Cheap debt consolidation loans are loans that save the borrower money. This allows the borrower to pay off their past debt and only have one smaller monthly repayment without high interest rates and extra fees. They are meant for those who are trying to consolidate high interest debt such as multiple credit card debt, etc, into one lower monthly payment that is more manageable. They are cheap because of the lower interest rates involved. The lower the interest rates the better off one is when getting this type of loan. This allows you to pay the capital off on your loan sooner than will high interest loans, so pay back terms can be shorter and monthly payments still remain financially easy.The best way to find one of these loans is to shop around before settling for any offer. Make sure that you know what the current APR is and that you are applicable to receive it. You will want to check you credit score prior to applying. This will allow you to see if there are any mistakes and if you qualify for the lowest APR. The higher your credit score the more likely you will be offered a loan at a very low cost.You can also use collateral when applying for consolidation loans. This will offset a less than perfect credit score and show any lender that you are at a low risk. Your collateral will be used to determine your APR, term, and amount of loan you are applying for. This makes it easier for even those who have bad credit get better deals on consolidation loans.Where To LookThere are plenty of lenders to look at for cheap debt consolidation loans. Larger banks and lenders tend to be where many people begin their search. However, other types pf lenders may be better when it comes to these loans. Small lenders are in competition with the larger institutions for customers and tend to be more willing to approve loans for more people who have the means to repay. You will need to set up an appointment during banking hours when applying for loans in person. This can be difficult for those who work during the same time. Large and small lenders can also take a while with the processing of loans. This makes getting money fast not as easy.Those people who look to online lenders for cheap debt consolidation loans tend to find the best results. Online lenders offer an array of benefits that traditional lenders just do not have. You will be able to apply to multiple lenders from the comfort of your home. Online lenders are available to apply to 24 hours a day and 7 days per week. So there is no reason to miss work or other obligations when applying for loans online. You can utilize online free quotes and loan tools to find the right loasns for you.