Unsecured Debt Consolidation Loans – Debt Reduction Without Using Collateral

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Unsecured Debt Consolidation Loans – Debt Reduction Without Using Collateral

Eliminating debt is not an easy task. For this reason, many people carry high credit card balances for several years. Homeowners may take advantage of home equity loans or refinancing to reduce debts. In addition, persons with a vehicle title or collateral may obtain a secured personal loan to payoff debts. However, there are also options for eliminating debts that do not require collateral.

What are Unsecured Debt Consolidation Loans?

In a nutshell, unsecured debt consolidation loans are personal loan that do not entail collateral. Prior to a lending institution such as a bank or credit union approving a loan request, the applicant must submit some sort of collateral. Typical collateral includes a vehicle title. Hence, if the loan is not paid, the lender may claim the applicant’s property.

Because unsecured debt consolidation loans are not protected, they are harder to qualify for. Each lender has a different criterion. However, most lenders require good credit and a sizeable income.

If you are hoping to become debt free, a debt consolidation loan is the...

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