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Tips in Getting a Debt Consolidation Loan

If you’re thinking of getting a debt consolidation loan, remember that it won’t be easy to obtain, but it is possible. It is important to know where to look so that you can get the lowest rates and the best terms.

What is a debt consolidation loan?

A debt consolidation loan is low-interest rate loan product which is used to settle a debt with higher interest rates or multiple loans. The purpose of this loan is to settle a debt and make repayments lower and easier. There are different sources of debt consolidation loans. You can look for debt settlement companies whose main purpose is to provide financial relief to borrowers suffering from the burden of multiple loans. Aside from debt settlement firms, there are also online lenders offering debt settlement loans for good, bad or zero credit.

How to successfully get a debt consolidation loan

If you are serious in getting a debt consolidation, remember that it is similar to applying for any type of loan. You need to pass specific requirements in order to be granted a loan. The lender will verify your basic information (age, residency), your work history, salary, and credit score. It is vital to be very honest with the information you provide. Lying will not help you secure a loan; the lender will be able to verify whether the facts you state are true or not.

By being honest with your current situation, a lender will try to work out something to help you get rid of your multiple debts. 

Nowadays, loans have become simple to acquire, and this also makes it easier for borrowers to get trapped in various debts. While there are different ways to clear outstanding accounts, one of the most feasible methods is getting a debt consolidation loan.

Acquiring Consolidation Loans

A debt consolidation loan is a type of loan intended to merge all debts into one single account. It often comes with an interest rate that is lower than all your current loans combined. It also provides a flexible repayment term so you can settle the debt without hassle.

You can use the debt consolidation loan to combine your credit card debts, personal loans, payday loans, and personal loans. It can work in two ways: first, you’ll get the money and pay all existing debts or second, the debt consolidation loan provider will pay on your behalf.

Like other types of loan, it’s important that you look for different options first and compare them. This way, you’ll be able to find the best possible lender who can cater to your specific needs and requirements.

Below are some things you should take note of when comparing a debt consolidation loan:

The Loan Provider

No matter how desperate you are, always look for a reputable lender. Do not fall for fair loans offered by loan sharks because these loans carry high interests and charges. Therefore, before you send an application, check the lender’s website, the feedback it has from its previous clients, and their location. Make sure that you can reach them easily should there be a problem with your account.

Fees And Interest Rates

Debt consolidation loans are created to help borrowers pay other debts easily, therefore it’s just fair to find a lender who charges a cheaper interest and fees. Also, before submitting the loan application, check their terms and policies to make sure that there are no hidden charges.

Loan Terms

Another important factor that you should consider when looking for a debt consolidation loan is the loan terms. Your potential lender should be able to meet your needs, and this includes the amount you need to pay every month as well as the length of your repayment period.


Frequently Asked Questions

Must I Have A Guarantor?

Usually, lenders would require a guarantor for borrowers with poor or no credit history. A guarantor will serve as an added security if in case the borrower defaults on the loan. Since unsecured loans don’t have collateral, it is an added risk for lenders. However, if your credit is in good shape, lenders will often approve you without having a guarantor.

Is there complicated requirements I must provide?

No. The application process is simple and straightforward. All you need to provide is your personal information, proof of income, and employment verification. You also need to provide your checking account information where the money will be sent to. Other than that, you don’t have to provide any complicated documents or requirements to get approved.

How Fast Can I Have The Funds?

The entire process can be completed in as fast as 15 minutes. Getting the results of your application will only take a few minutes. So you don’t have to wait hours or even days to get approved. You can have the funds immediately and we’ll send you a notification once everything is good to go.

What If I Miss My Payment?

We understand that such things could happen. While some lenders may be lenient for one or two months, however, missing your payment could result in serious consequences. It could affect your credit badly and the lender may incur additional charges or fees as penalties for late payments.

Payment Method

You will receive the payment through direct transfers immediately to your checking account. Once approved, the money will reflect on your account within seconds. You will receive a notification once your application results are in.

Got questions? Let us know.