Debt Consolidation Loans
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If a debt consolidation loan is approved, the lender may pay off the borrower's other debts. Some lenders will send the money right to the account with the debt. Users can focus on making just one loan payment instead of having to deal with multiple ones. Basically, you'll take all of your different loans and combine them into a single debt that you'll pay off about once a month. When getting a debt consolidation loan, it's best to have a good credit score that lets you get lower interest rates than what you're paying now. The better this type of loan will work for a borrower, the higher their credit score.
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