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Can I get a debt consolidation loan during the pandemic?

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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.

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.

Sub: #1 posted on Fri, 05/29/2020 - 21:56

Craigh.terry Craigh.terry

(Posts: 273 | Credits: )

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.

Sub: #2 posted on Wed, 05/20/2020 - 00:45

David Martin David Martin

(Posts: 388 | Credits: )

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:

Sub: #3 posted on Wed, 05/20/2020 - 00:33

Mabelle Page Mabelle Page

(Posts: 295 | Credits: )

You can take out a consolidation loan. However, make sure the interest rate is lower.

Sub: #4 posted on Fri, 05/22/2020 - 05:02

Sanders Patricia Sanders Patricia

(Posts: 1234 | 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.

Sub: #5 posted on Wed, 05/27/2020 - 21:37

Ryan Miller Ryan Miller

(Posts: 249 | Credits: )

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