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Tips For Choosing The Best Debt Consolidation Loan

Jul 22, 2008
Looking for a loan to consolidate your credit cards and other debt? A debt consolidation lender is a good way to go. If your credit score is not great, one of these lenders may be easier to deal with than a traditional bank.

Finding the right lender is important because there can be a wide range of interest rates and other services from one lender to another.

Expect a lengthy application form. Along with detailing your current financial state of affairs including outstanding debts, income and assets, an interviewed about your living and spending habits may be forthcoming to help them understand your circumstances and how the debt accumulated.

Lenders vary greatly and repayment issues are a major concern. These factors will have a significant effect on the total amount to repay. Here are some important factors to consider:

- Interest rate - Monthly payment - Length of the loan - Lender's commission (also known as "points")

Terms that look favorable in one area may cost you dearly in another.

For example, if the interest rate is better from one lender but they charge you a commission, your total payable could wind up being more. A commission is generally calculated on a "points" basis - one point being 1% of the total you are borrowing.

Internet search engines are an effective way to research debt consolidation lenders. Comparing terms from different lenders is easy from your computer.

Many lenders operate completely online, but you should always contact them in person before making your final decision. Call their customer service department and speak to one of their representatives. See if they are able to answer your questions effectively, how quickly they can be reached and how comfortable you are dealing with them.

This is likely a long-term relationship. Be sure of your choice before signing anything.
About the Author
Is your credit score stopping you from borrowing money for something you need? Debt consolidation services might be able to help you fix things, but they're not always the best choice. Learn more about debt consolidation and sign up for our free 5 day e-course that will help you decide if it's right for you at http://www.insidedebtconsolidation.com
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