1. How to Apply: You can apply for the loan at a bank of your choice. Normally, you will get the best rates with the bank, where you have a good payment history and credit report.
2. Documents or paperwork’s needed: Usually the lenders require the following documents:
• your employment letter • letters from your different creditors or repayment agencies • Your recent credit card statements
However, depending on your credit history each lender might require different documentation.
3. Bank offers less interest rate on secured loans: If you have several unsecured debts you should combine them and convert that into a secured debt. Banks set lower interest rate on a secured loan.This is because, if you fail to repay the loan amount, they can get the money back by simply selling off the security you have deposited against the loan amount.
4. Term: Go for the loan that would help you in paying off your debts within three years.
FAIR USE NOTICE consumercounseling.org This site contains copyrighted material, the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, scientific, and social justice issues etc. US LAW We believe that our use of any such copyrighted material constitutes a 'fair use' as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: preview Law Cornell Edu Disclaimer Legal Information Is Not Legal Advice This site provides information about the law designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice -- the application of law to an individual's specific circumstances. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation. Consumer Credit Counseling Information, Debt Management Plan Information, Debt Settlement Plan information, Credit Counseling, Credit Score, Consumer Credit Counseling Service, CCCS, Bill Consolidation, Credit Repair, and Debt Consolidation is not advice, and we recommend you consult a licensed credit counseling agency, debt settlement attorney, and/or licensed debt management plan administrator in your state if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.
