Various options are readily available for different individuals with good or bad credit ratings. The loans for people with bad credit are given mostly by private lenders. Institutions always look at the credit score of a given individual. For people who need to consolidate their debts and they have good credit ratings there are several options for them compared to individual with bad credit ratings. A person can acquire a 0% balance transfer credit cards: this is a type of borrowing whereby if you have a good credit score of 690 and above, you may be allowed to be given a 0% APR credit card. With the card then an individual can directly transfer the rest of the debt to the card. IT works best if you want to repay the loan within a period of a year or eighteen months. If you exceed this, then you are just transferring your burden from one corner to the other.
A good credit rated person can also access a Home equity line of credit: this is a secured loan whereby your house is valued, and a loan is given by your value of your house. It is best suited for people who own a house, and it is a long term method of consolidating your debt, caution should be taken when accessing such loans. A personal loan will be helpful when your rating is good, and this is the most common method that most individuals use to access loans. Banks, online lenders, and even credit unions can offer the best interest rate in the market that will; enable you to repay off the credit card loans that you want to consolidate. Shopping around and looking for the best option is preferred in such a situation.