It is unlikely that you will be able to consolidate your secured debt into an unsecured loan, so you need to be ready to provide collateral.Complete an application at the lender of your choice.Provide any supporting documentation including tax returns, pay stubs, W-2s and bank statements.Inidcate the amount you wish to borrow as the total of your secured debt.While it’s not as drastic as debt settlement or debt management, debt consolidation has its own pitfalls that you need to be aware of.If you need help educating yourself on your debt consolidation options, you can start with the section titled “What is Debt Consolidation?Or if it’s a car payment and you don’t make the payment they’ll take the car away. The debts that we work the best with are credit card companies, loans, medical bills, and other kinds of unsecured loans.Basically debt is split into two groups when it comes to what can and can’t be consolidated using a debt management program – secured and unsecured.
I’ll later describe my methodology for choosing these three companies as the best debt consolidation loans online.
However, if you fail to pay back what you borrowed, the creditor can’t just come and take any of your property to pay back your debt.
So any type of debt that doesn’t have collateral can usually be consolidated.
I’ll also explain what debt consolidation is, different types of debt consolidation loans, where to get debt consolidation loans, alternatives to debt consolidation, and how to avoid scams.
Lending Club is the nation’s largest peer-to-peer lender.