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Finding a Loan While Still in Debt

Written by: John Mussi

Sometimes it seems as though regardless of how much money you make, it's never quite enough. Even though you're in debt you might find that you're falling behind on some of your expenses, or that you've had recent occurrences in your life that require some additional amount of money. You might be tempted to apply for a loan, but worry that you won't be able to find one since you're already deeply in debt. You'll find, however, that there are always loans available. you simply need to know where to find them.

Where to look for a loan

When looking for a loan, remember to keep your options open instead of simply going to the bank that you've always done business with in the past. There are likely a variety of banks in your area, as well as a number of other lenders such as finance companies, mortgage lenders, and assorted other loan offices. You should also keep online lenders in mind, since they can often offer good loan rates even to individuals who have poor credit so long as they have the proper collateral.


For your collateral, you should try to use something that is both high in value and that has an easily-accessible market in case the lender should have to take possession and attempt to sell the collateral item. The more your collateral is worth, the better; you want the collateral item to have a higher value than the amount that you're asking for, as this can help convince lenders that they'll get their money back no matter what. Common types of collateral used for loans issued to individuals with heavy debt are home equity, real estate, and automobiles or other vehicles.

Shopping for interest rates

Once you've decided on the collateral that you plan on using, it's time to start shopping around for your loan. Take the time to visit several different lenders from each category mentioned above, requesting a loan quote from each of them so that you'll be able to compare the quotes to see which loan is really best. It's important that you remember the online lenders during this process, since there is a good chance that you'll receive better rates from them than you will from at least a few of the other lenders that you consult.

Finding the best loan for you

After you've received quotes from all of your lenders, begin comparing the interest rates and loan terms from each quote so that you can determine exactly which loan offer is the best one for you and your needs. Keep the best few quotes that you received, and submit your application to the lender that gave you the best loan quote. Should you have some difficulty and not be able to get the loan, you will then have the next best loan offers to fall back upon.

Reducing your overall debt

When figuring up how much to borrow, you might want to include a little extra to help pay off some of your older debts and consolidate them into your new loan payment. Some lenders may actually offer better interest rates for a debt-consolidation loan, though that will largely depend upon the individual lender and the value of the collateral that you're using to guarantee the loan. By consolidating some of your debts into the new loan, however, you'll be able to start turning around your debt and improve your credit at the same time.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.

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