There are still a number of options for bill consolidation loans without owning a home.
While a home equity loan is certainly one of the most popular options because of it's lower interest rates, it is certainly not the only one.
The first, and often overlooked option, is a secured consolidation loan using your vehicle as collateral. The collateral will help you get the lowest possible interest rate. Of course, without timely payments, your risk losing your car.
If that is not an option for you, you can apply for an unsecured consolidation loan. Without owning a home or vehicle this loan has no collateral and is largely based on your credit history. This has a higher interest rate than a secured loan, but depending on your debt, should still be less than you are currently paying and has the advantage of one monthly payment.
When you get a consolidation loan the company will negotiate with the companies you are in debt to and work out a manageable payment plan. For their services, the consolidation company will take a part of your monthly payments as their fee. When signing up for a consolidation loan you want to read the terms carefully and make sure the fees seems reasonable to you. There are companies out there charging outrageous fees that will only increase the total amount of debt you will have to pay off. This is true whether you own a home for a secured loan or not.
It is always advisable when you have debts to seek a credit counselor to create a financial plan based on your individual circumstances, and help you best understand all of your options so you can find the consolidation loan that will work best for you
While it is one of the more common options with lower interest rates, it is still very possibly to obtain a bill consolidation loan without owning a home.
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