Best Options for Applying for a Consolidation Loan
If you do want to apply for a consolidation loan and still think you can qualify for a personal loan, here’s a list of your best options for applying for a consolidation loan.
Here are the best options to consider:
- Your existing bank or credit union is the first place you can start. If you feel like you have a good relationship with them, and you think they might be willing to overlook your recent credit history, then give it a shot.
- Next, you have the companies specialize in bad credit debt consolidation. A company like CurADebt. A whole host of online lenders claim to offer these types of loans. This is the company that I recommend. See if they fit your personal needs.
- Peer lending networks like PersonalLoans.com are yet another option at your disposal. This is where you attempt to get a loan from your fellow Americans. You sign up for the service and post what your loan needs are. Everyday Americans will decide if they want to risk their money by lending it to you. But keep in mind that they will also have access to your credit score. Check them out.
- Equity Loans are a solution you can look at if you currently own a home and have enough equity in it to ask for this loan type. Keep in mind that this is the riskiest option available to you because you can lose your home if you’re unable to pay the loan back. Only use this option if none mentioned in this article are available.
- Get a loan from someone you know through a peer-to-peer lending site. If you know of a family member or friend who might be willing to lend you all or some of the money you need, then this might be a good option.
The person giving you the money will want some type of contract, so if you both sign up with a peer lending network, all of the legal stuff is mostly taken care of for you. The peer lending network’s site serves as a legally binding agreement.
Lastly, you can try calling all of the companies you owe money to and negotiate with them yourself. However, this can be difficult to do if you’re not comfortable as a negotiator. Educate yourself first about how to approach your companies.
Now is the time to Put the Car In Drive and Get Going…
Whether you decide to use the solutions listed on this page, or some other strategy, taking action is usually the most difficult part. The longer you put it off, and the longer you procrastinate, the more debt you are going to accumulate. It only gets worse.
Months from now you could still be struggling – and worrying – and wishing you had taken action today. Or you could be enjoying a better, happier life… a life you promised you’d give yourself and your family.
Reducing your debt and strengthening your finances may seem hard now, but once you get serious and take steps to actually start the process, it will get easier and easier.
As you put the wheels in motion, day-by-day you start feeling more and more confident.
So get going now, and try these Best Options for Applying for a Consolidation Loan. Best of luck in your journey back to financial freedom.