Things to Look Out For Before You Take Up a Debt Consolidation Loan
You are in debts and have decided to start afresh with a debt consolidation loan. At this time, the last thing you need is unfavorable terms that will keep you in debts for even longer time.
Be sure to check out the following aspect before you commit and finalize your debt consolidation loan.
Upfront Fees
Small upfront fees like processing fee are common in most debt consolidation loans. Avoid loans with expensive upfront fees and companies that offer to charge you large commission to help reduce your debts.
Interest Rate
Your interest rate should be much lower than that of your credit card rates. A debt consolidation with high interest rates will only slow you down in clearing your loan off. Get and compare as many loan quotations as possible. It would be best to get a fixed interest rate loan such that your monthly payments do not change over time. It will be easier for you to plan your budgeting.
Repayment Period
Your loan repayment period should not be too long as it will increase the amount of interest paid. You can even find...
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