What is a signature loan? I want to consolidate debts to one payment, my bank says choose signature loan or?
im looking to consolidate some bills and debts into one low monthly payment. my credit union has cosolidation loans or signature loans.. what do i choose? whats a signature loan??
i would do best interest rate
signature loan means a loan requiring no collateral.
consolidation loan made in order to consolidate several debts into one loan, usually for the purpose of reducing the monthly payments by extending them over a longer time period.
A signature loan is just a name that your bank has manufactured for a debt consilidation loan with their applicable terms and conditions and a loan that requires no monetary collateral.. I would highly recommend that you contact debt advisory services and then get free comparisons for all consilidators in the area to insure that you can get the lender with the best benefits and lowest interest payments longterm.
The difference between consilidating under a good package and a not so good package can average almost $8000! so choose wisely and assess and compare your banks offering to offerrings in the Area.