Debt Consolidation Loan

[busyone1]

Looking at a possible debt consolidation loan through a company Loanquo. Anyone familiar with

them?  Any insight?   From my understanding they actually procure a loan from lenders serving

as a broker somewhat.   They sent me some pretty favorable terms and a one monthly payment

much less than what I'm paying overall.

[pizzadude]

What interest rate / terms / fees are they offering, and how does this compare with your current creditors ? 

[busyone1]

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@pizzadude wrote:

What interest rate / terms / fees are they offering, and how does this compare with your current creditors ? 

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Thanks for responding.  I haven't seen the actual interest rate yet, albeit I expect it to be relatively higher as my scores hover

in the 600 range.   The one monthly payment they're offering is half of what I'm paying for my debts plus keeping a card open

for future use.

[LIGHTNIN]

Before doing anything,  check out NFCC

National Foundation for Credit Counseling. Here's a link from this site . https://www.myfico.com/credit-education/credit-scores/credit-and-financial-counseling

At the bottom of the fourms, click on Learn learn then click on education. There you can find plenty of helpful information. 

Good luck to you and Happy holidays. 🧑‍🎄