Getting a personal loan to combine high interest credit card debt and reduce it to one payment seems to be a thing of the past. Most lenders want better collateral as insurance that you will repay the loan. The biggest and best form of collateral is the equity in your home. So while most lenders will not give a consumer an unsecured loan there are options if you own a home.
A secured debt consolidation is a very simple and effective way of eliminating high interest credit card debt. Combining high interest credit card debt in excess of $10,000.00 can provide you with significant monthly savings and can help you avoid paying a considerable sum of interest every month.
With fewer and fewer banks providing unsecured consolidation loans, using your homes equity to secure financing is the way to go and has many advantages. For instance, you can often leverage a larger amount than if you were trying to get a personal loan because the lender is using your equity as security. Secondly, because the lender has used your equity as collateral, they will lend consumers money at a substantially lower rate than if it was an unsecured loan. Lastly, you can amortize the payments over a much longer period on a secured loan which will allow you to keep your payments drastically lower.
If you are interested in finding out more about the benefits of how you can use the equity in your home to obtain a secured debt consolidation loan, call us and speak to one of our agents. We can be reached toll free at 1-855-668-3074 for a no obligation consultation to find out how you can eliminate your debt and drastically reduce your monthly obligations. You can also apply online at your convenience and we will be in touch within 24 business hours.