Roll All Your Debts into One
You are probably paying off many loans. It is often difficult for you to keep track of due dates for your loans if you are paying for more than one loan. Paying for multiple debts also means paying for multiple interest rates. It is expensive to be paying for several loans around the same period. Most of these debts may be credit card debts. If you are having problems combining these loans with your monthly bills, let us help you out. When you realize that your debt is growing, you may consider cutting down on your expenditure. You may decide to do away with some of the luxuries you enjoy such as having dinner at expensive restaurants or your Netflix subscription. That may help but you cannot completely clear your debt by doing so. These things will reduce your debt, but you need a plan that will completely clear your debt. That plan lies with our lenders. We will put all your debts together into one monthly payment.
You will enjoy lower interest rate when you consolidate your loan. This means you can save some money on interest rates. You can also efficiently manage your debt and keep track of your loan. We will connect you to lenders who will help you to consolidate the loan. Our lenders can assist you in two ways. One option is that you can transfer the debt onto one card and repay it as a single loan. This option allows you to move credit card debts, store card debts, and other loans to a single card. You can settle the debt with a promotional APR. There is another option that allows you to get a personal loan from our lenders. You can use the personal loan to repay your debts. In this case, you will pay back the personal loan in monthly installments. There are no origination fees on this loan. You do not need to provide collateral when you opt for this method.
Other methods are not popular because they are risky. A borrower can go in for a home equity loan. Here you will use the equity of your home to access a loan to refinance the debt. Usually, a borrower can obtain this loan at a fixed low interest rate. Students can also consolidate their student loans at, and they do not have to pay any fees.
Should I Consolidate My Loan?
It is a good idea to go for a consolidated loan if your debt is not more than 50% of your income. You can also opt to consolidate your loan if you have a good credit score. A credit score that allows you to obtain a consolidated loan at a low interest rate.
Loan consolidation may not always turn out right. There are instances where consolidating your loan is not a good idea. You may end up in more debt if you do not analyze the situation before applying for a consolidated loan. It is not advisable to go on for a consolidated loan if the debt is small and you can pay it off within a year. You should also not use this option if your debt is more than 50% of your income.
Factors That Make Consolidation Successful
You can analyze your situation to know if your loan consolidation will be successful. A successful debt consolidation depends on several factors. You should look out for these things before opting for this loan option. Loan consolidation works best for high interest debts especially credit card debts. If you acquire a series of low interest rate loans, it is not a good idea to consolidate it since you may run at a loss.
Loan consolidation will be successful if you can make a workable budget and stick to it. You should make a budget that allocates cash for your living expenses, retirement, debt repayments, and emergencies. The budget should be realistic enough to cater for all your necessary expenditure. You should, however, not make room for unnecessary spending. The budget will be useless if you still spend money on things you should cut down on during that period.
You may also decide to stop using your card. This is one effective way of reducing spending. If you stop using your credit card during that period, your account will still be active. You can resume when you have cleared your debt. You can, however, keep your card active by using it once in a while.
It will also be reasonable to compare loan products before choosing the one that will work for you. You should make a comparison between balance transfer cards and personal loans for debt consolidation. Comparing the two will give you a chance to analyze the advantages and disadvantages of the two products. This will also help you to choose the best of the two.
How Do I Start The Process?
After carefully analyzing your situation, if you still think it is an excellent idea to consolidate your loan, our lenders are ready to help you. You will have to complete the loan request form on our website. Our lenders require that you provide accurate information to make the process smooth and fast. Your privacy is important to us, so we have fitted our website with advanced data encryption technology that keeps your information safe at all times. When you submit your information, our lenders analyze your situation, and then they also present their quotes to you.
You should analyze the quotes and choose the proposal that you think will be most convenient for you. After deciding on that lender to continue with, you can notify that lender.
Do I Qualify?
When completing the loan request form, there are some primary requirements that the lender will expect you to meet. If you meet those requirements, you can continue with the application. You should be a citizen of the United States, and you should have a valid ID card. Non-US citizens do not qualify for this loan. You should also be at least 18 years old. You should provide proof of a steady source of income. This requirement is essential to our lenders because they do not want a situation where you cannot pay back. A constant source of income is proof that the borrower has means of paying back the loan. Our lenders will also ask for your social security details and your contact information. You should also have an active check account. If you provide all these, you can continue with your application.
With the application, our lenders make it easy and convenient. You can apply from anywhere. Once you have a computer and internet access, you can complete the application anywhere. The lender may request for an additional document when you decide on the lender you want to proceed with. When you provide these documents, the lender will quickly process your loan, and you will receive your approval notice in no time. Our lenders may conduct a credit check on you. This check will help them to decide if you qualify or not. In most cases, people with low credit scores have had their loans approved as well. Once the loan is approved, you will be notified.
Borrowers who are applying for a personal, home finance or consolidated student loan will have the cash paid into their accounts. With loan consolidation, you cannot use the money you have received for any other purpose. The money is strictly for the repayment of your debts. Borrowers who have chosen the balance transfer method will also have their debts transferred.
Types Of Loan Consolidation
There are three basic types of debt consolidation. They are credit consolidation, debt settlement, and debt management. All these options will put your loans into one debt but the repayment period may vary. Your lender will tell you more about it. However, if you are having problems cutting down on your lifestyle during this period, the best option is loan management. With this method, you may undergo some counseling that will help you to adjust to your current situation.
When it comes to the repayment of your loan, our lenders expect that you stick to your budget. You can pay your loan if you stick. The good news is that you do not have to pay to several lenders at the end of the month. You can now make one single payment. You should always pay on time if you want to keep a good reputation with our lenders. The good news is that you do not have to travel to the lender’s office to repay your loan. They can debit your account directly when the date is due. With this repayment method, you will have to set an automatic withdrawal system from your account to the lender’s account. You only need to leave enough money in your account at that time of the month. With this direct debit repayment, you do not have to keep the exact due date in mind. There is another repayment method where you can make a direct deposit into the lender’s account.
Note to Loan Requester
Our lenders have their terms and conditions. You should read them before proceeding with the loan application. You will need to at least understand the terms and conditions before signing the final loan approval. If you have questions, ask your lender. We will also request that our borrowers cooperate with the lenders during the process. We are not lenders; we only connect you to direct lenders hence we cannot help you to get approved by a lender.
Our borrowers should also watch out for scam companies who will ask you to pay some fees for them to settle your debt. It is a violation of the Federal Trade Commission if for a lender to ask you to pay fees before they settle your debt. You should only pay after they have settled your debt. Although we work with lenders who have been licensed by the state, there may be instances where some scam companies might work their way into our system. It does not often occur though. We want our borrowers to be cautious at all time.
We also want our borrowers to know that debt consolidation is not a quick fix for your financial situation. Loan consolidation does not mean debt elimination. You will still pay off your loan except that you will pay through one single channel. There are also no guarantees of a lower interest rate. Your debt may prolong after consolidating it, and if you do not adjust your spending habits, the loan consolidation will not work.