A Guide to Getting a Debt Consolidation Loan
A debt consolidation loan can be a convenient way to consolidate credit card debt and other unsecured debt into one affordable monthly payment. This guide explains how to get a debt consolidation loan, what you’ll need to qualify, and what to expect once you’re approved.
If you have any questions, call Personal Loan Pro today at (844) 311-4984 to speak with a consolidation specialist. We’ll be happy to help!
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Step 1: Decide if it’s the right time to consolidate
As with any loan, you want to take time to make sure that a consolidation loan is the right choice for your finances before you apply. These questions can help you decide if it's the right time to consolidate:
- Will it take more than five years to pay off your debt with regular monthly payments?
- Are you spending more than 25% of your monthly income to reduce your debt quickly?
- Are accrued monthly interest charges eating up the majority of each payment you make?
If you answered “yes” to any of these questions, then it’s the right time to consider debt consolidation.
Step 2: Get ready to apply
Applying for a debt consolidation loan with Personal Loan Pro is easy. But you will need some documentation to complete the loan underwriting process once you’ve been matched with the right lender. It can be a good idea to gather up that documentation in advance, so you can get approved as quickly as possible.
if you don't have all of this on hand, don't worry. To get started on Personal Loan Pro, you only need the first two items on this list. You can gather up the rest after you speak with a consolidation specialist.
- The loan amount, which should be equal to the amount of debt you wish to consolidate
- Your personal information (home address, phone number, and email)
- Date of birth
- Social Insurance Number (SIN)
- Employment status and verifiable source of income
- Proof of identity with a valid government-issued ID
- A bank account number to set up the deposit of your funds
Step 3: Apply through Personal Loan Pro
Personal Loan Pro makes applying for a debt consolidation loan as easy as possible. So, all you need to do to get started is tell us what amount of debt you wish to consolidate, then enter your contact information and submit it.
Then a debt consolidation specialist will contact you at the phone number you provide for a free consultation. You’ll talk a little bit about your budget, needs, and goals, as well as any credit challenges you may be facing.
This will help the consolidation specialist confirm that a consolidation loan is your best option and if so, match you with the right lender. We work with a network of lenders who specialize in providing debt consolidation loans for all financial situations. So, even if you have bad credit or a high amount of debt to consolidate, we can find the right lender to work with you.
Step 4: Complete your loan application
Once you’ve been matched with a lender, then you will be contacted by their loan underwriting team to complete your application with them. This is where you will need all of the documentation that we mentioned in Step 2.
The loan underwriter will:
- review your application
- verify your income
- check your credit
- evaluate your debt-to-income ratio
In normal circumstances, this part of a loan application can be stressful because you may not know if you’ll get approved. But remember, with Personal Loan Pro, your consolidation specialist will evaluate this upfront and match you with a lender, so you’ll have peace of mind that the approval process will go smoothly.
Step 5: Get approved and get the funds to pay off the debts you want to consolidate
Once the underwriter approves you, they will disburse the funds from your debt consolidation loan directly to your bank account. Then you use the money you receive to pay off your credit cards and other debts.
This consolidates your debt, so you only have one payment to worry about instead of juggling multiple bills every month. Once you pay off the loan, you’ll be free of credit card debt and in more control over your finances.
Do you still have questions?
Your Personal Loan Pro team is here to help. Call (844) 311-4984 to speak with a consolidation specialist that can answer any questions you have. The consultation is free and we’re happy to answer as many questions as you have, so you can be fully informed about the process!
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