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Debt consolidation loans are a type of personal loan, and you must meet a lender's requirements in order to qualify for one.
When you take out a debt consolidation loan, you’re combining all your unsecured debt – such as credit card bills, medical bills, and other personal loans – into one monthly payment.
What are the key differences between secured debt consolidation and unsecured debt consolidation?
You can use this loan to pay off all your debts, no matter the type, and clear it using your lender’s terms.
However, there are some lenders that offer these loans to people with less than perfect credit.
If your credit is poor, the interest rate is going to be higher than average, although just what you actually qualify for varies by lender.
Collateral is essential to help the lender minimise the risks of dispersing the loan and not getting their money back What is unsecured debt consolidation?
Basically, an unsecured debt consolidation works with the same purpose as the secured debt consolidation loan.