how to get a debt consolidation loan

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How to Get a Debt Consolidation Loan in 5 StepsCheck your credit score. Start by checking your credit score. …List your debts and payments. Make a list of the debts you want to consolidate 鈥?credit cards,store credit cards,payday loans and other high-interest debts 鈥?and …Compare loan options. Shop for a loan that鈥檚 right for you. Online lenders,credit unions and banks all provide personal loans for debt consolidation.Apply for a loan. When you鈥檙e ready to apply for the loan,gather documents such as proof of identity,proof of address and income verification.Close the loan and make payments. Now that you鈥檝e found and been approved for the loan you want,there鈥檚 one important step left. …

People also ask

  • What are the chances of getting a debt consolidation loan that works?

  • Your chances of getting a debt consolidation loan that works for you are better if you have a good credit score, usually defined as 670 or above by FICO. Generally, the higher your credit score, the better your chances of qualifying for a loan.

  • Where can I get a personal loan for debt consolidation?

  • Online lenders, credit unions and banks all provide personal loans for debt consolidation. Online lenders cater to borrowers with all ranges of credit, although loans can be costly for those with bad credit. Most online lenders let you pre-qualify so you can compare personalized rates and terms with no impact to your credit score.

  • How can I consolidate debt with bad credit?

  • There are other options such as balance transfer cards, home equity loans, and other forms of debt consolidation available to you with poor credit. Read more to learn how to consolidate debt with bad credit. There are a few pieces of information you will need prior to applying for the loan.

  • How do I use the consolidation calculator to consolidate my debt?

  • To use our consolidation calculator, enter information for up to 10 credit cards and other unsecured loans you want to consolidate. It’s OK to estimate. Your total balance, combined interest rate, what you pay each month and when you will be debt-free. Select your credit score to see options for debt consolidation.

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