This information will be important later because youll want to compare that average weighted interest rate with the rates offered by potential lenders. Debt consolidation makes the most sense when your new loan carries a lower interest rate than your current debts.
Step 2: Research Lenders and Loan Options
Each lender offers different terms, interest rates and fee structures for personal loans. Open your search to traditional banks, credit unions and online lenders. Ask questions: Do they allow co-signers? What are the fees? Are there perks or discounts? What is the minimum credit score required? Will they pay off your creditors directly, or will you have to do this?
A comparison chart or spreadsheet might help you analyze each lender. H…
Read the full article at: https://www.marketwatch.com/guides/personal-loans/how-to-get-a-debt-consolidation-loan/