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This includes applying (with prequalification), choosing your loan terms, finalizing your application with a hard inquiry and finally, repaying the loan.
If you have the collateral and can meet the requirements, a secured loan may save you money on interest as you pay down your debt.
However, home equity loans for debt consolidation can be risky, as your home may be foreclosed on if you can’t pay your loan.
“The danger is if you eat up a significant part of your home equity,” says Gerri Detweiler, education director of business credit website
The primary difference between the two is that secured debt consolidation loans use collateral, while unsecured loans do not.
Unsecured loans are more common, but you can use a secured loan for unsecured debt, such as a home equity loan used for credit card debt consolidation. Secured debt consolidation loans are typically available at brick-and-mortar financial institutions, including banks and credit unions.