Poor Credit Debt Consolidation Loan – Don’t Get Fooled by Companies Asking You to Break the Law!

June 30, 2009 by  Filed under: Debt 

It’s a sad fact that many of us are blighted by a poor credit history. We could all do with some extra cash every now and then. But having a low credit score can put an immediate end to any hope you had. However, there are many lenders who will offer you a poor credit debt consolidation loan…But at what cost?

There are so many lenders from which you can obtain debt consolidation loans even with poor credit. It is a case of finding them. I would always advise that you should never except the first offer you receive as it may not offer the best terms and conditions. Some patience and perseverance can yield a great loan offer with a extremely attractive interest rate.

One jaw-dropping experience i recently had while researching this subject, came in form of companies asking their potential clients to break the law. Never ever be tempted by a company who will ask you to create a new identity in order to obtain a debt consolidation loan. They may ask you to make a few subtle changes to your personal records, which may give you a better opportunity of passing a credit score. The main thing to remember is even if you do secure a loan this way, there will be a long term reminder of this on your credit file. So even years down the line, you can find yourself in trouble with the authorities, because you have basically committed fraud!

The first thing you should always do when looking for a poor credit debt consolidation loan is obtain a copy of your credit report. You can approach any of the 3 credit bureaus, Experian, Equifax or TransUnion. As a US citizen, you are entitled to a free copy of your report once a year. This gives you the opportunity to see how all potential lenders view you. Is there anything on your report that shouldn’t be there? Is there anything on your report you don’t understand? Is there anything there that you didn’t know about? If so contact the lender in question and see if you can put these things straight first.

Once you have looked through your credit report, it’s time to find a lender. As i have mentioned, there are lots of lenders that can offer you a Debt Consolidation Loan even with Poor Credit. But always be careful that you are not being asked to do anything untoward or illegal in order to be accepted!

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