Due to circumstances changing, you either lose your job or fall seriously ill and need to stay at home. You might lose your regular source of income and in such cases, paying back installments every month for the loans you have taken might get disrupted. At times, things could go worse over a period of time leading to too many outstanding bills and payments.
People who take loans are given a credit score between 300 and 850 on the efficiency and timeliness with which they keep repaying their installments. Persons who fail in repayment of loans create a bad credit score against their name. A score of less than 600 is considered poor and lenders would not want to risk lending money to such people. However, there are some financial institutions that specialize in providing personal loans with bad credit. These institutions provide loans to people with bad credit in a simple and quick manner and the formalities are completed in less than 24 hours.
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One can look to consolidate his debt by taking one big loan and repaying all his outstanding dues and clear off his complete debt history and then concentrate on repaying this big loan in monthly installments over a longer period of time. To obtain big amounts of personal loans with bad credit, it is quite possible that the lender ask you to provide some collateral security against the loan amount. You might have to pledge some fixed asset like your home or car or some private property against the loan amount. This is to provide reassurance to the lender that if in case you falter to repay your monthly installments again, the lender can keep the fixed asset instead of the loan amount.
Hence, one must go for debt consolidation and procure a big amount of loan against collateral security if he is assured of a steady source of income and is sure that he shall definitely be able to pay the future installments on time, taking some unforeseen circumstances into account too.
A secured loan can be acquired at a reasonable rate of interest and can be paid over a longer period of time. One has to take a complete overview of his/her existing debt situation, future source of income and the surety of being able to repay the monthly installments on time and then only go in for debt consolidation by opting for secured personal loans with bad credit.
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