If you’re looking for a loan to consolidate your credit cards and other debt, a debt consolidation lender will often be your best choice. They may be easier to deal with than a traditional bank, especially if your credit score is not that good.
Finding the right lender is important because there can be a wide range of interest rates and other services from one lender to another.
When you first approach them about a loan, you will be required to fill out a fairly lengthy application form, detailing your current financial situation – outstanding debts, income, assets, etc. You may also be interviewed about your living and spending habits, to help them get a better idea of how the debt accumulated.
When comparing one lender with another, some of the most important factors to consider include the following:
– Interest rate
– Monthly payment
– Length of the loan
– Lender’s commission (also known as “points”)
These factors can have a significant effect on the total amount you will have to repay. Plus, a lender with favorable terms in one area may still wind up costing more if...
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