Bad Credit Loans to Pay off Debt for People with No Credit


Phoenix, AZ -- (SBWIRE) -- 04/15/2013 -- What’s someone to do? Well, has some suggestions to help him find bad credit loans to pay off debt, including:

- Debt Consolidation Loans
- “Instant Access” Loans
- Personal Loans
- Home Equity Loans

Debt Merging Loans

Generally, people who have not-so-good credit have more debt than they can handle. The multiple payments make each month are simply too much. That’s why there are loans to pay off debt with bad credit. One such loan is a debt consolidation loan. This totals all of an individual’s debt and issues a loan large enough to cover it. These loans come with higher interest rates and strict terms, so check out several bad credit lenders before choosing one.

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Payday Loans

These bad credit loans to pay off debt are given by individual lenders, not regular banks. A person approaches a non-traditional lender and offers a personal check for a certain amount. The lender then issues a loan for that amount plus a user’s fee and agrees to hold the check until the person’s next payday. If the borrower can pay the lender the full amount by that time, he’s fine; if he needs to re-borrow the cash, he gets charged the user’s fees again, which can add up. Use caution when dealing with these financers.

Bad Credit Personal Loans

If one is searching for a loan to pay off debt with bad credit, look into a personal loan. This is an unsecured loan that has fixed payments. These loans can be used in the same manner as a debt consolidation loan. Depending on the state of one’s credit score, it may be difficult to obtain such a loan, but it is possible. A person may have to pay higher interest rates, though.

Home Equity Funds

A home equity loan can be accessed as long as a person has lived in the house long enough for it to acquire some value. As a bad credit loan to pay off debt, however, it might not be the best choice. Once one utilizes the equity in his home, it shows up as a debt on his credit report. If the repayment amount becomes too difficult to afford, he could risk foreclosure.

About Credit-yogi is a reputable, free consumer resource website located in Pittsfield, Massachusetts ,that links those who have questions about finance to the professionals who can provide the answers. For a free opening consultation, dial 866-964-9644.