Being faced with a pile of bills it can become confusing and disorienting. If you add up all of the individual bill payments to some can be a big chunk of your monthly income. Bill consolidation loans can help organize and amalgamate with the potential of reducing the amount of cash used each month. With the freed up money and start to put together a plan to pay them off faster and more efficiently. There are a number of different options are looking to consolidate bills using a loan. Understanding your options will give you a better chance of qualifying and choosing the right avenue to explore.

If you have bad credit it can more difficult to get a loan but not impossible. Looking into something like a 5000 loan with bad credit; could help. These loans can be in a secured and non-secured format. With a secured style it is usually easier to qualify and you may get a lower interest rate. The unsecured option is the other possibility and there are a number of lenders that would be happy to take an application from someone with bad credit. Many programs are specifically designed for consolidating bills and expect applicants to have less than perfect credit.

Bill consolidation unsecured loans are a logical step when looking at options. This is one of the most common tools used to help consolidate bills. Generally all you need is an income and good credit to get one. The cost of this type of loan will very depending on your risk profile which is something the bank will determine by your credit and ability to pay the loan back. Interest rates are generally double digits, but it depends on you and if the bank is offering any promotions to grow their business.

Bill consolidation secured loans are actually easier to get if you have reasonable security and even if you have less than perfect credit. Assets like mutual funds, stocks, CDs, the car can usually be used to get one of these loans. Lenders take a number of types of security and they sometimes even look at house hold goods. It makes sense to check around and see what programs are out there. When you do this make sure to ask what types of collateral the lender will accept. Depending on your qualification in the bank the interest rate may be slightly lower than an unsecured loan.