 TITLE: How to Get a Debt Consolidation Loan CONTENT: What to Keep in Mind When Shopping for a Debt Consolidation Loan\n----------------------------------------------------------------\nMake sure you get the best loan possible when consolidating debt by following these tips:\n### 1\\. Get the Best Terms Possible\nSince a debt consolidation loan is supposed to save you money, it's important to make sure your new interest rate is lower than your existing rates. Review all your borrowing options before picking a debt consolidation loan, as some may offer better terms and benefits than others. In addition to your own bank, check out other banks and credit unions, as well as Experian's marketplace for a full selection of debt consolidation loans.\n### 2\\. Look at the Lifetime Cost of the Loan\nThis calculation will help you understand how much money you can save in interest by using a debt consolidation loan.\nSay you have $5,000 in credit card debt with an average APR of about 25%. Over 36 months, your monthly payment is approximately $240 and you will pay a total of $2,500 in interest. If you consolidated this debt into a new loan with an average APR of 17% over 36 months, the total amount you'd pay toward interest would drop to around $1,700 and your monthly payment would come down to $200. Over the life of this loan, you will have saved approximately $1,440 in interest.\nPersonal Loan Calculator\n------------------------\n†The information provided is for educational purposes only and should not be construed as financial advice. Experian cannot guarantee the accuracy of the results provided. Your lender may charge other fees which have not been factored in this calculation. These results, based on the information provided by you, represent an estimate and you should consult your own financial advisor regarding your particular needs.\n### 3\\. Beware of Penalties and Other Fees\nMany loan products come with origination fees or prepayment penalties that could be quite steep. If you hope to pay off your loan ahead of schedule, one with a prepayment penalty is not right for you. Shopping around before selecting a loan will help you determine which one has the right terms for you. END