Anybody who is paying a lot of interest on their debt knows how undortunate the feeling is. The good news is that a consolidation loan can help reduce your payments and save you money.
Having debts is inevitable, but repaying them can be such an uphill task, especially with exorbitant interest rates. COVID-19 has also aggravated the matter by promoting salary cuts and job loss.
Are you trying to get back on your feet, but debts are dragging you? Then consider consolidating your debts into one loan. As a result, you can enjoy significantly lower interest rates.
A consolidation loan is a quick way to pool all of your debts into one single montly payment that is at a lower interest rate and much cheaper to pay off.
Let’s have a look at a few debt consolidation loan options you can consider.
What’s Debt Consolidation?
Simply put, a debt consolidation is taking a single loan to settle your various debts and liabilities. By taking a single loan to settle all your loans, you get to enjoy reduced interest rates as well as decreased monthly installment payments.
Consolidating all your debts is an incredible way of dealing with your liabilities all from one point. Consider the alternatives below and choose the one that offers you the most favorable terms.
LendingClub
Started in 2007 as the peer-to-peer lending system, LendingClub has grown into one of the best for joint borrowers in the USA.
This company connects you to lenders offering loans you can use for debt consolidation. It is a credible and trustworthy company that has an A+ rating from the Better Business Bureau.
To qualify, you need a credit score of at least 600, be a US citizen, and live in any of the states except Iowa.
In case you Consider LendingClub, below are some benefits you will receive:
- Interest rates as low as 6.95% depending on your credit score
- You can receive as much as $40,000.
- Enjoy a monthly fixed interest rate.
- A repayment period of either 36 or 60 months.
- Immediate relief from high credit card interest rates.
- Accessible in all states except Iowa
PersonalLoans.com
Here you will enjoy various personal loans. Through the PersonalLoans.com referral website, you can get in touch with various lenders. These lenders have different repayment plans, so it is up to you to select the one that is most favorable.
At PersonalLoans.com you can access bank loans, installment loans, and peer-to-peer loans. As such, individuals with different credit scores and histories can enjoy various loan options.
PersonalLoans.com website allows you to view all the loans and APR, but you might need to qualify for the loans to see all their details.
Remember, at PersonalLoans.com you’re only referred to lenders. Once you declare your financial details, you get connected to lenders who offer consolidation loans that are most suitable for you.
Benefits:
- Get loans as high as $35,000.
- Enjoy low-interest rates. The lowest they can get is 5.99%.
- Access the various loans regardless of the state you live in.
Avant
If you have weak credit, it’s difficult to secure a loan from most lenders. Avant offers debt consolidation services for you in case you are in this category. It has a score of A+ from the Better Business Bureau.
Through the Avant website, you can virtually check the various loan options available for you. Unlike the other lenders we discussed, Avant isn’t a peer-to-peer lender. They are keen to provide loans to borrowers with low credit scores, especially those below 600.
Be sure to read and understand the terms and conditions before signing. Since the borrowers have low credit scores, the interest rates are notably high. The same goes for APRs.
Benefits:
- No minimum requirement to qualify for a loan.
- You can get a loan of up to $35,000.
- Repayment period of between 2 to 5 years.
- Customer support is available any day and time of the week.
- There are mobile applications available to help manage your account.
- You will enjoy interest rates as low as 9.95%.
Merge All your Debts Now
Debts can literally make you sick. If you have been struggling to settle your various loans, it’s prime time you consolidate them.
Through loan consolidation, you will enjoy relatively lower interest rates compared to the individual interest rates you were paying previously.
You will also know the exact time you will clear your debt. Therefore, consolidation gives you more control over your debt.
If you’re drowning in debts, don’t hesitate to merge your debts today. Get online and search for the most favorable consolidation loan and apply for it.
