That’s why we have more than one top pick for the best debt consolidation lenders.
You are more likely to be offered a secured loan if you owe a lot of money or if you have a poor credit history.
Instead of making multiple payments to multiple lenders, the borrower only has to pay off the new consolidation loan, says Michelle Pezzulli, vice president of operations for Credit Union Student Choice, a student lending service provider in Washington, D.
C."That new loan will have its own interest rate; it will have its own repayment terms; it will have its own terms and conditions," she says.
But borrowing money is always a risky proposition, and even the best debt consolidation loan is no exception.
“You should start with the idea that the last thing you should do is borrow money to fix your problem,” says Bill Dallas, co-founder and CEO of Cloudvirga.