The faster you get a debt consolidation with low rates, the more money you will save on interest costs. You will also be able to pay off your debt sooner with better terms. You can still be a speedy shopper and get great rates by going online to collect quotes. Within a few hours you can have several financing offers that you can act on.

Home Equity Loans Fast

Home equity loans can consolidate your loans fast. Since your home secures your loan, lenders act quicker on your application. Home equity loans have few if any fees. But check before you sign a contract.

Your application can be completed over a secure connection and be processed the next business day. Since an appraiser will have to determine your home’s value, you may have to wait several days for final approval. However, once you have signed the promissory note, funds will be delivered in four to six days.

Personal Loans Faster

A faster way to consolidate your debts is with a personal loan. Since personal loans are determined solely on your credit and income history, your application can be approved the same day.

Personal loans usually have a minimum of $1000 and slightly higher rates than home equity loans. However, with rates significantly lower than credit cards, personal loans can help those without a home to get ahead on their credit.

Take The Time To Shop Rates

While fast cash is tempting, take a few hours to shop rates. An investment of a few minutes can mean the difference of hundreds of dollars in interest charges.

Online financing companies post their APR online so you can quickly checkout rates. Since the APR includes both rates and fees, you don’t have to worry about undisclosed terms.

Search both individual and broker sites. Sometimes brokers will have better financing deals that what are being offered at the lender’s own site.

Applying online will also speed up the loan process. Since your application is entered into the financing company’s database, there is no processing delay. Funds are usually wired into your bank account after signing.

To view our list of recommended debt consolidation companies, visit this page: Recommended Debt Consolidation Companies Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

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