Question by suga UK: If I have a bad credit rating and I desperately need a consolidation loan what are my chances of getting one?
i’m already paying more than £550 towards loan and credit card payments. I could consolidate all of them with a loan and only pay £300 a mth. But my credit is bad. Would any company give me a loan?
Best answer:
Answer by Ozark Ike
Are you a home owner??? If not you chances are very slim at best. If you own a home you might be able to do a refinance if your LTV is 85% or less and you have enough equity. Your friendly Mortgage Broker
What do you think? Answer below!
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At an enormous interest, if you have a solid job and some kind of equity, they might. Otherwise, meet Mr Micawber.
it is possible, but without knowing specifics its hard to say. Many times it depends on what is on your credit, not always just the score. I have seen people with very good scores get turned down b/c they have too much debt.