Debt consolidation loan is of two kinds, secured and unsecured. If you are looking for easy interest rates and have collateral to offer, then secured loans are the best option. If you don’t have a collateral and are saddled with a heavy debt burden, then you will have to go for unsecured consolidation loans at higher interest rates.
A secured debt consolidation loan is offered to the debtor only when the latter has a real estate or immovable property of considerable value like a house, to mortgage. If you are opting for a secured debt consolidation loan, you can get a higher amount of loan to clear your debts.
An unsecured debt consolidation loan is given to the debtors without any proper assurance. The rates of interest are higher here due to the risks involved. You must ensure that you manage this one loan with the highest interest rates after clearing off all your other debts. These loans can play havoc with whatever credit ratings you have managed to obtain all this while.
When you are asking for your free online debt consolidation quote, clarify whether the loan of debt consolidation that you are eligible for is secured or unsecured.