Many people in debt don’t realize it but there are services that can help them get out of debt. For instance, there are debt consolidation loans where you consolidate your credit cards and loans, turning them into a single lump sum that you can pay off at a lower interest. Debt consolidation is only one of the services available to help you when you are drowning in debt.
Some of these services are not legitimate and may take advantage of you. However, if you choose well you can find just the consolidation loan solutions and debt settlement services that can truly get you out of your mountain of debt. On that note, this article gives you some smart debt consolidation loan solutions to anticipate this 2018.
Best Debt Consolidation Loans Solutions of 2018
Payoff features soft credit check for instant estimates for personal loan rates. Another of this program’s advantages is their loans help consolidate or refinance your credit card balances as well as other debts. Moreover, Payoff provides fixed rates, $5000 – $35000 loan amounts, two, three, four and five years of loan terms, no minimum income and a few other things you would like.
SoFi also has soft credit check that delivers instant rate quote. In addition to this, it has the advantages of fixed and variable interest rates, $5, 000 -$100, 000 loan amounts, 0.25% rate discount after setup autopay, no origination fees, no prepayment penalties, three, five and seven years of loan terms and many others.
For Upstart debt consolidation loans, you can take advantage of a soft credit check that can give you a rate quote within only minutes. Upstart is great for having fixed interest rates, no administration fees, no prepayment penalties, 1-8% origination fee, $1000-$50,000 loan amounts, three and five years loan terms, $12,000 minimum annual income and minimum of 620 FICO score.
How to Consolidate Your Loans
Before anything else, it is a great idea to learn more about how you can consolidate your loans. In getting started, you have three things needed to do.
- Know How Much Debt You Have
First, you need to know how much debt you have. On that, make sure to get a copy of your credit report so you can add up and total your debt.
- Review Your Assets
Secondly, you should review the assets your currently have. These include your home, your car and other valuables you may have. Review what you have and what you can liquidate in case you need to do so to pay off your debt.
- Review Your Credit Score
The last thing you need to consider about high or low its impact if your credit score fell. With these three things in your mind, you can make a conscious and informative decision about settling your debts.
To consolidate your debt, you will need a large lump of money. The question then is, ‘how can you get that large lump of money?’ This is where the debt consolidation programs can help you. You have plenty of options, each with its own pros and cons. With that, you need to be careful and consider more than a few things in choosing which debt consolidation program to choose.