Debt of any amount can be a mountain to repay – and if you’re stuck paying high interest rates, it can be even more difficult to get ahead financially. However, you don’t have to pay sky high interest and all of your debt back with debt consolidation.
It’s possible to get out of debt faster and at a lower cost if you use a debt consolidation loan.
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Debt consolidation is a great way to roll all of your existing debts into one easy-to-manage account. And when you consolidate your debt, you’re often able to get a lower interest rate – meaning you can reduce the amount you have to pay.
It’s essentially like lumping all of your debts, from auto loans to credit cards to medical bills to personal loans, into one loan that you can pay one time every month. Debt consolidation is especially great for any high-interest debt, as consolidating all of your debt into one loan could result in a significantly lower interest rate.
If you’d like to make paying your debt off easier and see if you can lower your payments with a better interest rate, here are a few debt consolidation loan options to consider.
If you have strong credit and need a debt consolidation loan, consider LendingClub. As the largest peer-to-peer lender in the United States, this debt consolidation solution offers plenty of options to anyone seeking a loan with better terms than their current debt.
LendingClub will put you in touch with lenders offering personal loans that can be used for debt consolidation. With an A+ rating from the Better Business Bureau, LendingClub is a trustworthy loan company to work with. And with a set of strict criteria for all lenders, this debt consolidation solution can offer solid interest rates better than what you might be paying on your individual debt.
To qualify for a debt consolidation loan with LendingClub, you’ll need a minimum credit score of 600, a solid credit history, and a low debt-to-income ratio.
- Interest rates as low as 6.95 percent
- Can borrow up to $40,000
- Loan lengths of either 36 or 60 months
- Available in all states except Iowa
Personal loans may be part of your current debt, but a personal loan can also help you get out of debt faster – if you roll all of your debt into on personal loan that has a great interest rate. And PersonalLoans.com offers many different kinds of personal loans through its referral website, which puts those in debt in touch with lenders who can offer better repayment terms.
At PersonalLoans.com, you’ll find peer-to-peer loans, bank loans, and installment loans from a variety of different lenders. This is especially great for those in need of options for different credit scores and histories. You’ll be able to look into each loan and the APR, but you may need to qualify for these loans before seeing all of their details.
One important detail to keep in mind about PersonalLoans.com is that this website is only a referral service. PersonalLoans.com will use your self-reported financial information to refer you to lenders who can offer debt consolidation loans that meet your needs and that you may qualify for.
- Interest rates as low as 5.99 percent
- Can borrow up to $35,000
- Several different loan types are available
- Available in all 50 states
When considering debt consolidation, it can be tough to find a loan that works for you – or that you qualify for – if your credit score is less than perfect. Those with poor or weak credit may feel like they have limited options. Yet with Avant, anyone can consolidate their debt with a loan no matter their credit score.
Avant, which has an A+ score from the Better Business Bureau, is different from other debt consolidation loan services. It isn’t a peer-to-peer lender; instead, you’ll be able to browse loans on the Avant lending platform online, going through Avant to secure any loan you’re interested in. And Avant specifically focuses on offering loans to borrowers with lower credit scores, giving those with scores under 600 choices.
Just make sure to take a close look at any loan’s APR before signing the loan terms. Those with lower credit scores may not get to take advantage of a significantly lower interest rate – and even those with good credit can be charged high APRs through Avant.
- Interest rates as low as 9.95 percent
- Can borrow anywhere from $2,000 to $35,000
- Can get your debt consolidation loan the next business day
- Available in all 50 states
Consolidate Your Debt Today
There’s no need to continue worrying about your mountain of debt. If you’re living with huge credit card payments, personal loans or auto loans, or any other debt that’s becoming too difficult to pay, you have options. And debt consolidation is a fantastic one.
A debt consolidation loan can lower your interest rate, lowering the total amount you’ll have to pay. And with one loan, you’ll only need to make one payment each month, helping you gain control of your debt much more easily. Consider your options and search for a debt consolidation loan today.