Factors to Consider Before Getting a Personal Consolidation Loan
- Who you get your personal loan consolidate debt or debt consolidation loan through is very important because this can save you a lot of money and a lot of headaches.
But before we get into specific companies, you need to keep in mind these 7 factors:
1. Origination Fee of Debt Consolidation Loan
- The origination fee is a fee that lenders charge when giving you a loan and it’s typically between 1%-10%.
2. Prepayment Penalties
- Ensure there are No Prepayment Penalties.
3. Low-Interest Rate Debt Consolidation Loan
- Try to get an interest rate lower than the credit cards you are trying to consolidate.
4. Qualification Process
- Soft Pull to See If You Qualify.
5. Type of Loan
- Make Sure the Personal Loan is UNSECURED.
6. Late Fee and NSF Fee
- What is the Late Fee and NSF Fee?
7. Loan Processing Time
- How Fast Do You Get the Loan?
Recommendation: SO-FI for Personal Consolidation Loan
- I recommend SO-FI for a personal consolidation loan and here’s why:
- No late fees.
- Low interest rate.
- No origination fee for borrowers with excellent credit.
- Truly unsecured loan.
- Get the loan as soon as the next day.
- Sleek mobile app for easy management.
Additional Advice on Debt Consolidation
- Whenever you are paying off credit card debt with a personal loan, be disciplined with the credit cards.
Additional Advice on Debt Consolidation
- Whenever you are paying off credit card debt with a personal loan, be disciplined with the credit cards.
-
If you are interested in applying for a consolidation loan, fill out the form below to speak with me and we will see if you pre-qualify for a variety of lenders including SO-FI.
To learn more about debt consolidation, follow me on TikTok @ksmithcredit or call us at AAA Debt Solutions at 844-844-1909.
