A 0 loan that would have cost 5 if you had paid it back in two weeks, will cost nearly 0 two weeks later and go up from there.
If you receive one, you may contact the agency that supplied the credit report to verify that all the information in the report was accurate.
If you are overwhelmed by debt and need some relief from monthly payments, you may find that traditional debt help options are not available to you.
The truth is that there are a lot of loan options for people with bad credit and some are even tolerable.
The one thing you must realize is that there is penalty for bad credit: You will play higher interest rates – sometimes considerably higher – than someone with good credit.
However, if you successfully repay the loan, and keep up with financial commitments while doing so, your credit score will improve and the cost for borrowing will drop.
Here are some of the places to find debt relief when you have bad credit: If you have decided that a debt consolidation loan is your best option for dealing with your debt, the next step is to choose a lender.
Repaying the debt consolidation loan in timely fashion also will help your credit score.
Depending on what your current credit score is, it may not take more than a 25-30 point gain to change you from being a “bad credit” consumer to being a “good credit” consumer.
A low-risk borrower receives the lowest interest rates.