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Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.
Consolidating multiple debts means you’ll have a single monthly payment, but it may not reduce or pay your debt off sooner.
Be sure to check out any potential online lenders with the Better Business Bureau before applying for a debt consolidation loan online.
Then you’ll only have one monthly payment: the loan, the credit card, or the debt management plan.
Not only does that simplify your debt payments, but it can also help you save money by making you pay only one interest rate, rather than several.
Personal loans charge simple interest (as opposed to credit cards, which often have variable rates and sometimes have different rates for a credit card balance transfer and purchases on the same card) and they typically have a loan repayment term of three to five years.
By consolidating your credit card debt into a personal loan, you’ll have a definite plan for paying off your old card debt.
The payment reduction may come from a lower interest rate, a longer loan term or a combination of both.