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Learn About the Types of Debt Consolidation Loans

Debt consolidation is a process to which debtors turn as a last alternative. The professionals at a company providing these services help you in combining all your loans into a single one. These experts can help you in reducing rates of interest of your previous loans. When a debtor takes help from such companies, these companies make the payments to all their creditors, and the debtor is required to make only one single payment to the debt consolidation company.

There are two types of debt consolidation loans; secured and unsecured. In a secured loan, the debtor's personal assets are guaranteed as collateral for the loan. In such cases, if the debtor is unable to repay the loan on time, then the lending agency can assume the assets as collateral.

In an unsecured debt consolidation loan, the debtor is not required to pledge any asset as collateral. If the debtor doesn't repay the loan on time, there is no fear of the asset being taken over by the company. Here the debtor gets time and an opportunity to re-negotiate the terms of repayment. The biggest benefit of taking a loan without any collateral is that it serves at higher rate of interest. This loan proves beneficial for those who have no assets to place as collateral.

The biggest advantage of an unsecured debt consolidation loan is that time is not wasted for getting the loan approved, as property valuation is not involved here. But the borrower is required to have a clean credit history. Under unsecured loans, the borrower cannot borrow large amounts.

Do Debt Consolidation Lenders Really Lend Without Collateral?

Collateral is what a borrowers pledges just in case he or she fails to refund the money loaned after the expiration of the repayment period; whereby, the collateral possibly will be an asset that has an approximate value similar to the loan. The lender seizes the assets in case of failure to the repayment of the loan. Loans that do not require collateral referred to as unsecured loans while the others referred to as secured loans. Secured loans to put the borrower in so much pressure therefore have discouraged people or organizations from getting loans for the reason that of the risk involved. Firms that lend money commenced offering unsecured loans to increase the number of borrowers they get.

Greater part of the people or organization who are in exceptionally huge amount outstanding that they owe other people or companies do not have assets that can act as collateral. The fear of these individuals is they cannot receive any other loans to reduce the pressure on their debts. Fortunately, most of the debt consolidating firms does not require collateral for to be approving a loan meaning they offer unsecured loans. The lenders who offer the loan rely on your word that you shall repay the amount. Since, the risks for the lenders organization are high for the reason that individuals could sometimes escape payment. Therefore, the lenders cushion themselves by charging higher interest rates than those that have collateral.

Unsecured debt consolidation is suitable to debtors in view of the fact that greater part of them are usually in large debts. Given that, there is no collateral therefore, amount lent can be as much as what the debt is amounting to with no limit. They also lend a hand to individuals or companies whom almost filing into bankruptcy as well as have no collateral. The only way the unsecured loans can proof your probability to repay back the loan amount is by checking on the following requirements. These are the availability of continuous stable income for example employment; the borrower should also have a credit history, as well as a low debt to income ration.

Is There a Cheap Debt Consolidation Loan For Poor Credit?

If you have an excessive amount of unsecured debt and you are struggling to make your monthly payments, a debt consolidation loan may be the answer to your problems.

If, in addition to your unsecured debt you have seen your credit score fall, getting an affordable debt consolidation loan may be a bit of a challenge for you. Is it possible to get a cheap or affordable loan under these circumstances? With a poor credit score, any money you borrow is going to be more expensive than if you had an excellent credit score.

Fear of a slightly higher interest rate on a loan is not a good reason to cross this option off your list of possible solutions.

What can you do?

Realize that different lenders have different loan standards and rates. Banks generally have the highest standards, followed by credit unions, followed by commercial lenders. Because commercial lenders usually have access to a variety of sources for funding, credit score problems may not be a stumbling block to borrowing money. With Internet access, you can compare several companies at one time.

But are they cheap?

If a debt consolidation loan can be obtained for a lower rate than the highest rate you are paying on an account, the loan is probably a good idea. Suppose you have credit cards that are at an effective rate of 22% a year. If you can find a loan for less than that amount, getting a loan and paying off the credit cards is a better financial idea.

How do you find a reputable and reliable lending company on the Internet? Start locating companies using a search engine. Research the companies for the number and type of complaints, if any, lodged against them. Check them out with the Better Business Bureaus. Talk to financial experts and bankers in your area. Compare the services and rates between companies.

When you compare the costs related to a debt consolidation loan, remember that you must compare that interest rate to not only the interest rate on your unsecured debt, but you must also include late and finance charges that might be accruing against your unsecured debt when your payments are late.

Is Consumer Debt Consolidation For You?

Before you make your decision of how to pay off debt you need to know what consumer debt consolidation is and if it is for you. Let me explain what it is for you as simply as possible.

Consumer debt consolidation is a loan that you can get from a banking institution using some sort of collateral, such as your house of sometimes your car. You should be able to get this debt consolidation loan for a lower interest rate than your unsecured debt like your credit cards. You then use the loan money to pay off all of your small unsecured debt and then just pay the secured loan on a schedule.

Sounds good right? The problem is that you could loose your collateral if you default. You think you are in trouble now just waiting until that bank that was so nice to give you the loan starts foreclosure on your home. If you got yourself in over your head in unsecured debt you will very likely do it again if the pressure is suddenly less. You need to make sure the causes of the debt are not going to get you back in debt.

What are Your Alternatives?

A good way to keep debt from creeping up is to avoid what look like fast solutions to your problems.

There is a better way of paying off your debt. I won't claim that it is easy; in fact it is a lot of hard work. Once you get started the debt tends to disappear and you come out if it wiser and ready to make better decisions.

Debt Consolidation Basics - Save Thousands by Paying Off Debts

Do you know how much of your hard-earned money goes toward credit card debt interest each month? With most credit card companies charging anywhere from 21 to 30 percent in interest you may be surprised by how much you are actually wasting in credit card interest.

The interest payment on a credit card with a $2,000 balance and a 29 percent APR is almost $50 per month. And that's only for $2,000 worth of debt. The average American carries nearly $10,000 in unsecured debt and can only make their minimum payments each month. Over time, the amount of money paid in interest could be in the thousands.

The basic solution to avoiding all of these unnecessary interest charges is to pay off your unsecured debt. Of course, this is easier said than done. Most are finding it difficult to stay afloat financially and just do not have the extra money to dedicate to paying off their unsecured debt.

If this sounds like you, there is a solution that can pay off those debts and save you a ton of money in interest charges.

Debt Consolidation Basics:

Debt consolidation works by combining all of your high-interest debt into one payment with a smaller interest rate. Your credit cards will be paid off and you can pay off your consolidated debts gradually.

Using consolidation helps save you money in two ways. First, it dramatically lowers the interest that you are paying on your debt balances. A lower interest rate of just 10 points less than what you are currently paying could save you $1,000 per year if you have $10,000 worth of unsecured debt. Next, a consolidating saves you money each month by lowering your payments. Instead of paying hundreds of dollars to several different creditors, you can make just one lower payment.

Secured Or Unsecured - Making the Right Bill Consolidation Choice

Bill consolidation is a financially sound way of getting yourself out of debt, which is not an unrealistic scenario given the numerous problems plaguing our economy at this point in time. Think about it: by availing from a consolidation service, you basically pay less for your debts, as the interest rate you pay for is less than the combined interest rates of your many, smaller debts. There are two main choices to choose from when you are making a decision whether how you want the consolidation service to avail of: you have the option of taking an unsecured loan, or a secured one.

It is important that you are well-informed of your choice, as this is what will make or break your venture into availing of these services. Many an uninformed client has lost some immensely valuable property of his due to a bad decision regarding these two options. Here, then, are the basics of secured and unsecured bill consolidation loans:

First up are unsecured loans, which are the simpler of the two. Secured loans are easy to understand: the consolidator, whether a bank, a consultant, a consultation company or the like, pays off all your debts, creating instead a single, large debt for you to pay off. The main advantage of the entire idea of consolidation is that having a single large debt, with a single interest rate, is easier to pay off in the long run than multiple debts, each with their own interest rates. The consolidator, in turn, earns from the significantly lower (but still profitable for them) interest rate you pay them, making the whole thing something akin to a win-win situation: you pay less for interest, they earn.

Secured loans are a noticeably different scenario, all due to the presence of another factor: collateral. Secured loans are popular for having lower interest rates than unsecured ones, which are made possible by the collateral's presence entering the equation. Collateral is usually in the form of a house or car, or something or similar value. It is an item you offer up as "security" that you will be able to pay your loan off. This is where you can begin to see the risk involved with such a loan: when you are not able to pay off your loan, the consolidator is legally allowed to take possession of whatever you offered as collateral, in order to pay off the rest of your loan.