Where to get consolidating loans government
There are closing costs involved, which get subtracted from the final amount you receive.
These refinancing loans can be spread out over 10, 15 — and sometimes even 30 years — giving you a wide-range of repayment choices, depending upon which lender you use.
Lenders will take into account your income and credit score when determining your eligibility.
You also need to realize that this process takes unsecured debt like credit card debt and turns it into secured debt.
The MDCL operates on the same premise as a regular debt consolidation loan: take out one loan to pay off all unsecured debts, such as credit cards, medical bills, payday loans, etc.
and make a single payment to one lender rather than multiple loan repayments to multiple creditors. That means you are refinancing your current loan for more than the amount owed and taking the difference in cash.