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This includes applying (with prequalification), choosing your loan terms, finalizing your application with a hard inquiry and finally, repaying the loan.
Your credit history will significantly influence the interest rate quoted for your debt consolidation loan, as most lenders use risk-based pricing.
Debt consolidation loans are used to pay off and simplify existing debt by consolidating multiple payments and accounts into a single account with one lender and payment. Depending on your creditworthiness, you may be able to receive a lower interest rate on a debt consolidation loan than you are currently paying on your debt, saving you money on monthly payments and overall interest.
Another option for lowering your monthly payment is with a long loan term.
They use collateral, such as home equity used to secure a home equity loan, and generally have better interest rates than unsecured ones.
The amount you pay on your debt consolidation loan each month will vary depending on the amount you borrow and how many years you will take to repay it.“No lender should charge you upfront before you get the loan … A debt consolidation loan can wipe the slate clean and allow you to start fresh with zero balances on credit cards and other credit commitments.