Consolidating personal loans
Many people use the money from a home equity loan to pay off credit card debt.
A cash out refinance is similar in a way to a home equity loan.
One of the advantages of this debt relief program is that you don’t need perfect credit.
In fact your credit score doesn’t matter at all, everyone is accepted.
The loan is paid back with a single monthly payment at a fixed rate for a period of 24-60 months.
If you have debt with high interest rates you know that a large amount of your monthly payment goes towards interest. Debt consolidation loans are a great way for people to get a low interest loan to pay off high-interest debt.
A debt management plan, or DMP, is offered by credit card debt consolidation companies. What happens in a DMP is your cards will all be closed.
One of the great benefits of a cash out refinance is that the credit requirements are lower than home equity loans.We asked the experts to find out the best types of loans for consolidating debt for people with poor credit.RATE SEARCH: Get Cash Using Your Home Equity A debt consolidation loan is a personal loan that pays off multiple debts, such as credit cards and student loans.You may be able to qualify for a cash-out refinance with bad credit as low as 620.There are several credit cards out there that offer a 0% initial interest rate between 12-24 months.