There are actually several online lenders who specifically cater to people with bad credit.
Unfortunately, theys come with high fees and crazy-high interest rates.
For example, one lender is advertising a "less than prime" loan, available in California, where you borrow $10,600, pay a fee off the top of $2,500, and your interest rate is 74%.
Are you worried about losing your home or your car? Many people face a financial crisis at some point in their lives.
Are your accounts being turned over to debt collectors?
The catch is that many people who are struggling with debt have bad credit, which makes it hard to qualify for a debt consolidation loan.
Shopping for a bad credit debt consolidation loan is frustrating, and can even be dangerous.If you are struggling with debt, a debt consolidation loan can be an attractive option. You wouldn’t take out a debt consolidation loan unless it improves your financial position, by lowering your total interest costs for borrowing, delivering you a more affordable monthly payment. It is common for people overwhelmed with debt to think that if they could borrow enough to pay everything off they would have a fresh start and be able to take control of their finances. It is easier to make one payment each month than a slew of different payments with separate due dates.It is easy to get frustrated when one lender after another turns you down.If you speak with traditional lenders, such as banks or credit unions, you will find out that you need good credit to get an unsecured personal loan and excellent credit to get a low-interest personal loan excellent credit.Prosper’s online electronic payment system lets you manage your entire consolidation loan directly and with ease.