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debt Types of Debt Consolidation Loans

When you consolidate debt with a debt consolidation loan you basically replace many smaller loans and outstanding debt with one larger, more manageable loan.  Instead of trying to manage all those different loans and risk, you can have a single loan with lower monthly payments.

You can either use a secured or unsecured loan to consolidate your debt. We'll explain the differeces below:

The secured debt consolidation loan

With a secured debt consolidation loan you basically give your property as security against the loan, hence the term secured loan. Should you not be able to pay back the loan, then you run the risk of losing your home.

However the interest on a secure debt consolidation loan will be much lower due to the security the bank has in the form of your home. You will also qualify for a much higher amount than would be the case with an unsecured loan.

Consolidating debts into home loans will help you have better cash flow at the end of the month due to the low repayment needed.

Should you consolidate your debt into your home loan it is always advisable to repay the debt over the short term, rather than capitalizing it over a 20 year term for example.

The unsecured debt consolidation loan

With an unsecured debt consolidation loan you will be granted finance without having to put up collateral (security). This will protect your property from being repossessed should you not be able to repay the loan.

However, because of the higher risks associated with such a loan you will have to compensate the bank for such a risk by paying a relatively higher interest rate than the rate charged on a secured option.

Generally speaking, you will not qualify for a large sum of money for the purposes of debt consolidation without any form of security.

The kind of debt consolidation loan that best suits your needs depends on your individual circumstances and remains your choice.

Our mission is to provide you with as much information as possible about the different debt consolidation choices you have, the pros, the cons, and the steps each requires you to take.
To apply for a debt consolidation loan you will have to fill out a short application form. You will then receive a FREE quote from well established, nationally recognized lenders. You do not need to decide now whether the debt consolidation loan is for you.

Just apply and compare the repayments to your current situation. There is no obligation on your part. If you decide that it is not for you, you simply do not have to accept the offer. You have nothing to lose and everything to gain.

20 Second Application


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