How exactly do you get a consolidation loan? I mean obviously if you are looking for one you are up to your eyeballs in debt, which makes your credit look over extended and horrible. So how do you get approved? I need one desperately.

Best reply by sadee61:

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How to get a consolidation loan?

All the companies I have checked out are not offering consolidation loans because of the credit market. There is no way I can make payments with out consolidation. Someone please help!

Best reply by NotAnyoneYouKnow:

Redd:

If you’d asked this question two years ago, I could have given you a list of about 20-25 major lenders who offered student loan consolidation. Right now, you’d be lucky to find 5.

Four companies that I know are offering private loan consolidation products right now are:

Chase
Collegiate Risk Management
EduCare Financial
Student Loan Financial Group

I can warn you that all four of these lenders will subject your consolidation application to a rigorous and conservative analysis of your eventual ability to repay.

If your loans ARE federal loans, you should start with the government’s own consolidation program – you can find that here: http://www.loanconsolidation.ed.gov/

Good luck.

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Does anyone know of a company offering student loan consolidation loans?

All the companies I have checked out are not offering consolidation loans because of the credit market. There is no way I can make payments with out consolidation. Someone please help!

Best reply by NotAnyoneYouKnow:

Redd:

If you’d asked this question two years ago, I could have given you a list of about 20-25 major lenders who offered student loan consolidation. Right now, you’d be lucky to find 5.

Four companies that I know are offering private loan consolidation products right now are:

Chase
Collegiate Risk Management
EduCare Financial
Student Loan Financial Group

I can warn you that all four of these lenders will subject your consolidation application to a rigorous and conservative analysis of your eventual ability to repay.

If your loans ARE federal loans, you should start with the government’s own consolidation program – you can find that here: http://www.loanconsolidation.ed.gov/

Good luck.

Read the original question on Yahoo! site
Does anyone know of a company offering student loan consolidation loans?

I am confused. What is credit card consolidation? What is loan consolidation? What is a debt consolidation loan?

Best reply by Leslie K:

A loan consolidation and a debt consolidation are the same. A bank loans you enough money to pay off credit cards or loans (like a car loan). They group it all into one single loan through them (hence the word “consolidation”). So they take all your outstanding “debt” and put it in one single loan with a fixed monthly payment.

A credit card consolidation can be one of two things:

First – You take a credit card and “transfer” the balances of all your other credit cards onto it. Then you have only one single credit card bill.

Second – A debt consolidation loan where you get a loan through a bank to pay off credit card debt. Sometimes the bank will want you to cancel the cards too. Not always.

Hope this helps!

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What is the difference between credit card consolidation and loan consolidation?