If you have been looking for the best credit card debt consolidation loan option available, you are not alone. It is easy to rack up an incredible debt balance on your credit cards, and high debt balances can yield monthly payments that are simply unmanageable. This can negatively impact your credit score, which will lead to further problems. Some people get into trouble with the credit cards over the holidays, because of a major illness or simply through overspending on a regular basis. If you are one of these people, don’t fret. At Selective Credit, we offer debt consolidation loans to help alleviate your financial stress.
The Benefits of Unsecured Debt Consolidation Loans
Unsecured debt consolidation is a viable option for those who either do not have collateral to pledge when applying for a debt consolidation loan or who simply do not want to pledge their collateral. This is a type of loan that is extended based on your credit score and your ability to repay the loan, so no collateral is needed. You do not need to worry about having available equity in your home, car or other assets of significant value when applying for this type of debt consolidation loan.
Where Can You Find an Unsecured Debt Consolidation Loan?
There are many places that you can turn to when you need to apply for an unsecured consolidation loan. For example, some banks offer consolidation loans without collateral required. However, with this option, you typically need to have a very good credit score and a reasonable debt to income ratio. Very few people may qualify for debt consolidation through a bank. However, there are options available. Debt consolidation loan companies offer unsecured loans as well, and some of these loan programs are designed for borrowers who are financially challenged or who have bad credit scores.
Applying for Unsecured Debt Consolidation Loans With Bad Credit
Many people who apply for unsecured consolidation loans are those who have been struggling with their finances for many long months or even years. They may have been slow to make payments some months because of a lack of funds. They may have missed a payment from time to time because of how challenging it can be to manage so many credit card payments. If you have a bad credit score, you may be afraid that you will not qualify for the unsecured loan that you need. However, rest assured that there are still some options available for you. Our team at Selective Credit will work hard to customize a strategy based on your specific needs and limitations. Give us a call today to learn about your options.
Secured Debt Consolidation
Additional strategies for consolidating credit card debts include secured loan options. These are loans that make use of collateral, such as a car or a house, as part of the loan application and qualification process. A home equity loan is a secured loan option that some people use to pay off credit card debt, but this type of secured debt consolidation loan may not be feasible or suitable for your needs. It can be a riskier approach since you are putting up your most valuable assets.
Working with Us
Through the right unsecured loan program for debt consolidation, you can more easily regain control over your finances. The right loan program can help you to lower your monthly payments, pay off your debt faster and enjoy a host of other benefits. We can help you take the next step to apply for the financing you need. Through our fast and easy loan application, you can determine the loan terms you qualify for and can make a more educated decision about how to proceed with your finances.
It can be frustrating to deal with a collateral situation when you need debt relief for high credit card balances, but rest assured that there is an unsecured debt relief option available, even if you have bad credit. Give us a call today to learn more.