Debt Consolidation

Information verified correct on September 26th, 2017
Supervising numerous debts by managing to fulfill payments of each in time is definitely an overwhelming task, unfortunately, plenty of people have to deal with every day. If you have stuck into endless-seeming debts, loan providers offer a grandiose way out. Consolidating them into one you will be able to oversee the progress made with your payments. Undoubtedly, this will facilitate your state. To get the most out of debt consolidation loans, get detailed information on them.

Rates last updated September 26th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
OneMain Financial
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$25000 300 1 business day(s) Varies based upon state of application Go to site More

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  • If the provider quotes a different rate to the one above please let us know
Rates last updated September 26th, 2017
Unfortunately, none of the personal loan providers have a loan for that credit score. It you are urgent need of a small loan, you might want to check out a short term loan.
Max. Loan Amount Minimum Credit Score Turnaround Time Requirements
Lending Point
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$20000 300 1 business day(s) Varies based upon state of application Go to site More
Avant
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$35000 300 1 business day(s) Varies based upon state of application Go to site More
Prosper
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$35000 300 1 business day(s) Varies based upon state of application Go to site More
Upstart
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$50000 300 business day(s) Varies based upon state of application Go to site More
LendingClub Corporation
You could borrow up to $10,000 and get an interest rate personalized to your credit score
$40000 300 business day(s) Varies based upon state of application Go to site More

Have we missed anything in the comparison table? Tell us

  • If the provider quotes a different rate to the one above please let us know

Personal loan as a means of consolidating debts

Debt consolidation loan lenders offer as much money as the applicant needs for paying all his debts and starting to repay the loan afterward. Beyond any comparison, this is more profitable and helps you get rid of the entire hustle and bustle of running from one bank to another every month to pay the debts. For instance, if you have several credit card debts each with about 12% APR, you can hardly ever get rid of the principle amounts. All that you will manage is paying the interest rate and the APR. Yet, once you get a single yet large amount personal loan with only 7% APR, you will be due to pay only this one and save on the interest rate. Nevertheless, do never forget consolidation loans are simple loans and need to be repaid. If you fail, you will have the interest rates increased significantly.

Debts possible to consolidate

Prior to applying for a consolidation loan, it is highly significant to make sure the interest rate of your old debts is higher than that of the new loan you're going to get. Otherwise, there will be no saving observed. Here are the main debt types applicants find beneficial to consolidate.
  1. Personal loans It's easy to take personal loans whenever you need. Yet, with time passing, you find out there are too many personal loans to repay and very little chances for that. A debt consolidation loan will unite all these loans and make it easier to keep track of the debt.
  2. Credit card debts Credit card debts are very common among Americans as they are easy to get. Yet, these debts also charge very high APRs while keeping track on all of their timely payments appears burdensome.
  3. Student loans Private education loans, unlike federal student loans, can be consolidated. Moreover, this turns out to be very practical and convenient.

Debt consolidation options

When choosing a debt consolidation type, what you should take into consideration is the amount and kind of your debt. The main alternative ways are as follows:
  1. Secured loans These loans are provided by lenders who take the equity found at your home or the value of a vehicle as a mortgage. Secured loans, as a rule, are provided with lower interest rates. What strains the most here is the possibility to lose your asset in case you fail to fulfill the repayment.
  2. Credit card balance transfer Another great variant is to get a credit card that allows to pay off the debts on other credit cards with a promotional balance transfer. Such credit cards require either little or practically no interest on transferring the balance.
  3. Student loans Unfortunately, it is impossible to consolidate federal tuition and private tuition loans, yet combining the latter with other debt types you will get rid of extra interest rates you have been obliged to pay. This can be done during the first six months after graduation when you already have your job position.

Consolidation loans for bad credit history

There are private lenders and credit unions which offer consolidation loans for applicants with bad credit histories. Yet, it's crucial to remember that for such loans the APR is higher.

Subjects of discussion

Taking a consolidation loan does not mean getting rid of all debts. It simply implies having all of them collected to one with somewhat lower interest. Being aware not to miss the payday is highly mandatory not to accrue a higher interest. Formulate your budget and devote a table part of it to your loan payoff. If the payments appear lower, find out the reason. There are only two possible variants - either you have got an extended loan term or a lower interest rate. If you are "saving" on the account of a longer term, you'll end up having paid more interest.

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