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Banks, peer-to-peer, and credit union debt consolidation. If you go to a bank to consolidate loans, they will check your credit score. If your score is too low, the bank most likely will turn down your loan application. Another option for debt consolidation with bad credit is peer-to-peer lending.Will you be approved for debt consolidation with bad credit?
Even with bad credit it is more than likely that you will be approved, though the terms and conditions do depend on your credit scores among other factors. There are two main categories of debt consolidation loan available; unsecured and secured.Can I still use my credit cards in debt consolidation?
Consolidating your credit card debt does not eliminate it. Even if the consolidation reduces your monthly payment, you still have to pay off all of your debt. So if you don’t have regular income or can’t afford your monthly payment, consolidating your credit card debt will not help you get back on track.