In fact, some of our investors were also borrowers at one point and chose to consolidate their personal loans into one low interest monthly payment. And since Prosper offers access only to unsecured loans, you need not own your home for debt consolidation.
Applying for a personal loan online can be a fast and easy process. If you are, then the funds will likely be available in a few days.
STOP if you are told to send funds via a prepaid card, gift card or a money transfer (such as Western Union or Money Gram). REMEMBER never to share any financial information or other sensitive personal data over the phone or via email without independently confirming the identity of the company calling first!
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At Prosper, we understand the importance of maintaining the best credit score possible.
In theory, it is possible to get an unsecured loan to consolidate debt.
However, in practice, most people who want or need an unsecured loan to consolidate debt do not qualify for an unsecured loan. Lenders want three things in a perfect borrower: Two items on the list, credit history and low debt-to-income ratio, trip up many people seeking a debt consolidation loan. You wouldn't need a debt consolidation loan if you have excellent credit and a low debt-to-income (DTI) ratio.
In other words, the good money habits for staying out of debt and building wealth aren’t there—their behavior hasn’t changed—so it’s extremely likely they will go right back into debt.
Some readers who have bad credit mention unsecured loans as a means of consolidating their debt.