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They use collateral, such as home equity used to secure a home equity loan, and generally have better interest rates than unsecured ones.If you have the collateral and can meet the requirements, a secured loan may save you money on interest as you pay down your debt.“No lender should charge you upfront before you get the loan … A debt consolidation loan can wipe the slate clean and allow you to start fresh with zero balances on credit cards and other credit commitments.and you certainly shouldn’t send money with a wire transfer or prepaid card,” Detweiler cautions. Although it may be tempting, avoid using your newly cleared accounts to shop or manage household expenses.However, if you have multiple hard inquiries within a 45-day period, it’s considered rate shopping and will only count as a single credit inquiry. It’s best to stick with trusted, well-established lenders such as the ones recommended on our list.
Getting a debt consolidation loan is a major financial decision and one that shouldn’t be taken lightly.
Most lenders offer rate quotes, which are soft inquiries on your credit and have no effect on your credit score.
When you do a hard inquiry during the final approval process, it will be reflected on your credit report. Although debt consolidation loans are a legitimate solution for eliminating debt, some other debt consolidation options are scams.
The primary difference between the two is that secured debt consolidation loans use collateral, while unsecured loans do not.
Unsecured loans are more common, but you can use a secured loan for unsecured debt, such as a home equity loan used for credit card debt consolidation. Secured debt consolidation loans are typically available at brick-and-mortar financial institutions, including banks and credit unions.
You don’t want to create new debt that you’ll have to pay on top of your debt consolidation loan.