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There are two reasons to review your credit: For most consolidation loans, your credit is important.Lenders will evaluate whether or not you’re likely to repay a loan.Start by shopping for unsecured loans from a variety of lenders. Online loans often come from non-bank lenders (including peer to peer lenders).They’re usually less expensive than loans from banks, the application process is easy, and approval decisions come quickly. Credit unions and banks might also meet your needs—you never know until you ask.There are two ways to overcome those challenges: A cosigner can apply for the loan with you.Lenders will consider that person’s credit and income as well as yours, and the cosigner will be 100 percent responsible for repaying the loan if you stop making payments.
Instead of paying high-interest rates and making multiple payments each month, you can get a lower rate and pay off your debts with one monthly payment. Here's how to consolidate, step-by-step: Credit card debt is one of the most expensive types of debt.Especially if you only make the minimum payment, you’re barely making a dent in your loan balance, and it can be hard to keep your head above water.That said, consolidation isn’t the only way to pay off credit cards – it’s just a strategy that help you simplify and save money.This is risky, and we'll discuss the risks (and better alternatives) next.There’s no single type of consolidation loan for paying off credit cards.