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Follow on Google News | Is getting a debt consolidation loan easyA debt consolidation loan is a type of a personal loan that allows consolidating multiple credit card debts or other debts into one.
By: Your Loan There are many advantages to debt consolidation, but obtaining such a loan is easy only if you meet the requirements of the crediting institution. The monthly income should be over a specified amount, proving to the creditor that the loan will be paid off. To that purpose, the applicant for a debt consolidation loan should be working, prove another source of income, or both. The credit union or bank evaluates the financial situation of the borrower and his ability to pay off the loan. The borrower should bring last year's tax returns, together with the most recent pay stubs when applying for a debt consolidation loan. In some cases, the financial institution of the applicant may require that a cosigner guarantees the loan. He/ she will be responsible for the repayment of the loan if the original borrower is unable to service it. In some cases, the borrower should provide collateral such as a car, house, or another valuable item. In Canada, bad credit debt consolidation loan (http://www.yourloan.ca/ Crediworthy borrowers are usually offered debt consolidation loans because they are considered regular payers. Homeowners are considered more stable compared to borrowers who rent. Even if the homeowner defaults on the loan, the bank can always foreclose on the home. The crediting institution has the right to sell the house and then pay off the loan from the proceeds. Without collateral, borrowers can consolidate some of their loans, but the consolidated amount will be minimal. Having $30,000 of equity means that you can consolidate $20,000 of debt. Some creditors also prefer applicants who have a specified debt to income ratio. The borrower's monthly disposable income should be between ten and fifteen percent of his gross income.: http://www.yourloan.ca/ # # # Loans Canada is dedicated to all types of loans available to Canadian residents and Canadian businesses. http://www.yourloan.ca/ End
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