How to Get a Debt Consolidation Loan without Owning a Home

It's always better to avoid a debt crisis than it is to manage one after it has destroyed your credit rating. Before signing up for a debt consolidation loan without owning a home, consider using credit card balance transferring as a means to consolidate debt. If you have multiple credit cards you can often transfer the balance from a high interest card to a low interest card thus trimming back your monthly payments. If that doesn't help then debt consolidation loans are the perfect solution.

Instructions

1

Getting a debt consolidation loan with owning a home is easy, as many agencies provide unsecured loans for this purpose. However, there are steps to be taken to ensure you are getting the right loan for your situation and be aware of any offer that appears too good to be true. Chances are it's a scam and you are its newest potential victim.

2

To get a debt consolidation loan without owning a home you will need to have a good credit rating and an appreciable income because you will need to be able to prove that you can afford to make the monthly loan repayments.

3

Take some time to work out your monthly payments, interest and fees on your current debt accounts and plan a workable budget. This will give you a good idea of what you can afford each month for loan repayments.

4

Shop around when seeking a debt consolidation loan without owning a home as interest rates and set up fees will vary greatly between different finance companies. Always check out the company's reputation and service history.

5

Take your current debt documentation with you including your budget and look at how the debt consolidation loans repayments will factor in. You want to be sure that you are saving a decent amount each month over your current costs. Then compare the figure with what you need to pay for the debt consolidation loan. Double check your monthly payment on the consolidation loan is less than your other debt payments.