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Digital News Report – The holiday season has left many Americans with multiple high-interest loans. Common forms of debt include car loans, credit card debt, and student loans.
People with poor or bad credit find it more difficult to find financing. Direct Lending Solutions and other loan brokers offer debt help for customers with bad credit scores. DLS warns customers to be on the lookout for scam-artists who prey on people desperate for a loan.
It can be more difficult to get financing from a bank. The interest rate is usually higher for people with bad credit scores and in some instances the lender will ask for collateral. Most lenders would prefer security like a home or car, but in some instances the security is not available.
“By consolidating other high interest debt you may be able to save money each month,” U.S. Bank said in a statement. Their rates start as low at 3.99%. If the borrower owns their home the bank encourages a home equity line of credit (HELOC).
SunTrust Bank offers debt consolidation loans. The bank has low rates for homeowners while offering personal lines of credit for renters. Besides unsecured debt consolidation loans, the bank has special rates for their own customers.
SunTrust has a “CD/Savings Loan”. These loans are secured by a SunTrust CD or SunTrust savings account.
One loan broker, CreditLoan.com, recommends researching your options. “Though this may seem obvious, it is surprising how many people fail to inquire with their bank & compare these loan offers with various financial establishments”, the loan specialist explains.
By Tina Brown