Find a personal loan to put all of your high interest loans and expenses on one easy payment. Review local and national lenders helping borrowers in Laredo consolidate their debts. Our lending platform helps borrowers with every credit background! If you have multiple debts and find it challenging to manage all of them, a debt consolidation loan could be your answer. With a consolidated loan, you receive money to pay off the smaller loans so that you are left paying up for one easily manageable loan. The following are the things you should know about consolidated loans.
Consolidate Credit Cards, Auto Loans, Student Loans & High Interest Bills
The state of Texas has experienced an economic boom in the recent years because of its vibrant technology and energy industries. Its unemployment rate is 6 percent, which is lower than the national average. However, this state also has a share of economic struggles. The median income in Texas is about $2,000 below the national average and almost 1 in 5 families lives in poverty. Amid this mixed economic image, some struggling families have accumulated high levels of consumer debt. Huge medical bills, high-interest credit card bills and other unsecured debts can cause serious financial consequences.
Texas Personal Loan Lenders in Laredo
Different Types of Loans Meet Specific Needs
When you are thinking about borrowing a loan for something that you need today, these are decisions that you should not take lightly. To make the best informed decision, you need to know exactly what your options are when you are in this industry. Thankfully, there are a variety of different types of loans that you may be eligible for, including Debt Consolidation Loans, Personal Loans, and Unsecured Loans. Each of these types of loans is available with their own requirements and conditions for those who may want to apply. Therefore, it is very important that you do your research well in advance before you make these commitments. For instance, one common loan type that many people are interested in the debt consolidation loan. A debt consolidation loan is usually considered to be a viable option for those people who are looking to reduce their monthly payments and the interest when they are trying to pay off their credit card debt.
Before Applying for a Debt Consolidation Loan You Need to Be Prepared
Just like any other loan that you would apply for today, you need to make sure that you are prepared to meet the company’s requirements. This is because it is not uncommon for an applicant to be denied if they do not fit the financial institution’s loan requirements for that particular loan. For instance, you need to make sure that you
Have a plan for how you are going to use the loan and which debts you plan to pay off
Have a verifiable credit history and are presently working
Can qualify with the income that you have coming in
Do not have too debts that may be delinquent
Pros and Cons of a Debt Consolidation Loan
As you make your decision to apply for a debt consolidation loan, you need to make sure that you are weighing both the pros and the cons of obtaining this type of loan to pay off your debt. For instance, if you do not have a lot of credit card debts to pay, you may want to continue to pay the debt off with the money that you earn rather than take out another costly loan. On the other hand, if your credit card debt is huge and you need immediate help, you need to consider both the pros and cons of applying for a consolidation loan. For example, if you need immediate relief from paying high monthly bills, the consolidation loan will help you to reduce those monthly payments to an amount that is more manageable. The downside to the consolidation loan, however, is the interest rates that you pay may even be higher than the original debt. Therefore, you need to do your comparisons and make the best decision possible in your own interest.
Top Reasons To Consider Applying For A Debt Reduction Loan
- Local and National Lenders helping borrowers in Laredo
- Pay off high interest credit card balances and improve cash flow
- Reduce stress and finance your debts into one low montly payment
- Popular lenders offering a variety of loan offers for your unique situation
Consider Refinancing or Personal Loan Options from These Credit Unions and Local Banks in Laredo
IBC Bank
9710 Mines Rd,
Laredo, TX 78045
956-728-0092
BBVA Bank
5300 San Dario Ave, Suite 137,
Laredo, TX 78041
956-753-4096
Wells Fargo Bank
5219 San Dario Ave,
Laredo, TX 78041
956-726-8240
Unsecured Loans from Texas Lenders $1,000 to $50,000 or more
Compare loan options from lenders like Prosper, Wells Fargo, Marcus, Rocket Loans, Lending Club and more from the convenience of your home or office! Texas Finance Regulation For Online Loans Texas Department of Banking
2601 N. Lamar Blvd
Austin, Texas 78705
Telephone: 512-475-1300
For your reference, Donald is the author of this page. He has >been assisting borrowers for 15 years with consumer finances and has a passion for topics related to credit cards, personal loans and financial savings.
FAQs
Banks, credit unions, and installment loan lenders may offer debt consolidation loans. These loans convert many of your debts into one loan payment, simplifying how many payments you have to make. These offers also might be for lower interest rates than what you're currently paying.
What is the lowest credit score to get a consolidation loan? ›
Every lender sets its own guidelines when it comes to minimum credit score requirements for debt consolidation loans. However, it's likely lenders will require a minimum score between 580 and 680.
How hard is it to get a debt consolidation loan? ›
1. Check credit score. You'll typically need a credit score of at least 700 to qualify for a debt consolidation loan with a competitive interest rate. Although a lower credit score doesn't automatically equal a denial, as some lenders offer loans for bad credit, the borrowing costs will likely be higher.
Can I get a debt consolidation loan from the government? ›
If you're struggling to repay your student loans, government debt consolidation programs may be a helpful option. Most federal loans are eligible for Direct Consolidation, including Direct, Stafford, Perkins loans, and more.
What is the best debt consolidation company? ›
Best debt consolidation loans
- SoFi: Best for fast funding.
- Upgrade: Best for poor or thin credit.
- Achieve: Best for quick approval decisions.
- LendingClub: Best for co-borrowers.
- Discover: Best for excellent credit.
- Happy Money: Best for credit card consolidation.
- LightStream: Best for large loans.
Reason 1: You have too much debt for your income level
To consolidate your debts, you need to have a high enough monthly income to be able to easily make the monthly payment for your consolidation loan, which is calculated based on the interest rate and how long you plan to take to pay off the loan.
What qualifies you for debt consolidation? ›
You will likely need good or excellent credit (690 or higher) to qualify.
What do I need to qualify for debt consolidation? ›
You have good credit. You typically need a FICO® Score☉ of 670 or higher to get favorable loan terms. You can get a debt consolidation loan with poor or fair credit, but it's likely to have a higher interest rate.
Is the national debt relief program legit? ›
National Debt Relief is a legitimate company providing debt relief services. The company was founded in 2009 and is a member of the American Association for Debt Resolution (AADR). It's certified by the International Association of Professional Debt Arbitrators (IAPDA), and is accredited by the BBB.
Can I still use my credit card after debt consolidation? ›
If a credit card account remains open after you've paid it off through debt consolidation, you can still use it. However, running up another balance could make it difficult to pay off your debt consolidation account.
Debt consolidation works by combining all your debt (credit cards accounts, store accounts, personal loans, and payday loans into a single loan. Usually, this debt consolidation loan will have a longer loan term, which brings monthly instalments down, making them more affordable.
Can I be denied debt consolidation? ›
Insufficient credit history or poor payment history can also lead to a denial of a debt consolidation loan. Remember, your payment history is the most important factor in your credit score, comprising 35% of your FICO® Score. Even one missed payment can damage your score.
What is a hardship loan? ›
A hardship loan is a loan to cover an unexpected financial shortfall, either because your expenses went up or your income went down. Hardship loans are not like other loans that are designed to meet an expected or planned need (like a car loan or a business expansion loan).
What is the easiest loan to get right now? ›
The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.
Are there any legitimate debt consolidation companies? ›
The best debt consolidation company overall is LightStream because it offers debt consolidation loans of up to $100,000 with an APR range of 5.95% to 20.24%. LightStream does not charge an origination fee, and it offers the possibility of getting the loan funded the same day you apply.
Should I consolidate my debt with my bank? ›
Debt consolidation is a good idea if your monthly debt payments (including mortgage or rent) don't exceed 50% of your monthly gross income, and if you have enough cash flow to cover debt payments. Debt consolidation isn't a quick fix for severe debt problems.
Do debt consolidation loans hurt your credit? ›
It makes getting out of debt easier — and sometimes cheaper. That said, debt consolidation isn't a magic bullet. It can temporarily ding your credit scores or bring even more damage if you're not disciplined with your debt repayment.
Is it better to get a consolidation loan from the bank or from a credit union? ›
Credit unions: Credit unions tend to offer lower interest rates on debt consolidation loans for fair- or bad-credit borrowers than other types of lenders.
