Consolidating your debt into a single, secured loan can give you flexibility and peace of mind.Instead of juggling multiple payments to different lenders, you can make a single payment to a single creditor.Find the right deal and your rates and payments can be lower, saving you a nice chunk of change every month.
The main type of debt that we don’t work with – which is an easier way for me to answer your question – is anything that’s secured, which means if you didn’t make payments, is there something they can turn off or take away.
If you owe money to the electric company, if you don’t pay them they’re going to turn your electricity off.
I’ll also explain what debt consolidation is, different types of debt consolidation loans, where to get debt consolidation loans, alternatives to debt consolidation, and how to avoid scams.
Lending Club is the nation’s largest peer-to-peer lender.
Commercial vehicles, salvage titled vehicles, and certain others are not acceptable collateral for secured loans. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors.
Rates and Terms are subject to change at anytime without notice and are subject to state restrictions.
While it’s not as drastic as debt settlement or debt management, debt consolidation has its own pitfalls that you need to be aware of.
If you need help educating yourself on your debt consolidation options, you can start with the section titled “What is Debt Consolidation?
Secured debts mean that you’re getting something in exchange for what you’re paying.