How to Get a Debt Consolidation Loan
- 1
debt consolidation calculator
The first step towards getting a debt consolidation loan is to identify and add up all your debts, including credit cards, loans and car payments. - 2). Gather all the information that you can pertaining to these debts and calculate the separate interest rate that applies to each on. While the interest rates applied should be between 12 and 20 percent, it will help to figure out the exact numbers before you attempt to get a debt consolidation loan.
- 3). Search the internet or yellow pages to find a reliable and secure lender. It is best to not choose the first debt consolidation lender you come across. Find out information pertaining to their rates and compare them to find the lender that can offer you the most efficient rate for your needs
- 4). Debt consolidation loans will offer different terms with respect to rates, length and even different types altogether. The type that you are offered will depend on your exact debt and credit situation.
Once you are informed of which loans you may be eligible for, choose one based on your needs. Are you looking to pay these off quickly? Or make smaller payments over a longer period of time. - 5). Now that all of the groundwork is out of the way. It is time to complete a specific debt consolidation loan application and wait for approval. Submit copies of the loan to all companies that you are indebted to. The entire process usually lasts between 3 to 4 weeks.
- 6). Debt can put a damper on your entire financial decisions, but it does not have to tie you down for the rest of your life. There are ways in which you can lessen the impact that debt has on your life. That is why it is so important to learn how to get a debt consolidation loan.
- 7). To help you find companies that specialize in debt consolidation, please take a moment to check out the resources area below. Don't forget to take a look around for other tips on consolidating your debt.
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