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Texas Debt Management License: 1900064636-215879

Texas Debt Management License: 1900064636-215879

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Why your Debt Consolidation loan in Amarillo may be Challenging

When you apply for a loan, at times, it may get rejected. But that should not discourage you from applying for a debt consolidation in Amarillo if it will benefit you. However, it’s essential to know why your application was denied so that your next application could be approved.

Low income 

First things first, your income should have the ability to handle a loan. If your income does not satisfy your creditor, your application may get rejected. Therefore, ensure that you apply for a loan that corresponds with your income. If your income cannot support a new loan, then you need to look at debt relief in Amarillo.

Too much debt

If you are applying for credit counseling in Amarillo, the lenders may check how much debt you have at that moment. If your debts are too much, they may reject your application. No lender wants to give their money to an individual who does not repay their loans. The main point of applying for debt consolidation is to enable you to pay back your debt. So, being rejected because will not be very encouraging.

Your credit score

If you need debt settlement options in Amarillo, you need to have a good credit score. Having a medium to high credit score shows you have been handling your debts well. If the score is low, the chances of having your loan approved are meager. But they are not impossible. You can check with your credit reports to see if there are any mistakes.

You have no guarantor

When applying for a debt consolidation loan, you may need to have a guarantor. If you don’t provide one, some banks may not be willing to give you a loan. Hence, if you find your application has been denied, see if this solution will work for you.

Your debt consolidation loan may be rejected due to many other reasons. However, if you prepare yourself ahead of time, you can increase your chances of obtaining your loan.  

Alternatives to Debt Consolidation Loans

A credit counseling program can lower your interest rates and provide one monthly payment without the need for a new loan. If you need the lowest possible payments and need to save the most money, then debt settlement is often the best route. These programs negotiate down your balances and can provide a monthly cost that could be less than half compared to minimum payments. These programs usually take an estimated 2 to 4 years, depending on your monthly budget.

How to Receive Debt Consolidation in Amarillo, Texas

The fastest way to get help is to call to speak with a Texas Debt Specialist now. You may also fill the form above and one of our Texas Debt Specialists will reach out to provide you a free and no-obligation consultation.
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Debt Consolidation in Amarillo Texas, Amarillo Texas Credit Counseling, and Amarillo Texas Debt Relief Consultations are Free of Charge with no obligation.  Clients who make monthly program payments generally experience approximately a 50% reduction of their enrolled balance before fees, or approximately a 35% reduction after payment of settlement fees over a 24-48 month period, not including optional and separate services such as FDCPA protection provided by a law firm. Individual results vary based on ability fund program and the creditors enrolled. Statements made are examples of past performance and are not intended to guarantee that your balances will be reduced by a specific amount or that you will resolve debt within a specific time period. Settlement fees are not charged until a debt is reduced and a payment has been made to creditor. We do not assume consumer debt, make monthly payments, provide tax or legal advice. We are not a credit repair firm. Please contact a tax professional to discuss any possible tax consequences of paying less than the full balance. Programs available in Texas. Logos used are property of their respective owners.

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