What is the Eligibility for Debt Consolidation with MaxCash?

August 7, 2019

With Max Cash, there are no strict eligibility requirements to use our services! The reason eligibility is so flexile is because our services are completely free to our clients.

Our financial services are free because we are partnered with several different loan companies to be able to match individuals with compatible lenders.

The lenders we work closely with pay us to recommend quality clients, but that doesn’t mean we’ll recommend just any loan company. You see, we take pride in what we do, so we personally vet every lender we work with and only recommend a lender if they are a compatible match for you.

The following article will go in-depth about what lenders look for when borrowers apply for debt consolidation.

First Qualification for Debt Consolidation: Have Good Credit

Debt consolidation is easier to get the better your credit is. There are many credit issues that can prevent people from being approved for the financial support they need.  If you have low credit, it may be tougher to get approved when looking for a lender on your own. You may want to have a co-signor help you take out a loan.

If you have good financial income, you may be approved for debt consolidation quickly. However, if your credit score is low, finding a lender that will deem you eligible for debt consolidation may be harder–especially if you’re doing research on your own.

Qualification 2 for Debt Consolidation: Collateral

Financial institutions often ask for collateral when people apply for debt consolidation, especially if the borrower has had trouble managing debt payments. Lenders need to be assured that no matter what, they will get their money back from the borrower.

But what if you don’t have anything to offer as collateral? The thing is, you may have valuable collateral and just not know it. Many people believe that the only assets they can use for collateral are a home or a car.

In actuality, borrowers could also use the following as collateral for debt consolidation:

  1. A Savings Account: This allows you to keep your liquid cash in a deposit account–usually a savings account or CD–while also getting cash to fund something you need.
  2. Investments: Your investments, or stock holdings, can be used as collateral against the loan.

Consider using one of these options when looking to post collateral. If you’re trying to reduce your debt and obtain affordable terms through debt consolidation, consider using collateral.

Max Cash wants to provide you with plenty of financial information so you can make well informed financial decisions. We post informative financial articles on various topics and answer many frequently asked questions about lending.

We post articles of a wide range of topics from title loans, personal loans, small business loans, and more! To find these articles, please head over to the blog section on the Max Cash site.

Qualification 3 for Debt Refinancing: Proof of Income

Having a reliable source of income to pay back your loan is a huge qualification requirement for borrowing funds. Lenders need to see that you have a steady financial stream so that you can pay back your loan on time.

But more than that, lenders need to know both your monthly and annual income to determine your repayment terms. Your monthly loan payments after debt consolidation should not be burdensome or more than what you earn, so providing your financial information is crucial.

Most finance experts recommend that your debt be no more than 35% of your total income. If your current debt exceeds that, finding a lender to provide debt consolidation may be even harder.

Perks of Using Max Cash to Acquire Debt Consolidation

Max Cash is the one stop shop for finding and acquiring debt consolidation. Don’t waste your time looking for lenders with flexible eligibility requirements, when Max Cash could do all the search work for you–for free!

Not only do we find compatible lenders for you, we ask the tough questions, and haggle for better terms and rates. Max Cash is here and ready to help, so do not hesitate to contact us!

Max Cash is available seven days a week, so if wish to utilize our services, go ahead and call toll free at (833) 207-9052 or send an email to info@maxcash.com.

DISCLAIMER:
The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

In some circumstances faxing may be required. Use of your cell phone to receive updates is optional. Please review our privacy policy.

Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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