Consolidation Loans
Get a Free Savings Quote* & Consultation
Find great rates for personal loans, home improvement loans, debt consolidation, auto loans, student loan refinance, business loans & more
What is Debt Consolidation?
A Debt Consolidation Loan is a personal loan that rolls one or multiple debts into a new single loan with a fixed rate and term. These debts could be high interest credit cards, student loans, or other unsecured debts causing you financial stress. Once approved the money from the consolidation loan is used to pay off your high interest debts and moving forward you would simply pay the new loan back based on the agreed upon terms. Having a consolidated loan simplifies managing and making the monthly payments, as well as tracking your debt balance. Not having to worry about multiple payments, when they are due, and how they are being applied can be a huge stress relief. Lowering the interest rate on your debt could also lower your monthly payments and help to pay the debt off faster!
How Does Debt Specialist Group Help You Find a Loan?
Debt Specialist Group is completely free to use & seeing your loan offers won’t impact your credit score! Our network provides you multiple lenders, all in one location, making the loan comparison process seamless.
Debt Specialist Group uses smart technology to present your details to our lending partners to see if they have any loan offers based on your personal information. If approved, pre-qualified loan offers from our lending partners will be displayed to you. At this point we can review the offers, answer any questions you may have, and see if the offers make sense for your situation. If you’d like to proceed with an offer, just click “Continue”. There’s absolutely no obligation to proceed!
Free, No Obligation Quote
Get your rate with absolutely no obligation. No high-pressure sales tactics here.
Quick Approval Decision
Our lending partners will get back quickly with an approval decision and offers for those who qualify.
Receive Funds Fast & Easy
Many of the lending partners in our network can send your money within 24 to 48 hours.
5 Steps to Getting a Loan
- Check Your Credit Score – Checking your credit score is a great place to start. Each lender will have their own credit score requirements and knowing your credit score can help determine if a lender will be a good fit for you. Check out our Credit Resources page for useful information on credit, and how to access your credit report and score for FREE!!!
- Add Up Your Current Debt – It is important to know how much you need to borrow. In this step you want to add up all the high interest debts you are looking to consolidate. Just like credit score requirements, lenders will have different minimums and maximums they are willing to lend.
- Find Your Average Interest Rate – You will now calculate your average interest rate on the debts you are looking to consolidate. This number will help you to determine what interest rate you need on a new loan to save money. You can also use our loan calculator to see what payments may look like with different interest rates and terms.
- Pre-Qualify & Compare Options – Once you know your credit score, debt amount, and average APR you will be ready to compare options. In this stage you want to get pre-qualified for loan offers. This allows you to compare potential offers that may be available, and determine the best fit based on factors like potential APR and Terms. At Debt Specialist Group we utilize multiple lenders, which makes searching for a loan fast and easy!
- Apply For a Consolidation Loan – Once you have compared the different pre-qualified offers available to you, and decided on the loan and lender you prefer, simply click the continue button to complete the application process. Or schedule a consultation with a Debt Specialist and we would be more than happy to walk you through the process!
Things to Consider before Consolidating your Debt
Consolidating multiple debts into a single loan is most often a good move financially. However, there are times when consolidating might not make sense. Our Pros and Cons list below will give you a good sense as to when consolidating might and might not be a good idea.
Consolidation is a Good Idea
- If you are finding it difficult to manage multiple bills and payment dates.
- If your current debt is growing even though you are making your monthly payments.
- If you can get a lower APR than what you currently have.
- If it lowers your monthly payments and saves you money and time overall.
- If the new loan will have more money going to Principal vs Interest
Consolidation is a Bad Idea
- If the APR on your new loan is higher than your current APR.
- If the new loan payment is still too much for you to afford.
- If the lender doesn’t offer a fixed rate and term.
- If you have low debt amounts and the lenders fees eat away at your savings.
- If the new loan has Pre-Payment penalties.
What if I Don’t Qualify for a Consolidation Loan?
It can be extremely frustrating when you want a loan, and everybody seems to be turning you down. Whether it’s due to credit score, or Debt-to-Income ratio, at times the qualifying process can be exhausting. There are multiple lenders out there, and just because one lender says you don’t qualify doesn’t mean the next lender will too. At the end of the day if you simply can’t get a Consolidation Loan don’t worry, we have other options that may help!
Alternatives to a Consolidation Loan
Debt Resolution
Are you looking to lower the total amount of your debt with the assistance of professional negotiators? Debt Resolution may be the route for you.
Debt Management
This option gives you one monthly payment while focusing on negotiating interest rates & making minimum monthly payments to your creditors.
Bankruptcy
Are you threatened with garnishment, foreclosure, or repossession? If so, you may want to consider bankruptcy to deal with these problems.