A consolidation loan is generally provided by a financial institution and can be used to repay your other outstanding debts immediately. You are then left with one consolidated loan. In addition to having one single payment, a debt consolidation loan offers affordable interest rate, which is lower than charged by your previous creditors. This choice may be particularly attractive if you have existing loans with a relatively high interest rate (for example, loaded up on some department store cards or credit cards). We can arrange for one loan that is equal to the amount of your total existing credits that are currently due. In most cases, we pay off all debts for you and the only monthly payment you have to make will be to the new lender.
If you have credit card debts, or any other consumer loans, you might be eligible.
To qualify for a consolidation loan, you usually need a decent credit score and sufficient income to have to show that you are able to handle the consolidated loan.