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The interest rate on any private consolidation loan will depend almost entirely on your credit score.
Lenders often look at credit scores in ranges. An “Excellent” credit score is one that ranges between 781 and 850 while a “Good” score is one between 661 and 780. A score ranging between 661 and 601 is considered to be a “Fair” score while anything below 601 is either “Poor” or “Bad”.
It’s easy now
Getting your credit score used to be difficult and costly. But today this is no longer the case. Several of the credit card issuers are now providing their cardholders with their credit scores free in their monthly statements.
If you’re not a cardholder of one of these companies you can still get your score free at sites such as CreditKarma, CreditSesame and MyFICO.com.
The advantages of a debt consolidation loan
There are several reasons why a private debt consolidation loan could be a better choice than a federal Direct Consolidation Loan.
The first of these is that a private loan offers more flexibility in terms of repayment plans. One of these loans may also have a better interest rate than a Direct Consolidation Loan.
Add these two together and this means you should be able to customize a private debt consolidation loan to fit your financial circumstances like a well-tailored glove.