 TITLE: How to Get a Debt Consolidation Loan CONTENT: Before you apply for any debt consolidation loans, start by taking an inventory of your current debt and interest rates. List out how many debts you're paying each month, and calculate the total dollar amount of debt you need to consolidate. This will help you understand how much you need to borrow to consolidate your existing loans and give you an idea of the interest rate you need in order to save money moving forward.\nNext, get a copy of your credit reports and review them for accuracy. You should also understand your credit scores, because debt consolidation lenders will review your credit reports and scores when deciding whether to approve you for a loan. (Familiarize yourself with credit scoring ranges and what is considered a good score; typically, anything above 700 in the FICO® Score☉ model is considered good.) Your scores will also help lenders determine what APR you qualify for.\nIf your score is in the good or excellent range, you probably have a strong chance of getting approved for a personal loan with a low APR. But if your credit is in the fair to poor range, it may be a little trickier to consolidate your debts. However, there are loans geared to people with less established credit or lower credit scores. Just keep in mind that applicants with lower credit scores are often approved for higher interest rates on their new debt, so it's important to pay attention to the rates when you apply.\nFinally, shop around for a debt consolidation loan and compare terms. Your goal is to secure the lowest interest rate possible, but you should also make sure you can afford the monthly payment and pay attention to any other fees the lender may charge. You may also want to consider finding a lender that will send the money directly to your other creditors, rather than sending you a check that can tempt you into spending the cash. END