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Basically, there are two types of debt consolidation loans which are – secured and unsecured loans. <\/p>
Secured loans are backed by one of the borrower\u2019s assets, like their house or a car, these asset, in turn, works as collateral for the loan.<\/p>\n
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On the other hand, unsecured loans, are not backed by assets and can be more difficult to obtain. <\/p>
Their interest rates are also higher and the qualifying amounts are lower. With either type of loan, interest rates are usually lower than the rates charged on credit cards. <\/p>
And most of the time, their rates are fixed, so they do not vary over the repayment period.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t