( Posts: 273 | Credits: )

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