1. An unsecured debt consolidation loan is
also called a personal loan or a signature
loan. When you have a number of smaller,
high interest loans, it makes sense to
contact a lender about a personal loan.
This way, you can pay off all of your bills in
one fell swoop and then make one payment
each month to a bank. This is what an
unsecured debt consolidation loan can do
for you.
debt consolidation loans

2. There are two types of debt consolidation loans The first is the home
equity loan This means that you take out a second, third, or even fourth
loan on your home A home equity loan generally offers better terms
than does an unsecured debt consolidation loan But these days,
home equity loans are hard to get Not only have the credit markets dried
up, banks are also being more discerning about how the loan against
homes It used to be that you could get 125 percent of the value of your
home in loans

3. Today, banks often don’t want to lend more than 80 percent
And, because the home markets have declined, you may be in a situation
where you already owe more than the home is worth That means that
you’re looking at an unsecured debt consolidation loan to take care
of your debts An unsecured debt consolidation loan will affect your
credit At the very beginning, your credit scores may dip as you pay off
and close accounts and receive a new high balance loan But, if you
make the payments on your consolidation loan faithfully, you should see
an overall rise in your credit score within six months The increase could
be considerable

4. There are two ways to obtain an unsecured consolidation loan The
first is to look at debt consolidation loans through traditional lenders You
can search the internet for free debt consolidation loans which will give
you a number of quotes at one time, or you can go into the bank where
you do business and ask to speak to a representative about a signature
loan for the purpose of debt consolidation debt consolidation loans
The second way is to work with a debt consolidation company directly
They will arrange to have all of your debts paid off You will then make
one payment to the company per month

5. There are non-profit and for profit debt consolidation companies out
there Both have merits However, there are some unscrupulous for
profit debt consolidation companies, so do your homework before signing
any papers Because the loan is unsecured, you do not put up any
collateral This means the loan can be received fairly quickly as the bank
does not have to value any assets Traditional banks will want to do a
credit check before they lend you an unsecured debt consolidation loan

6. If you have late payments on your multiple debts, this can be
problematic Debt consolidation companies, on the other hand, are
used to seeing people in your financial situation, and have plans and
policies for almost every person You should contact a debt consolidation
company as one of your options when trying to secure an unsecured debt
consolidation loan The one thing that will give you the edge in the
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