A Debt Consolidation Loan is a option for individuals that are looking to consolidate their debt into one monthly payment. It can often be discouraging for those with poor credit history to secure a consolidation loan and those individuals in such a situation should consider the following.
How much Personal Loan Can I Get With 675 credit score
There is no simple answer to this question, as the terms and rates vary widely from lender to lender and applicant to applicant. This has to do, mostly, with what level of risk a lender is willing to take on. While it is difficult to give exact numbers, some generalized rules can at least help in giving one an idea of what they can expect.
The total debt (excluding mortgages) can be 200% of your total yearly income before taxes. If one’s gross income is $50,000 per year then you can lend up towards $100,000. This is of course affected by credit score and history.
If one finds themselves unable to secure a large loan, applying for two smaller loans often yields more favorable results. Lenders are more willing to risk smaller amounts on people with poor credit than large sums of money.
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