Once you have a credit rating below 500 it becomes very difficult to find a lender willing to lend money, let alone negotiate the rate and terms. You may also be restricted on the amount that lenders are willing to lend, with many leaning towards lower amounts.
Consumers who have various bills that they want to consolidate would be better off to focus on paying those bills down as fast as possible, curtailing their spending and working towards improving their credit ratings. Loans for debt consolidation are also more difficult to obtain if you do not have any equity to provide.
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