Your LMA account allows you to consolidate outstanding loans into a single convenient location for ease of payments and cash flow management.
What's more, for each loan balance you transfer to your LMA account, you can customize the terms based on your specific borrowing or cash flow needs.
All applications for LMA accounts are subject to approval by Bank of America, N.
Obtain an Unsecured Personal Loan Obtain a Secured Loan by Offering Property as Collateral Obtain a New Credit Card Work through Consumer Credit Counseling Services Community Q&A Debt consolidation is the process of using a single large loan to pay off multiple smaller debts.
The securities or other assets in any collateral account may be sold to meet a collateral call without notice to the client, the client is not entitled to an extension of time on the collateral call and the client is not entitled to choose which securities or other assets will be sold.
When considering a securities-based loan, consideration should be given to individual requirements, portfolio composition and risk tolerance, as well as capital gains, portfolio performance expectations and investment time horizon.Start a conversation with your financial advisor today about when to borrow, when to restructure debt and ways to strengthen your overall balance sheet.Learn more Talk to your Merrill Lynch financial advisor about a broad range of liquidity options available through Merrill Lynch and Bank of America.To consolidate debt, you could get a ,000 loan to pay off those cards (ideally, your new loan would have a much lower interest rate).Simply shifting money around doesn’t accomplish anything.
When to consider restructuring debt Using eligible securities as a collateral through an LMA account can potentially help lower your overall borrowing costs by giving you access to lower interest rates than may be available through an unsecured loan.