Can I Consolidate Debt For Under $10000
The answer to the question, “can I consolidate debt for under $10000”, is a definite yes for most consumers. The terms and conditions, amounts and interest rate will depend on the credit rating of the individual as well as employment situation. For someone with equity available to provide security, a personal secured loan with a low interest rate is often available. A consumer without equity would need to apply for a personal unsecured loan at slightly higher rates. The important point to remember that both interest rates will be significantly lower than what credit card companies charge.
The chart at the bottom of this post shows the different monthly payments and total interest costs for three different interest rates. These include a typical credit card interest rate at 21%, an unsecured loan rate at 10% and one that might be available for consumers with security to provide for their loan. Note that these rates are meant to illustrate the differences in rates and their impact. Actual rates will vary based on credit rating, term and the amount of the loan as well as prevailing market conditions.
Monthly payments as well as total interest paid over the term of the loan vary a great deal. It pays to find a debt consolidation loan at low interest rates. This consumer can save some money by applying for a debt consolidation loan for under $10000. The majority of loans are typically under $10000 with relatively short pay back periods. If you are faced with a credit card balance that cannot be paid by the statement due date, save yourself some money by applying for a debt consolidation loan. Pay attention to the interest rate and negotiate the lowest rate you can to save even more money.
In summary, this consumer has a good credit rating, little debt other than his home mortgage and a well paying job. He may even be able to apply for a secured personal loan which will provide him with a very low interest rate based on current market conditions.
DEFAULT LOAN APPLICATION FOR BORROWER’S INFORMATION
Home/Mortgage Loan Amount :: $10,000
Home Loan Application and Processing Speed (when do you need the funds)::before the end of the month which is when my credit card debt is due
Do you currently have a mortgage? :: yes, term is for 25 years, with only 17 years left on the mortgage
Bank Name and Branch :: Provident Bank, Central Ave
What City/Town, State and County do you live in? :: Riverside California
Zip :: 92506
What is your employment field? :: Construction
Employment Position :: Foreman on a road construction and repair crew
When are you paid? (monthly/weekly/biweekly):: biweekly, by direct deposit
Your credit rating to be – excellent, fair, or bad? :: excellent
How did you find us? :: looking for consolidation loans online
How are you paid? (direct deposit/paper check):: direct deposit
Gross Amount Per Paycheck :: $2500
Do you agree to have this information published online, without your PRIVATE information of course? :: sure as long as nothing personal is released
Extra information here please (some detail):: I have a short term requirement to consolidate my credit card debt to avoid paying high interest rates and I am wondering if I can consolidate debt under $10000? We are building a deck and doing landscaping in our backyard. Everything has been charged to my credit cards. I had to split the charges across two credit cards since my approved limits where not high enough on either card. This is a planned expense, however and unfortunately, I do not have the ready cash to pay the balance on both credit cards when the statements arrive. If I do not pay the balance by the statement due date, interest will be charged at a rate of 19.5% and 21% on these cards.
I am wondering if I can consolidate the balance on a low interest loan and repay the balance of the loan in the next couple of months. I was thinking that I would keep the monthly cost as low as possible by spreading the payments over 5 years initially. I have a bonus coming in two months time and expect I will be able to repay the balance in full at that time. The bonus amount is yet to be decided, so just in case it is not enough I will have a loan with a 5 year term and low monthly payments. Can you help with finding a debt consolidation loan for under $10000?
Note to Lender :: I work and live in Riverside California and work at construction jobs around the city. It provides full time employment and excellent wages. My credit rating should be excellent and I do not have any other debts other than my mortgage. I own a car and a truck. Both are paid for and relatively late model vehicles. Other than regular maintenance and repairs, there should not be any major expense in this area. I know I can save a lot if interest charges if I can find a low interest loan compared to the rates charged by the credit card companies.
|Category: Home Mortgage Loan||APR 21%||APR 10%||APR 5%|
|Length of Term||5||5||5|
|Amount to be paid||$15,336.50||$12,541.19||$11,270.59|
|Total interest paid||$5,336.50||$2,541.19||$1,270.59|
|Paid per installment||$252.11||$206.16||$185.27|