Did you recently miss a payment again, leading to painful late fees? Are you having trouble keeping track of your debt portfolio? It might be time for you to look into personal loans for debt consolidation.
What are Personal Loans for Debt Consolidation?
These are no collateral loans that you take on for the express purpose of paying off other loans. That way you end up with a single payment each month, eliminating the headache involved in keeping track of so many payments.
Because you are looking to combine old balances, they are typically for a little more money. For example, you might be looking for a $3000 personal loan.
Also, you aren’t looking for payday loans. You will want to pay it off over time. When you are looking for personal loans for debt consolidation, you want to look for installment loans. That will help you handle the payments and resolve the problem.
How Do I Apply Personal Loans for Debt Consolidation?
You apply pretty much the same way as for any signature loan. In order to show you are a legal adult and citizen or legal resident of the US, you will need to provide a copy of your ID, such as:
- Driver’s license.
- State issued ID card.
- College ID card.
- Military ID card.
- Tribal ID card.
You will also need to provide supporting paperwork showing your income, such as a recent pay stub or checking account statement. You might also want to specify that the intent is to pay off other debts and consolidate them. This may help you qualify for enough to cover your existing obligations.
When Should I Consider Such a Move?
If the total payments are too much money, that can be a good reason. Or if there’s too many and you’re confused. If you regularly ask yourself “Did I pay that one?” it might be time to consolidate.
If you recently got a better-paying job, that job may be more demanding. Even though your ability to pay has gone up in terms of income, you may find yourself overwhelmed. You may lose track of important details.
Be honest with yourself about your payment habits. If you routinely pay things late, your current arrangement is not a good idea. If taking a personal loan for debt consolidation prevents you from racking up late fees and ruining your credit rating, it’s well worth it.
That can really cost you. Late fees and dings to your rating can add up quick.
Where Can I Find Personal Loans for Debt Consolidation?
You can start your search right here with TheGuaranteedLoans. We are a loan matching service. It’s our business to help people find the loan products that meet their needs. This includes personal loans for debt consolidation, but also includes other types of loans.