Unsecured Loan is any type of credit that does not have any form of collateral security attached to it. In an unsecured loan, the creditor does not have the right to take anything because the borrower has not used any valuable possessions in his belonging in order to him to help him get the loan. Medical bills, Credit cards, Departmental store cards, Personal loans, Student loans and Bounced checks.
A credit card debt may be considered as unsecured loan.
This calculator helps you to consolidate your multiple unsecured debts into a single debt which will be considered by the debt counselor for a debt management program.
For example, if someone has credit card loan of $2000, personal loan of $3000, medical bills worth $1000 and home equity loan of $2500, total consolidated unsecured loan will be ( $2000 + $3000 +$1000 = $6000 ).
Your entire unsecured loan can be consolidated under one single debt amount with the help of our calculator.
The home equity loan is not considered here because it comes under secured loans.
You can consolidate all your unsecured loans by using our calculator.