Borrowing money to pay bills can make sense because you stay up to date with your financial obligations. This will make your credit history not worsen temporarily. But you must understand that you still owe money – now you owe to the lenders of personal loans.
Personal Loans to Pay Off Other Debts
Your note sounds like you need a loan to make ends meet, and not that you are trying to get a personal loan for debt consolidation. With a debt consolidation loan, you borrow enough money to pay off your other unsecured debts and end up with a 1 month personal loan payment. Unfortunately, in the absence of creditworthiness, this is not possible.
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Lenders base their credit decisions on the credit history that goes into the credit scoring model to get point credit. The lower the credit score, the higher the interest rate on the loan. If you have a too low score and the lender simply will not approve the loan.
If you belong to a credit union, talk to the local Loan lender about qualifying for a personal loan. Always ask the lender whether his loan application appears on your credit report. Loan applications remain on your credit report for 2 years, and this affects your credit rating during the first year.
I am talking about loans for withdrawal and mortgage loans. They may miss you one tight financial place, but they have their own problems that you have to deal with if you take one of these paths to pay bills.