Consolidating debt bad your credit dating comtos
Different loan providers will have different requirements, so if your top pick doesn’t offer you favorable terms, try another lender.
That said, don’t enter into an agreement with a company with whom you don’t feel comfortable doing business, regardless of the terms they offer.
For example, let’s look at our hypothetical friend, Pete.
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Not only would he be able to simplify his payments, but he’d lower them, as well. At the very least, Pete could lower his monthly payments by getting a new loan with a longer term length — up to 30 years in some cases.
While this will mean he’ll pay more interest over time, it may help him better manage his payments in the short term, helping to prevent missed payments or even default. Credit cards and other high-interest unsecured debt (debt not backed by collateral) are the main reasons many people consider debt consolidation.
Upstart is a newer lending platform, having only been in business since 2012, and was founded by previous Google employees who wanted to disrupt predatory lending practices often found in the subprime space.
Upstart offers loans of up to ,000, and borrowing terms are based on far more than just your credit score, such as your career trajectory and income.
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When you’re already struggling with poor credit, trying to manage a variety of high-interest loans can make matters even worse.