Best Debt Consolidation Loan Lenders in Idaho

Ask Yourself the Important Questions

If you wish to take out a debt consolidation loan in Idaho, take some time to ask yourself a few pertinent questions:

• How much funding do you need? Calculate the exact amount of all the outstanding payments that you want to merge. Lenders will usually ask for the specific amount that you need during our application process.
• What’s your credit score? While the minimum credit score varies per lender, your credit standing plays a huge role in whether or not you can qualify for a debt consolidation loan.
• Can you afford the monthly payments? Debt consolidation loans are usually paid on a monthly basis, so make sure you have a sufficient income to make timely payments.
• Do you have existing debts? Some lenders don’t allow applicants to have a high debt-to-income ratio.
• Is your debt manageable through other means? Assess your financial situation and find out if you have other ways to manage your debt aside from taking out a debt consolidation loan.

Do Your Research

It pays to shop around and compare the rates, terms and requirements of each lender. Minimum credit score requirements and maximum loan amounts vary by lender, so it’s important that you do your research to find one that satisfies your financial requirements. Debt consolidation is a long-term financial commitment — most loans take between two and four years to repay — so you want to ensure that your chosen lender is the best one for you.

Wait

MoneyGeek advises taking one to two days off before you submit your application for a debt consolidation loan. It’s important that you have confidence in your selected lender and the financial capacity to fulfill your obligations for a debt consolidation loan.

If you’re unsure about your lender or the amount of funding you need, we recommend returning to step one and step two included above. Giving yourself the space to think about your decision could save you money and help you avoid unnecessary stress in the future.

Read the Fine Print

Sometimes borrowers miss details in the fine print of their debt consolidation loans, including prepayment penalties, origination fees and late fees. MoneyGeek strongly advises that you thoroughly read the fine print of your loan agreement and search for key details that may increase your monthly payments.

If some portions of your lender’s terms are unclear and require clarification, it’s best to contact a representative from your desired lender or consult a financial expert. Most debt consolidation loans take years to fully repay, so it’s important that you’re prepared for this commitment.

Apply

Once you’ve completed all our recommended steps and are satisfied that your chosen lender meets your requirements, it’s time to submit your application. Prior to applying, It helps to gather any relevant documents that you may need to save time. Lenders typically ask for your identification, proof of income and address verification as part of your application.

In Idaho, you can usually apply for a debt consolidation loan online, through the phone or by visiting the lender. Choose the method that’s most comfortable and convenient for you, if available. After you submit your application, a lender may reach out that same day or within a week.