Credit Card Debt Wrecked my Credit Score – Can I Still Get Personal Loans?

Credit card debt is a real burden, and it’s a good reason to avoid using credit cards to pay for things you can’t actually afford. Using a card is quick and easy, but carrying debt is all too easy a trap to fall into, and it’s a trap that can hold you back in so many ways. This kind of debt can quickly lower your credit score and make borrowing money much more difficult an expensive. There is hope, though. If you already have credit card debt, you can still get approved for certain https://www.nationalcashcredit.com/Personal-Loans.aspx

What Credit Card Debt Does to Credit Score

Certain decisions you make with your finances impacts your credit score. Holding on to too much credit card debt relative to the line of credit available is an action that can and will lower your score. It is not uncommon for people with credit card debt to have lower scores. The best thing you can do to avoid this issue is to never use your credit cards for more than you can afford to repay within the month. And if you do have debt, get it repaid as soon as you can.

How Credit Card Debt Impacts Your Ability to Get Personal Loans

Having credit card debt that lowers your credit score will definitely hamper your ability to get personal loans. This is because most lenders look at credit score as a major determining factor in approving borrowers. In fact, some require that you have a certain minimum score before they will even consider your application.

You Need the Right Personal Loans, and Lenders

Having credit card debt and a lower credit score will get you denied by many lenders, but not all. You only need to find the right lenders, those offering personal loans that are not based on credit score. There are some lenders out there who offer personal loans based on other factors. Many of these lenders will never even do a credit check when you apply.

How Approval Works for These Personal Loans

So how does it work? To get personal loans that don’t rely on credit score, you should look online. Many online lenders offer a much more streamlined and simple approval process. What you’ll need to show is that you have a job, a regular income and payday, an income of at least $1,000, and a bank account. That’s just about all you need to get approved, and your credit card debt or credit score won’t matter.

Use Personal Loans to Manage Credit Card Debt

Now that you know about personal loans you can get in spite of a low credit score, you can take advantage of them to fix your credit card debt problem. Paying off that debt is one of the most important things you can do for your financial future. Take a loan out and use the cash, or at least part of it, to start chipping away at the debt. If you have more than one card, eliminate one or two to consolidate your debt and make it easier to repay.

Credit Card Debt Wrecked my Credit Score – Can I Still Get Personal Loans?