 TITLE: Step-by-Step Checklist to Getting a Consolidation Loan CONTENT: Decide if a Consolidation Loan Is Right for You\n-----------------------------------------------\nA debt consolidation loan might be right for you if:\n*   You have a lot of high-interest debt and are having trouble making the monthly payments.\n*   Your high-interest debt will take years to pay off. (If you could pay off your credit cards in 12 months or less, a balance transfer credit card offering an introductory 0% APR promotion could be a better choice.)\n*   You can get a loan at a lower interest rate than your current high-interest debt.\n*   Getting a loan will reduce your total monthly payment due to a lower interest rate, longer repayment term or both.\n*   You're committed to paying off the debt and reducing spending so you don't get into debt again.\n*   You can afford the monthly payments. Unlike credit cards, you can't pay less when money is tight.\n*   You have good credit. You typically need a FICO® Score☉ of 670 or higher to get favorable loan terms. You can get a debt consolidation loan with poor or fair credit, but it's likely to have a higher interest rate. END