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Debt Consolidation Loans Without Collateral

Getting out of debt is a major stressor. With various debt repayment methods, our debt counselors know you’re wondering how to figure out what’s the best option for you. You may have come across debt consolidation in your research, among other solutions. But this method can be a little confusing. How does debt consolidation work? Do you have to place collateral to move forward with this route? Let’s dig into debt consolidation loans without collateral, and some alternative debt relief options to consider.

consolidation loans without collateral

Consolidation loans without collateral aren’t your only option.

Debt Consolidation Loans Without Collateral

By following the most common debt consolidation route, you will apply for a new, unsecured loan to cover the cost of your current loans. Then, you will use this new, sizable loan to repay your creditors. Ideally, after all, other debts are settled, you will then pay off the consolidation loan itself. But, often times debt consolidation can put you even deeper in debt.

Loans for debt consolidation are risky for a few reasons. First, depending on the terms of your new loan, it’s possible you can actually end up paying more in interest over the life of the loan. This is because most consumers with a cumbersome debt load also have a poor credit score and won’t qualify for a worthwhile loan. Secondly, when you consolidate credit card debt, your existing accounts will have a very tempting zero balance. It’s easy to fall back into old habits and worsen your financial situation.

What About Debt Consolidation Loans Without Collateral?

The vast majority of consolidation loans are unsecured. This means that the borrower does not back the loan with collateral, and no assets are at immediate risk if the borrower is unable to pay.

While it isn’t the norm, there may be some for-profit companies that extend secured loans, meaning you would need to put up collateral. But, given a lack of collateral (which has led you to this article), you will likely not qualify for a secured loan.

For more explanation, check out the difference between secured vs unsecured loans.

ACCC Offers Another Solution

There are a number of debt consolidation options out there. But, they may not all be in your best interest. So, while you may be surprised to learn about debt consolidation loans without collateral, you’ll be happy to hear that ACCC offers a solution that doesn’t require taking out a new loan. With American Consumer Credit Counseling (ACCC), debt consolidation works like this:

  • ACCC negotiates with your creditors not to reduce your principle owed. Rather, they work to reduce interest rates and any outstanding late fees or over-limit fees. In many cases, this can have the effect of reducing your total monthly obligation and the time it takes to pay off your debts.
  • You make one consolidated payment to ACCC each month, and we then pay each of your creditors.
  • We provide you credit counseling and educational resources to help you strengthen your credit management skills and stay on track toward a future free of excessive debt.

For more information and help in managing your finances, schedule a free credit counseling session with us today. 


Madison is a Marketing Communications & Programs Associate at ACCC. She is excited to share her tips on saving money and being financially responsible here on the Talking Cents blog!

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