Debt Consolidation Loans for Bad Credit | Up to $50000

Effortless debt consolidation loans to no-obligation decisions

Can you guarantee good financial days? Not at all! At some point in time, you will face some sort of situation where everything goes against you. The same happens when you have multiple debts to clear, but the solution seems far away. Debt consolidation loans can be an effective option to manage this situation.

These loans help consolidate your multiple debts accumulated via credit card payments, personal loans, lines of credit, store cards, and many more. Paying them separately might be too much costly for you. Instead, convert them into one easy monthly installment with these loans. It means you will have total control of your finances if you can avail of the best debt consolidation loans from the top creditors.

Zeolitefunds plays a crucial role in this scenario, as we are the specialist debt consolidation loan broker. We search among a large panel of direct lenders in California, New York, or any other city in the USA, offering these loans on the most competitive interest rates and flexible repayment terms. Once you have the deal from a reliable lender, you can go for these loans and minimize the interest that you earlier had to do on multiple debts.

All these things will help you to manage your household budget easier and save a lot of money with comparatively lower interest rates and no extra fees to pay. You can pay extra to end the loan term much more quickly.

What are debt consolidation loans?

Loans for debt consolidation define the process of accumulating your debts into a single payment, which will be at a lower interest rate. This method has been helpful to individuals struggling with too many debts against their name, and they have to pay them off at any cost. Single and regular payment can ease your financial handling and assist you in managing cash flow without any obstacles.

By consolidating debts, you have decided to make constant loan installments for a specific period, which is more manageable than several payments. You can have the option of short-term and long-term debt consolidation loans depending upon the nature of your debts and affordability. You may be falling into another debt, but this time, the purpose is different, i.e., to keep away from pending debts and better manage your monthly income.

It has been found that the debt consolidation process has beneficiated both employed and unemployed individuals. An employed person can manage the monthly installment with a fixed salary without sacrificing family aspirations. People with no job can see these loans as a way to stay alive with the usual management of monthly expenses.

With all these features, you need to remember that the principal amount of those debts will not be reduced. Still, you can tackle that amount with easy debt consolidation loans by getting one affordable loan.

Why should I consolidate my debts? Any reasons, please!

Receiving another statement of debt can be daunting to your financial life. The whole balance of your monthly budget gets disturbed. Things will become more challenging when after 3-4 days, you receive one more statement but of a loan this time.

Instead of taking too much burden on your monthly income, you should find an exact solution. What about the easy-to-manage loan? Yes, it is nothing but getting low-interest debt consolidation loans, which we find out only for you. It can pave the way for manageable monthly budgeting and allow much more affordable monthly installments to repay for the specific term. If you finish all installments on time, it can be a lifesaver for you.

High-interest debts like credit cards, payday loans, or personal loans can sometimes be tricky. The option is there that streamlines all those debts into a single one. You may see it as another debt and one more principal amount to pay. On the other hand, you get the advantage in the interest rates, which will be lower than those of multiple debts. Once you complete its tenure, you will live a blissful life with no debt.

Below is the summary of all possible reasons why you should consolidate your debts:-

Affordable monthly repayment

With these loans, you will be aware of your monthly repayment and help you have a clear balance of your overall expenses.

Interest rates and other fees

By merging all debts into a single loan, you will know the interest rate and whether other fees will be included or not.

Early repayment fees

If your ongoing loan has a heavy penalty or fees of early repayment, you can move towards a cheaper debt consolidation option.

Credit score

If you cannot repay your current loan, it will impact your credit score. By consolidating debt, you can protect it and improve it.

Which is better: a personal loan or a debt consolidation loan?

The deals on debt consolidation loans carry much lower interest rates than typical personal loans. You can save money a lot in total. Besides, the term of personal loans usually stretches to 7 years for the maximum amount of $50000, which includes the total interest rate on the higher side. On the other hand, the debt consolidation loan term will be around 3-5 years for up to $30000. It means you pay less interest, but the loan ends early.

Debt Consolidation Loan vs Personal Loan

Specialized loans to consolidate debts

The primary nature of these loans is to merge two or more debts into a single loan option. It comprises simple monthly payments and an effective way of managing debts.

Features:-

Since it is the specific funding option for debt consolidation, you will find loan terms and conditions according to your favor.
Lower interest rate is the primary feature of this loan, as you are dealing with one borrowed sum rather than multiple.
With shorter duration and smaller term, you can quickly get rid of all kinds of debts and plan for your future.

Personal Loans

You must be aware of personal loans since these are the most applied forms of credit. With multiple uses, such loans attract everyone seeking financial help.

Features:-

You can apply for personal loans for any purpose, including debt consolidation. Creditors do not ask for your motive but allow loans easily.
These loans carry higher interest rates since no collateral is needed while applying. Lenders do so to minimize the risk linked with unsecured loans.
Not repaying or missing any personal loan installment can affect your credit score, or you may lose it. It is not suitable for your future borrowing.

Our take: Both the options of debt consolidation loans and personal loans are useful in different financial circumstances. As the responsible credit broker, we suggest you to go for loans to consolidate debt if this is your sole purpose. For multiple purposes, personal loans can be helpful.

What are the types of loans for debt consolidation?

A loan to merge all your pending dues is an effective option to par with all pending payments. We do not disappoint you if you still want more options available to merge your debts. Yes, personal debt consolidation loans are there but many more funding sources can promise debt consolidation.

Secured and Unsecured Loans

Secured debt consolidation loans need an asset like a home, car, or any other valuable item as collateral. Lenders require this because if you fail to repay the borrowed amount, they repossess your asset to compensate for the loss. These loans have lower interest rates and present a chance of larger funding. Unsecured loans, on the other hand, can also consolidate your debts even without requiring an asset. However, these carry higher interest rates, and only a small amount can be borrowed.
Short-term and Long-term loans

Short-term loans are ideal to consolidate smaller payments like utility bills or college fees. You can get them without submitting many papers, and they are away from the obligations like guarantors or collateral. In contrast, long-term debt consolidation loans are more favorable for larger debts like loans or mortgage repayment. These need better care as you have to manage their installments for a longer duration.
Payday and joint debt consolidation loans

Payday loans for debt consolidation are rare since individuals usually apply for them when they have to pay two or three small debts. However, you will be liable to repay the entire loan amount on your next salary day. High-interest rate is its biggest disadvantage. If you want to calm down the interest rate, then joint debt consolidation loans are a much better option. Here, you will apply with a partner who can be your spouse, friend, or family member. Both will be responsible for repaying the amount; thus, a large amount can be borrowed.
Business debt consolidation loans

The option of debt consolidation applies not only to personal finance but also to business finance. You can consolidate your business debts, and it is a very useful option for small businesses, as they have more expenses to handle than returns. Therefore, we find only lenders who can provide debt consolidation loans for small business. We can assure you of lower interest rates from them.

What are the pros and cons of debt consolidation loans?

Loans are helpful in managing any type of expense, whether it is about holiday costs, education fees, monthly rent, wedding expenses, or even debt consolidation. The latter one has the more specific option as a debt consolidation loan. Let us look at the advantages and disadvantages of these loans, which you should know.

Advantages

There are the following pros of loans to consolidate debt, which will prove helpful to you:-

You can manage monthly repayments easily and without putting more burdens on your income.
One loan and single monthly installment make the way for less interest rate, which means not many dollars will go out from your pocket.
You have the option of both fixed and variable interest rate. You can decide after analyzing your affordability.
Such loans reduce your stress too. Once receiving your salary, you do not have to think on multiple debts rather concentrate on one payment.

Disadvantages

Besides the advantages, there are some cons of debt consolidation loans that you cannot ignore:

These loans can cover your short-term debt into a longer one if you extend its term.
You may have to pay extra fees if you have opted for secured debt consolidation loan. It happens when you have put home as collateral but do not have equity there.
With the online availability of these loans, you may want to get them on regular basis, which may not suit later.
You have multiple debts because you have not been financially disciplined. Failing to repay debt consolidation loan can bring your credit score to worse.

Tips before choosing debt consolidation loans with bad credit

Your low credit score will impact your loan chances. We know that this happens due to the presence of multiple debts but limited income. Therefore, we have made our search specific for the lenders and the loan deals, mainly concentrating on your affordability and circumstances. We will bring out a deal for you, but there are some suggestions that you follow before applying.

Do not anticipate too much on guaranteed approval

When you explore the loan marketplace of the USA, you will find advertisements like guaranteed debt consolidation loans for bad credit. It looks attractive but may be away from a reality. We advise you to stay away from these marketing gimmicks. Instead, take our help as we are experienced enough to judge various loan deals and suggest only those which can have the possibility of guaranteed approval but with affordable loans only.
Go for unsecured loans by considering your bad credit

Another suggestion is to go for unsecured debt consolidation loans with bad credit. The primary reason is that you are already struggling with your credit score, and putting an asset will be a huge risk for you. Better is to choose a small amount where there is no requirement for loan collateral. You can comfortably pay the monthly installments and look after regular family expenses. With little borrowing amount, your loan approval chances are higher.
Set dual target of getting funds and improving credit scores

Lenders always like those borrowers who are sincere in their recent financial commitments, if not in the past. Therefore, while applying for debt consolidation loans with bad credit, you should discuss with your lender that you want to improve your credit rating besides getting the funds. If you are serious about it, we will also talk to the loan company on your behalf. Who knows, you may get a lower interest rate.

How do debt consolidation loans work?

At Zeolitefunds, our professional team of debt consolidation loan brokers will assist you in making the correct decision. Whether you need a typical loan to consolidate debts or any other alternative, we will here to make you understand every loan term and condition before finalizing any appropriate debt consolidation way out.

We find out the best place of lending who can provide you loans 100% online so that you have solution within a few minutes. It also ensures safe and secure information of yours. Moreover, the lenders we choose keep the loans on no-obligation, which means you are open to applying despite poor credit.

Debt Consolidation Loan Eligibility

You must be above 18 years old or above
Holding a permanent citizenship of USA or living on valid visa
You must be a homeowner (for smaller amount tenants can also apply)
You should have been employed in an organization for the last 3 months
Earning a full-time is must but sometimes approval may come on part-time income (based on affordability)

How to Apply for debt consolidation loans

Use a free debt consolidation loan calculator to decide the loan amount and term
Compare various lenders suggested by us and finalize your choice
Communicate everything with the lender and go to its website to apply and submit the loan application
Get an instant loan approval after a soft credit check
Receive the desired credit to your bank account on the same day

Unlike other credit brokers in the USA, Zeolitefunds does not need too many formalities to have a loan request. We have a straightforward online process, which is entirely online. We vouch that you get fast and easy loan access to consolidate your debt, starting from day one.

We only require small information mandatory with your application, and the rest of the things will depend upon your chosen lending company. When we suggest you anything, we do it responsibly. We have based our research on debt consolidation loans from the broker providing their service in Hawaii, Utah, or any other places, according to your affordability and financial circumstances. The same facility is also there on student loans for debt consolidation, making their academic life easier.

There will be no hidden fees to approach us. Trust us, and let us be your financial partner in debt consolidation. Apply now.

Loan Repayment Calculator

FAQ's

Do debt consolidation loans hurt my credit score?

It is not always necessary that debt consolidation loans for poor credit hurt their credit scores. It largely depends upon your handling of the loan. If you timely repay each monthly installment without any miss, your credit score won’t hurt. In fact, it will improve your credit score. On the other hand, if you show carelessness in paying back the loan, it becomes obvious that your credit score will get hurt and get mentioned in the credit profile.

Why should I not to apply for debt consolidation loans from credit union?

Applying for loans to consolidate debts from a credit union is a good option, but only when you earn a full-time income or have a good credit score. The financial institution looks soft to those individuals who have such qualities. Simultaneously, it becomes strict for those with poor credit scores. Therefore, if you want a debt consolidation loan with bad credit, you should approach direct lenders through the guidance of responsible brokers like Zeolitefunds.

Are debt consolidation loans accessible for unemployed?

Preference is always there for those earning a full-time income and can show proof of stable income. However, we have a long list of credit providers with special products called debt consolidation loans for unemployed people. Here, they approve based on their part-time earning or any side income. We know a few lenders ready to accept unemployment benefits as the source of paying back the loans.

Can I get debt consolidation loans with no credit check?

Credit check has been a vital part of the loan process. When it comes to debt consolidation loans for bad credit, it becomes more vital because it allows lenders to prepare an affordable deal only. Therefore, you should not go with those deals where no credit check is mentioned. However, it should not be a hard credit check. We search only those debt consolidation loan lenders who can treat your application with a soft credit check.

Will I always get bad credit debt consolidation loans on guaranteed approval?

Not at all. No lender can guarantee the approval on loans to consolidate debt with bad credit. They first analyze the individual affordability, recent income, and financial circumstances before approving the loan application. Besides, they also perform a mild credit assessment to familiarize themselves with borrowers’ affordability. Lenders can guarantee approval on bad credit debt consolidation loans if you can afford the loan.