ELFI was a breeze to deal with. Then compare that to the length and cost of the consolidation loan you're considering. Not only did they offer the best rate, but I had a friendly and knowledgeable personal loan advisor throughout the entire process. She cuts up her credit cards, but leaves the accounts open. I loved how easy this was and I felt like they genuinely cared about me. These groups often charge hefty initial and monthly fees. By rolling over your existing loans into a brand new loan, you are likely to see a modest negative impact on your credit score at first. Cody H Cody H. My experience with the customer service personnel at ELFI was great - they made sure I understood each and every step of the process and kept me informed of the status of my loan. For example, using a home equity loan or line of credit puts your home at risk if you fail to make the required payments. If it is substantially longer that that of your previous debts, you might be paying more in the long run.
All I had to do was complete some simple forms and upload a few documents. Cody H Cody H. Finding a Debt Consolidation Loan If you have a good payment history with a bank, credit union or credit card company, asking that institution about a debt consolidation loan should be your first step. If it is substantially longer that that of your previous debts, you might be paying more in the long run. If not, you should start by paying off your highest-interest debt first. Although each lender will probably require different documentation depending on your credit history, the most commonly required pieces of information include a letter of employment, two months' worth of statements for each credit card or loan you wish to pay off, and letters from creditors or repayment agencies. They see you as an actual person with real-life situations, rather than just another number in the student loan refinancing process. They were the only company where an actual person reached out to me after applying. Credit scores favor longer-standing debts with longer, more-consistent payment histories. I loved how easy this was and I felt like they genuinely cared about me. Losing special terms or benefits: The best thing is, it cost us nothing. I plan on using those savings to pay off my loans faster. Consolidation is a tool to help you get out of the debt-laden doghouse, and not to get you a nicer, more expensive doghouse. But pay attention to the payment schedule: Anytime I had a question or issue they went above and beyond to either answer or even take care of the issue for me. However, if you consolidate credit card debt and end up improving your credit utilization rate — that is, the amount of potential credit you have that you're actually using — your score could rise later on as a result. They beat out their competitors and got me the best rate. This allows the lender to make a tidy profit even if it charges a lower interest rate. Replacing debts before the original contract would have called for is viewed negatively. And, of course, just as with any other type of credit account, a missed payment on a debt consolidation loan goes on your credit report. Hurting the credit score: I have told all of my friends with loans about ELFI. For example, using a home equity loan or line of credit puts your home at risk if you fail to make the required payments. One thing that was special about my service with ELFI is that there is no pre-payment fee.
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