Low interest debt consolidating loan
With a debt consolidation loan, a lender issues a single personal loan that you use to pay off other debts, such as balances on high-interest credit cards.You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.Nerdwallet has reviewed more than 25 lenders to help you compare and choose one that’s right for you.Below is a list of Nerdwallet’s top lenders for debt consolidation. If you’re borrowing money to pay off debt, a personal loan works best if you have a plan to tackle your debts.Personal loan rates are generally lower than credit card rates, so consolidating could save you hundreds, or even thousands, of dollars in interest payments.Using a personal loan to reduce debt can have a few benefits.If you find yourself deep in debt, the options for digging yourself out can seem overwhelming.
The amount of credit card debt you can transfer is typically up to ,000.Look for a site that offers educational tools such as a credit score simulator or guidance on how to build credit.If you can’t qualify for a loan through a reputable lender, don’t head for a payday lender. For borrowers with good credit, a balance transfer credit card is an alternative to a debt consolidation loan.When receiving a personal loan, you are opening a new installment credit line and, if handled responsibly, it can help raise your credit score.A personal loan for debt consolidation can help eliminate debts faster and put you back on the right track.