Spring cleaning for finances: How to apply for a debt consolidation loan
It’s time for spring cleaning, and along with washing the windows and sweeping the front porch, you might want to take a few steps to clean up your finances. If you’re currently struggling with making the minimum payments on your debt, or if you’re just tired of trying to keep track of dozens of bills every month, a debt consolidation loan might be a good way to get everything back under control.
Figuring out where to get started can be tricky, but it’s not impossible. Start by applying online or calling a debt consolidation lender. The lender will put you in touch with a debt counselor that will work with you to find the loan that is right for you. In order for him or her to do this, it’s usually a good idea to have some information ready for him or her. Take a few minutes to get the following items together.
What you need to get a Debt Consolidation Loan
1. Your Social Security number, legal name, and current address. This is the information that he or she will need to access your credit report and other records.
2. The most recent copy of each of your loan billing statements. The information on these documents will help your debt counselor to determine the total amount of your debt, the minimum amount you owe every month, and your interest rates.
3. Your most recent utility bills. This will help your debt counselor to determine the amount of your monthly non-debt expenses. This will be important as you and your debt counselor work together to create a budget for you.
4. Your most recent pay stub. Your counselor will need to know how much you make every month to determine how much you can afford to pay on a debt consolidation loan.
If you don’t have all of this information readily available, don’t worry. Usually it’s possible for the counselor to find the information from your credit report or for you to provide the information later on in the debt consolidation process. After turning everything over to your debt counselor, he or she will find the loan that works best for your situation. You won’t have to worry about filling out endlless applications or multiple credit checks.