It’s been said that the devil is in the details, meaning that ignoring or not understanding the details is often where people get into trouble. You don’t want that to happen on your journey toward getting out of debt, and with the right care it doesn’t have to. To protect yourself and reduce the risk of making the wrong choice to get out of debt, you want to make sure you’re paying close attention to the details. Here’s what you’ll need to know.

The Interest Rate Is Very Important

When you work with a company like Symple Lending or another debt consolidation lender, one of the first things you’ll want to know is what kind of interest rate they’re offering you. Those rates can really vary, and the goal is to get a good rate you’re comfortable with. Ideally, that rate should be significantly lower than the rate you’re paying on the debts you have now, or there’s really not much point in getting a new loan. With loan origination fees, you could actually end up paying more.

Loan Length and Terms

The length of the loan and the terms you’re agreeing to both matter, as well. You don’t want to end up in debt for longer than you expected because you didn’t realize how many payments you actually have to make. You should also look for any hidden fees or charges, and make sure you understand the overall terms of the loan. All loans come with a lot of fine print, and most of it is pretty standard, but you should still take a careful look at what it says, for your own peace of mind.

Early Payoff Concerns

Some debt consolidation loans have fees or penalties for paying off the loan early. When you work with companies like Symple Lending, make sure you ask about that and read your contract to ensure that what you were told is accurate for your loan. If you want to make additional payments on your loan and pay it off early, you don’t want to end up being penalized for that.

Read the Contract Before Signing

The bottom line on debt consolidation loans is that you should always ready the contract before you sign it. There can be all kinds of terms and conditions in it, and you want to know what you’re legally agreeing to. The more knowledge you have about your contract, the more confident you’ll be that you got a good loan.