The median man juggles numerous bills each month--credit cards, auto loans, personal loans and more! If you're getting buried beneath paperwork, you may want to consider a debt consolidation loan. Instead of dealing with many creditors, you'll only have to pay one bill each month. And you can get a debt consolidation loan--even if your credit is not-so-perfect--if you acquire it with some type of collateral. Here's how to get approved:
1. decide on your collateral
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Whatever item you select as collateral for your loan should be one you're willing to risk, since the lender could take it if you can't make your monthly payments. One of the least expensive options would be your home, since you could get a home equity loan, a home equity line of credit or a second mortgage. If you're not willing to risk your house, you could also use an automobile or a boat. Some lenders will accept stocks or bonds, or even expensive belongings such as jewelry or electronics.
2. Find a lender
You'll need to find a lender that accepts the type of collateral you're using to acquire your loan. Most major lenders and banks offer home equity loans, and many offer personal loans secured with a car or boat. You may have to dig a tiny deeper to find a lender that will accept jewelry or other belongings as collateral. Check with your local banks and credit unions, and do a hunt online to find an acceptable lender.
3. correlate loan rates and terms
Before you sign up with any lender, make sure you correlate their rates and terms with similar loans. Some unscrupulous predatory lenders may try to take advantage of your situation by charging you a high interest rate or extra fees. It's always best to correlate at least two loans to ensure that you're getting the best potential rate.
Try using one of Abc Loan Guide's Recommended Lenders For A Secured Debt Consolidation Loan.
Secured Debt Consolidation Loans are potential even for those with less-than-perfect credit. By using an expensive item you already own--house, car, boat, jewelry--as collateral, you become less risky as a borrower, production it more likely that you'll get approved for a loan.
Secured Debt Consolidation Loans - How To Get popular ,favorite How To Get Out Of Payday Loans
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