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Freedom From Possession: Guaranteed Consolidation Loans

Jan 26, 2008
Description: At the very basic, there are only two types of loans in the market today - those that require collateral and those that don't. If you don't like to risk your property, then guaranteed consolidation loans are for you.

Picture having the ability to get out of debt without having to risk the repossession of your home or automobile. That kind of help can take a lot of stress off of you. With guaranteed consolidation loans, that is the kind of help you will get. You can repay your debts without fear of repossession of your home or other property.

These days, it is almost more common to have debts than it is to not have them. If you are one of the lucky few who do not have a mortgage, you likely have a credit card or other source of debt. If you are one of the many people facing multiple debts, then you truly know how much stress balancing all of those debts can be. The good news is that if you can meet certain criteria, then you can qualify to get a guaranteed consolidation loan.

Guaranteed consolidation loans are never secured by real estate or other collateral and hence are called unsecured loans. You do not need to own a house or car or another valuable property. In fact, you only need to prove that you have a good credit standing in order to qualify. The downside to unsecured loans is that charge higher interest rates than secured loans.

Most people still choose these loans over secured loans because they either do not own a home or they do not wish to put it at risk. Be aware that the best time to get one of these loans is before you enter into default on your existing loans, as defaulting will lower your credit rating and hinder your ability to take out one of these loans.

Guaranteed consolidation loan providers will always look at the employment history of the borrower. This is how the providers determine if you will be able to repay the loan. Applying for a guaranteed consolidation loan is not a guarantee that you will be approved for one. In order to be secure that you will be approved, you need both a good credit history and a good employment history. There are a great many lenders on the internet, and it pays to select those that you feel are the best and compare the terms offered by each.

For many people who are mired in debt, consolidation loans present a solution to getting out of debt without having to resort to bankruptcy.

Different loan providers have different approval times. Some providers let you know instantly whether you qualify for a consolidation loan or not. Since no collateral is involved with these loans, there is a lot of weight applied to both your credit report and your employment history. If you have filed bankruptcy or have a history of missing loan payments, it is not likely that you will be approved for a guaranteed consolidation loan.

Since there are weaknesses in the credit report system, you better check your credit reports after each payment of your loans. Credit reports are not always updated and may even reflect bad credit scores. Providers of consolidation loans always ask you for a credit report to check if you are so-called "credit worthy".

If you have mounting debt but still have a good credit score, it it worthwhile to apply for a guaranteed consolidation loan. Make sure you have your credit report handy, and if you qualify, you may indeed finally get your ticket out of debt.
About the Author
Searching for advice on debt consolidation loans , credit card consolidation or any kind of loan consolidation? Consolidation Loans Advice is a massive resource for information on all aspects of loan consolidation. Be informed.
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