If a client has high utilization and they are getting declined for personal consolidation loans the only option for us to offer would be to look into a bridge loan. Bridge loans are limited to 20-30,000 dollars and they can be very costly. They can charge up to 30% but the bridge loan moves the debt for 30 days and requires individual card information. The other recommendation you can make is have the client speak with a bank they currently have a relationship with and see if they would extend a loan for debt consolidation or in some cases a HELOC/HELOAN can also be looked into.
What are the next steps if someone has a good credit profile with high utilization, but then gets denied for all consolidation loans? CY - Please review
Written by Corey
Last updated October 25, 2023