We tend to focus less on good credit or bad credit for debt consolidation loans. We will run a preliminary soft credit investigation when you check your rate. It won’t affect your credit score in any way. We’ll do a rigorous credit investigation if you accept your rate and decide to submit an application for a debt consolidation loan. Your credit score may momentarily drop as a result of the rigorous credit inquiry, but this is not cause for concern. This is a typical step in the procedure. Your credit score will recover and possibly even rise as long as you complete your scheduled loan payments on time each month.

Yes, you can use these loans to your advantage in order to secure better loans in the future. Your credit score will increase as long as you continue to make your payments on time. A high score will enable you to acquire future loans with considerably better terms, including larger loan amounts.

You’ll need to give some personal and financial information about yourself, which varies by lender, in order to be eligible for a debt consolidation loan. In order to determine whether you qualify for a debt consolidation loan, lenders typically look at your credit score, income, credit history, and debt. You are more than your credit score, as we at RadCred are aware. Because of this, when you apply, our model takes into account additional variables such as your education, occupation, and credit history.