There are several options for cheap debt consolidation loans. The best rates can be found with secured loans, like a home equity loan. But, even personal loans can save you money on interest charges when you pay high rates on credit cards and other unsecured debt.

Before you apply for a debt consolidation loan, check your credit report for any errors. That way you won’t end up paying higher rates than necessary. Then start comparing lenders and their terms to get approved for the cheapest loan.

1. Check Adjustable Rate Loan Terms

With an endless number of financing offers, it can seem a bit overwhelming trying to find the cheapest debt consolidation loan. When looking at financing, remember that you have to factor in closing costs and fees besides just looking at rates.

So cashing out your home equity by refinancing your mortgage could be more expensive than taking out a home equity loan. Unless you see a significant drop in your mortgage rates, closing costs will eat up any savings you see in refinancing your mortgage. As a rule of thumb, adjustable rate loans usually have the lowest starting rates. You can also take a look at introductory credit card offers. Some offer low lifetime transfer rates.

2. Review Your Free Personal Credit Report

Before shopping for financing, peek at your credit report to be sure that it is accurate. Any errors you find should be handled by the reporting agency.

While you can’t dramatically improve your credit score overnight, consider spreading your debt over multiple accounts. A maxed account is a negative. Also, limit the number of credit inquires you allow. Only let the most promising lenders look at your credit report to formulate a financing offer.

3. Compare Debt Consolidation Lenders and Their Offers

By far the easiest way to get approved for low rates is to request quotes based on your credit score. Without giving permission for lenders to access your credit report, you can get accurate quotes without affecting your credit score.

While you are looking at lenders, look at the different types of financing available. Special offers on rates may convince you to change your mind on how to finance your debt consolidation.

Here are our 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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