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A 401K loan uses your retirement fund as collateral.

If you have a life insurance policy with cash value, you might be able to obtain a loan against the policy. Often, secured loans carry lower interest rates than unsecured loans so they may save your money on interest payments.

While unsecured personal debt consolidation loans used to be quite common, they are less likely to be available to people who need them today.

Generally, an unsecured loan will require the borrower to have very good credit.

If you can’t pay the loan back, you could lose your house, car, life insurance, retirement fund, or whatever else you might have used to secure the loan.

Certain assets, such as life insurance or retirement funds might not be available to you if the loan is not paid back before you need to use them.

A variety of financing firms will also loan you money against lawsuit claims, lottery winnings, and annuities. Lower interest rates will likely make the monthly payment lower and more affordable.

Sometimes, the interest payments are even tax deductible.

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(To learn about different ways to deal with outstanding debts, see Options for Dealing With Your Debt.) With debt consolidation, you get a single loan to pay off all of your smaller loans, thereby leaving you with just one monthly payment rather than several.Also, secured loans are generally easier to obtain because they carry less risk for the lender.There is a huge downside to consolidating unsecured loans into one secured loan: When you pledge assets as collateral, you are putting the pledged property at risk.With a debt consolidation home loan you are able to consolidate each of your high interest credit cards, as well as your consumer loans, into one inexpensive and affordable monthly payment with low interest.We specialize in helping you get control of your finances and your mortgages with simple common sense home mortgage loans and solutions.

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