For those people, who live on Social Security Disability and have a lot of debt, but they also have poor credit, they may want to consider applying for debt consolidation loans. Individuals with less than perfect credit often think that they cannot get any help. However, there are many consolidation lenders online that are willing to help them rise above their financial difficulties.
While obtaining this type of funding has become quite popular, there are various requirements that applicants must meet to qualify. First of all, applicants need to be no less than 18, and they must be United States citizens. They also must have a dependable source of income and must be able to prove to the lender that they will have the resources to pay back the funds.
Applicants who own their own homes have an advantage over those who do not, as they can use the equity in their home as collateral. When they use their homes as collateral, these are secured loans. Secured funding is relatively easy for applicants to obtain; however, if they do not make their payments on time, they may lose their home.
However, there is unsecured funding available, as well, and borrowers will not lose any valuable assets if they cannot make their payments on time. While the interest rates for this funding can be quite high, it is worth it considering the benefits it holds. When people choose to consolidate their debt, they can combine several monthly payments into just one easy and manageable payment.
Many people, who are swimming in financial troubles and have bad credit, think that there is no solution to their financial troubles. However, when they take a positive step and apply for some of these funds, they will find that their financial difficulties will slowly disappear. There are many lenders available, and consumers simply need to do a quick search online to find one to suit their needs.