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:
- 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.
- 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 email@example.com.