Thinking about a debt consolidation loan? A lot of companies will offer you a debt consolidation loan.

In addition, some companies guarantee you a loan if you pay a fee in advance. The fee may range from $100 to several hundred dollars. Resist the temptation to follow up on these advance-fee loan guarantees. They may be illegal. It is true that many legitimate creditors offer extensions of credit through telemarketing and require an application or appraisal fee in advance. But legitimate creditors never guarantee that the consumer will get the loan Ñ or even represent that a loan is likely. Under the federal Telemarketing Sales Rule, a seller or tele-marketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or accept payment until you've received the loan.

The best advice is to compare different loan programs to find the one that's best for you. Keep an eye on the fees. Take notes, and compare, compare and compare again. Then you'll make a smart decision.