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There are two types of debt consolidation loans: secured and unsecured.

The primary difference between the two is that secured debt consolidation loans use collateral, while unsecured loans do not.

When you do a hard inquiry during the final approval process, it will be reflected on your credit report. Although debt consolidation loans are a legitimate solution for eliminating debt, some other debt consolidation options are scams.

However, if you have multiple hard inquiries within a 45-day period, it’s considered rate shopping and will only count as a single credit inquiry. It’s best to stick with trusted, well-established lenders such as the ones recommended on our list.

“The danger is if you eat up a significant part of your home equity,” says Gerri Detweiler, education director of business credit website

“Make sure you have plenty of cushion in there so if something happens and you had to sell your home, or you had to move ...

Cost of debt is the interest a company pays on its borrowings. In addition, cost of debt can be calculated as a before-tax rate or an after-tax rate.

Because interest is deductible for income taxes, the cost of debt is usually expressed as an after-tax rate.

Before you apply for a debt consolidation loan, you should consider alternatives, figure out how you’ll make payments and make sure you’re finding the best rate available.

You will go through several steps to apply for and receive a debt consolidation loan.

This includes applying (with prequalification), choosing your loan terms, finalizing your application with a hard inquiry and finally, repaying the loan.

you don’t end up losing your home.” Repayment terms can be 10 years or longer, and if the value of your home drops during that period, you may owe more than your home is worth.

If you’re facing bankruptcy, credit card debt is unsecured and typically discharged more easily than a home equity loan. Unsecured debt consolidation loans don’t require collateral, and they usually have easier approval requirements than secured debt consolidation loans.

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