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Trying to take a loan is a nightmare for most of the people in any situation and, coupled with a bad credit score or CIBIL score, it promises to be a hellish experience for everyone involved.Low or bad credit rating effectively ruins your chances of getting a loan from a financial institution because they view you as a bad egg, someone who might de

A consumer loan is an installment loan so debt on that loan won't hurt your credit score as much as debt on a credit card that's almost to its limit, thereby making available credit more accessible. A consumer loan can also help by creating a more varied mix of credit types.

Simply put, a consolidate loan pays off all or several of your outstanding debts, particularly credit card debt. It means fewer monthly payments and lower interest rates. Consolidated loans are typically in the form of second mortgages or consumer loans.

To get a secured loan, you'll pledge some sort of collateral, which the credit union can take if you fail to make your payments. You don't need to pledge your house, car, or jewelry cash secured loans use money in your account to help you get approved. A cosigner can also help you get approved.

While consumer loans from reputable online lenders can be good options for many borrowers, you first visit your local credit union when shopping for loans. Most credit unions offer flexible loan terms and lower interest rates than online lenders, especially for people with bad credit.

Consumer loan can be used for just about anything. Because a consumer loan often has no collateral-it is 'unsecured'-the interest rate will probably be higher. There are also secured consumer loans if you want to lower your costs.