Consolidation Loans
Want lower payments on multiple debts and have good credit? If so, a consolidation loan may be worth looking into.
What is a Consolidation Loan?
A Consolidation Loan is a loan that consolidates multiple higher-interest loans into one lower monthly payment. They are a great solution for saving money monthly, paying debts off faster, and making the accounting of outgoing payments easier to keep up with. If you have a good payment history and good, to great credit, you may qualify for a consolidation loan. The next step is to find a consolidation loan company that can offer you the best interest rate and term. In our case, we can shop the best rates and terms through our large number of partner companies. Contact us today for a no -obligation quote.
What Types of Debts Can I Consolidate with a Consolidation Loan?
Just about any type of debt can be consolidated with a consolidation loan. There are, however, some debts that would make more sense to focus your consolidation efforts on. This would be higher interest debts. Let’s say you got approved for a $100,000 consolidation loan, but you have more than $100,000 in existing debts. You would want to use your loan to consolidate your higher interest debts rather than including the lower interest ones. The most common debt types consolidated are unsecured debts such as credit cards and private student loans. Saving just a few percent on your interest rate could save you thousands in the long run and many months, or even years, off your term.
