Factors Contributing to Debt Consolidation Loan Rates
When it comes to debt consolidation loans, the interest rate you’ll pay is determined by a number of factors. Here are some of the key factors that lenders will take into consideration when determining your loan’s interest rate:
Your credit score: This is perhaps the most important factor that lenders will consider. A higher credit score indicates to lenders that you’re a low-risk borrower, and as such, you’ll likely be offered a lower interest rate.
The type of debt you’re consolidating: The type of debt you’re looking to consolidate will also play a role in determining your loan’s interest rate. For example, consolidating high-interest credit card debt will typically result in a lower interest rate than consolidating student loan deb
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