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Debt Consolidation Loans up to $100,000

  • Apply right now starting below
  • Know if you’re approved within minutes
  • Receive money within days
  • Consolidate bills into single payment

Debt Consolidation Loans up to $100,000

  • Apply right now starting below
  • Know if you’re approved within minutes
  • Receive money within days
  • Consolidate bills into single payment

Options for Debt Consolidation

You have several options when it comes Debt Consolidation. Make sure you know which one is perfect for you.

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Factors to Consider

Knowing the right things to consider when finding the right Debt Consolidation Lender is important. 

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Important Reminders

We have some helpful reminders for those who are considering debt consolidation.

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How to Consolidate Debt

We’re providing you with the steps you need to take in order to start the Debt Consolidation process.

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Choosing the Best Debt Consolidation Loans

To create the best list of Debt Consolidation partners for you, we’ve taken the following factors into account:

Debt consolidation loans

Your Qualifications

Before anything else, you first need to need to know if you qualify for the loan. Most lenders have a minimum FICO score – this represents their risk appetite. Even if you find what you believe to be the best company to get a debt consolidation loan from, you will have to look for other options if you do not meet their requirements. Therefore, if you have a relatively low FICO score, be realistic and expect higher APRs. On the other end, if you have an excellent FICO score, your options will be a lot broader.

Debt consolidation loans

Annual percentage rates (APR) and monthly payments

If you are looking at estimated APR and monthly payments, you should already have narrowed down the list of potential lenders on where you qualify. Of course, you want to get the best deal out there. However, understand that this is limited by certain factors, largely by your FICO score. What you will have now is a range of your potential interest rates you can accrue based on the information you gathered. Assuming you have the same loan term, the higher the interest rate is, the higher your monthly payments will be.

Debt consolidation loans

Fees

Aside from interest, lending institutions earn money through various fees. There are different types of fees that a lender can impose on clients, but the most common one is a prepayment fee. Your best debt consolidation loans will not come with fees unless they are very minimal. Know the fees associated with your loan. Otherwise you might be surprised when your bill comes.

Debt consolidation loans

Accessibility and Convenience

If your credit rating is impeccable and you have found the perfect debt consolidation loan, you may find their payment process is indirect and very democratic. Is this still a viable option? You should always consider the accessibility and convenience of your lender. There are other concerns in your life besides settling your debt. If your chosen debt consolidation loan becomes a burden instead of making your life easier, you are better off with another creditor.

Debt consolidation loans

Helpful Representatives

Lastly, assuming that you are no expert when it comes to how these things are handled, there must be qualified and competent customer representatives to bridge the knowledge gap for you. Even if you feel you are comfortable with a lender, you still must be certain that your concerns are addressed accurately in a timely manner. Especially when it comes to fees, there must be clear communication between the two parties. Without that, you might unknowingly hold wrong expectations and get very frustrated later on.

The decision must not be on your financial concerns alone. In the end, the loan is just as good as where you source it. Your choice must be a balance of all these factors, with some factors weighing more heavily than the others depending on your priorities.

Debt Consolidation with Personal Loans

An Overview

Many individuals accumulate debt with various organizations. This can include things like student loans, credit cards, business loans, mortgages, and many other lending products.

One of the best ways to simplify this complex web of bills is with a debt consolidation loan. A debt consolidation loan is when you are given a loan to pay off other debts. The result is that your bills are consolidated into one place so you don’t have to worry about tracking multiple different payments.

You pay a fixed payment to your lender for a period of two to five years on average. Most consolidation loans are offered at a fixed interest rate, which gives borrowers the stability and predictability they might lack in their current financial arrangements.

Are you a good candidate for Debt Consolidation?

You might be a good candidate for a debt consolidation loan if:

  • You can repay your consolidation loan without accruing additional debt.
  • You have the right credit to obtain a loan at a better interest rate than your current debt.
  • You are having a hard time keeping up with multiple different payment schedules.

However, as with all financial products, there are a few things you should pay attention to:

  • Make sure you are aware of the fee the consolidation lender will charge
  • Understand what support you have access to, for example: will the lender pay your creditors directly?
  • Check if there is an advantage to having a co-signer on your loan.

Consolidation Options: Loans vs. Credit Cards

Debt Consolidation

With the right credit, you can get a card that has an introductory 0% interest period. Transferring your current balances to this new card can save you money.

Something to consider, though, is that the introductory rate will eventually expire. If you haven’t paid off the balance by that point you could be in for a surprise when the bill comes due. The interest rate on credit cards is almost always higher than the interest rate on a personal loan, so if something comes up and you can’t pay off the balance on time you’ll face a large expense.

There are some distinct advantages to personal loans when compared to credit cards for debt consolidation.

The first advantages have to do with the structure of a personal loan. The fixed payments provide predictability on when you will be done paying your loan, and the interest rates are usually much lower for personal debt consolidation loans than they are for credit cards. In fact, because loans are issued through the banks, there are limits on how high of an interest rate they can have. For example, federal credit unions are typically limited to 18% per annum.

Another advantage is the way that the debt is treated on your credit report. Credit cards appear as something called revolving debt, which has a greater impact on your score than installment debt, which is how a loan is categorized. This has to do with the fact that credit cards have a credit limit, and using too much of your credit limit can negatively impact your score. These factors don’t apply to installment credit.

There are a number of ways that you can get personal debt consolidation loan, but one of the most common is to use online services to compare different lenders. Each lender has different policies and procedures, so it is important to understand how to compare different personal debt consolidation loan lenders.

Important Things to Consider When Comparing Debt Consolidation Lenders

Direct Debt Payment

Some lenders offer a service to directly pay your debts out of your loan, this allows you to save time and money by handing the paperwork off to someone else. As a result, your debts will get paid in a timely manner, which saves you money on interest.

Fees

It is important to realize that the lenders will have to make money to provide you with their services. This is where fees come into play. Make sure you understand all the different types of fees each lender charges, as well as the way you will have to pay them back.

Look for Ways to Save

One common way to get a lower interest rate on a loan is to add a co-signer who will also be responsible for the loan should you not be able to make payments. This makes your loan less of a risk, so your interest rate won’t be as high. This being said, you are putting your co-signer’s credit score at risk, so make sure you can meet your debt requirements.

A Few Reminders

Before deciding to take out a debt consolidation loan, make sure it makes sense. A debt consolidation loan doesn’t save you money if the loan’s interest rate is higher than the one you are paying on your current debt.

Additionally, if you don’t deal with the circumstances that lead you to accrue debt in the first place, then you will not benefit from a consolidation loan. It is important to not add any more debt after you have taken out your consolidation loan, or you will be in a worse position than you were before.

Finally, have a plan to deal with small emergencies before you start paying off your debt. A rainy-day fund can help you avoid using your credit cards when an unexpected expense comes up, making it more likely you’ll get your debt under control.

As you can see, there are a number of advantages to using personal debt consolidation loans, however, make sure that you are using them as a way to get your financial future back on track. Also – make sure you understand the different terms and conditions so that you can get the right loan for your needs.

Debt Consolidation