Home Equity Loan
What reputable lenders will do unsecured consolidation loans?
The only one I know of is Capital One. We have very good credit, never delinquent, never defaulted and good jobs. We're just over-extended and I'd like to consolidate the credit cards and smaller bills for a few reasons, including: 1. one bill vs many, easier to manage 2. a true END date, unlike a credit card 3. fixed payment I've tried doing searches but nothing comes up that looks legit to me and I've heard the horror stories. A home equity loan is not an option. Any suggestions would be welcome. Thanks in advance!
Public Comments
- If you are in good standing with your bank, a simple signature loan should work for you. However, your bank may set a limit on such loans given the unsecured risk involved. If being overexteded means that you are $3k-5k in debt, it shouldn't be a big issue. I took out a 5k unsecured consolidation loan a few years ago without a problem. If your debt is in the 10's or 20's then you may have a bigger problem.
- If you want to do this safely then by far the best place for you is your bank. Simply apply for a debt consolidation loan with your bank. Most of the time they will even drop the rate if you have direct deposit with them and authorize them to debit the monthly payment out of your checking account each month. Finally ask if you can have a simple interest loan (never hurts to ask) and ask if you can have a no prepayment fee option. Banks and lending institutions are really jittery right now and if you help them help you (you have direct deposit and they can auto deduct the payment) they will return the favor
