So youve decided that consolidation is your best bet for getting a handle on your debt. Consolidating via a personal loan could mean youll pay off high-interest debts, simplify your payments and reduce your debt more quickly.
Here are five steps for getting a personal loan for debt consolidation, from checking your credit to closing the loan.
1. Check your credit
A bad credit score (300 to 629 on the FICO scale) may not disqualify you for all loans, but consumers with good to excellent credit scores (690 to 850 FICO) are more likely to win approval and get a low interest rate.
Ideally, the new consolidation loan would have a lower rate than the combined interest rate on your current debts. A lower rate reduces the overall cost of your debt a…
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