Deciding to get out of debt is easy, but finding the right help can be difficult. There are hundreds of debt relief services available, including banks, credit unions, and private debt settlement companies. By getting a debt consolidation loan, you can streamline the majority or even all of your unsecured debts into a single monthly payment with a significantly lower interest rate than what you are currently paying. These debts can include credit cards, private student loans, personal loans, and more.
As overwhelming as it may all seem, the good news is that experienced financial experts can help you figure out where to get a debt consolidation loan to eliminate them once and for all in no time.
For Borrowers Who Need more Flexible Terms
Finding a loan to consolidate your debt can be hard to do if your credit score has visibly suffered. Lenders typically offer the best rates and loan terms to people who have a good credit score of at least 700, but if you have been struggling with debt, there is a good chance your score is 600 or lower. If that sounds like your situation, consider looking at a credit union for your loan needs.
Credit unions can help people with poor credit get lower interest rates than they would at a private company or bank. While these lenders will rarely beat private companies or banks in the minimum interest rates offered, many offer a low maximum amount of interest of 18 percent, which could save you thousands of dollars in the long run. They also offer more flexible consolidation loan terms and conditions to ensure that you are able to make the monthly payments quickly and easily until the loan, and your debts, are completely paid off.
For Borrowers with Collateral
Banks are usually the go-to for people when they think of getting a loan. Experts from debt relief services will tell you, however, that this particular institution is best suited for people with good credit, available collateral, and who may already have a relationship with a particular bank. If you are able to, it is also recommended you opt for a secured loan from a private company. By offering collateral, which is essentially anything you own of high value, such as a vehicle, home, boat, or property, you are ensuring the bank or lending company that you will make your monthly debt consolidation payments to avoid having those assets liquidated. As long as you are confident that you will pay back the debt according to the terms and conditions, getting a secured debt consolidation loan is the way to go and can get you an even lower interest rate than you would with an unsecured loan.
For Borrowers with a Great Credit History or no Collateral
Just because you have found yourself in debt does not necessarily mean your credit score has tanked. If you have a decent score above 690, the best place where you should go to get a debt consolidation loan is a private company. The company will likely offer you significantly lower interest rates than what you are currently paying and will have great customer service to help establish what terms work best for you. Some companies also offer large loans up to $100,000, significantly lower interest rates than banks, and transfer your loan to your bank account in only 24 hours.
Another great benefit of using a private lending company is that you do not have to offer up collateral to qualify for a personal loan, though, as mentioned above, this can have its benefits. If you are struggling with debt, however, there is a good chance you do not have any collateral to offer, making your only viable option an unsecured loan. While the interest rates may be a little higher, they will likely still be significantly lower than the interest rates you are currently paying for your debts so that you can save money in the long run.
An Option for Nearly Every Borrower, Nearly Every Time
Thousands of people consolidate their debts every year, and while the numerous options available may seem overwhelming at first, it is important to remember that they simply offer a solution for everybody. Whether you have poor credit, great credit, lots of assets or none, there is a bank, credit union, or private company out there where you are able to get a debt consolidation loan with terms that work for you. Liberty Debt Relief services can give you clear, actionable advice. Contact us today!
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