- 1 personal loans for debt consolidation
- 1.1 Debt Consolidation Loan Directory
- 1.2 Debt Consolidation Loans and Other Types of Debt Relief
- 1.2.1 Consolidate Debt Without a Loan
- 1.2.2 Unsecured Personal Loans for Debt Consolidation
- 1.2.3 Quick Debt Relief Program Menu:
- 1.2.4 What is a Debt Consolidation Loan?
- 1.2.5 Other Debt Relief Program Pages
- 1.3 Personal Loans for Debt Consolidation
- 1.4 Why Choose To Combine Your Loans?
- 1.5 Benefits of Credit Consolidation
- 1.6 Debt Consolidation Loans up to $100,000
- 1.7 Debt Consolidation Loans up to $100,000
- 1.8 Choosing the Best Debt Consolidation Loans
- 1.9 Debt Consolidation with Personal Loans
- 1.10 Consolidation Options: Loans vs. Credit Cards
- 1.11 Personal Loans for Debt Consolidation
- 1.12 The Benefits of a Personal Loan Versus a Credit Card
- 1.13 How to Determine If a Personal Loan is Right For Your Needs
- 1.14 Shopping for the Best Consolidation Loan
- 1.15 Debt consolidation personal loans
personal loans for debt consolidation
Debt Consolidation Loan Directory
Find companies providing consolidation loan programs and related debt relief services. "Save time and money when you learn about and then compare financial services at DebtConsolidationLoan.com."
Debt Consolidation Loans and Other Types of Debt Relief
Learn the basics about consolidating your credit cards and other debts. Also, find and review directories of companies that provide debt help, as well as alternative options to getting a loan for bill consolidation. Use the menus above to find these online services and their websites, that provide various kinds of debt relief, including credit counseling and consolidation loan programs. These menus are organized by type of service or the state that you live in. Learn about common debt-related terminology below.
Consolidate Debt Without a Loan
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Unsecured Personal Loans for Debt Consolidation
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Quick Debt Relief Program Menu:
What is a Credit Card Debt Consolidation ?
General terminology used to describe the combination of multiple debts owed to credit card lenders into one (typically) smaller and easier to manage payment amount. It is often assumed that getting a consolidation loan is required to consolidate debt, however, there are multiple methods of accomplishing this goal. Each type of debt help (or relief) has its own set of pros vs. cons, and the list can be different for each consumer depending upon their personal financial situation. Get more info and… Find Debt Consolidation Programs.
This type of lending is can be used for consolidating credit card debt and other (typically) smaller bills, or for a wide variety of other purposes. They can be offered as unsecured loans, or they can be secured to a borrower’s personal collateral. Unsecured loans are usually available for smaller amounts of money and qualification is typically much more difficult than it is for other types of lending. Get more info and… Find Personal Loan Options.
Credit counselors may be able to help a consumer obtain better interest rates, get penalty fees waived and help them manage their personal finances better through a consolidation of debt that is managed by the credit counseling agency. The consumer makes one payment to the counselor’s firm, that (in turn) pays the borrower’s creditors. This is why this type of service is also referred to as debt management. Get more info and… Find Credit Counseling Help.
This form of debt relief is the process by which a company negotiates a lower balance on a consumer’s outstanding debts with their creditors. The credit accounts are closed and the consumer agrees to make payments, per a schedule, until the balance is paid off. However, any amount of forgiven debt may be considered taxable income. Get more info and… Find Debt Settlement Services.
What is a Debt Consolidation Loan?
- Borrowing from a lender to consolidate bills may or may not lower the borrower’s current interest rates, overall interest cost or even the minimum monthly payment amount. a) The available interest rates on a consolidation loan approval may actually be higher than the existing credit card debt and other bills that you want to pay off. If approved, most of what determines the rate offered is due to your credit rating and the type of loan that you have applied for.
- Loans are more difficult (in some cases, much more difficult) to obtain than other forms of debt relief services, such as credit counseling / debt management, debt settlement or bankruptcy, as they have a qualification process that relies upon a set of underwriting guidelines, rather than just required actions on the part of the consumer. However, they are much less likely to have a negative impact on your current credit rating. Your credit score may be impacted by taking out new debt, but mainly, just be sure to make your payments on time.
- A debt consolidation loan is either unsecured, or secured to an asset or assets of the borrower.
Next Up: What are Secured and Unsecured Debt Consolidation Loans and what are the different types?
Other Debt Relief Program Pages
Review the following directory pages for listings of more companies and services providing debt consolidation and related financial services to people in need of help dealing with credit card and other consumer debts.
- Looking to consolidate your credit card debts and reduce your overall monthly payments? Review our directory site listings for non-profit credit counseling services and debt management companies providing debt help to consumers with debt problems throughout the US .
- US-based listings of debt consolidation companies that offer credit card debt consolidation, credit counseling services and consolidation loans to consumers, students and businesses.
- Need an unsecured personal loan for bill consolidation? These type of lending does not require collateral and is available to homeowners and non-homeowners alike.
Please choose a service or product selection based on your financial service type.
Please choose a service or product selection based on your state of residence.
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Personal Loans for Debt Consolidation
Debt consolidation is a process that allows a borrower to combine all his loans into one. It is a way for reducing fees and interest rates of these loans, giving you a chance to get out of debt. If you opt to use merging of debts as a method of clearing your debts, then you should look for the right lender. Lenders play a major role in helping the borrower overcome financial problems. In debt consolidation, you have only one loan to think about and it will be easier to deal with, unlike having to track multiple loans with different deadlines or due dates. Combining debts allows you to clear all your debts quickly because your lender will negotiate for a better interest rate. It is also essential to consider refinancing costs when you want to combine your loans.
Combining your credit into one is an avenue that most people take to avoid complications that are associated with multiple loans. It is imperative to note that when you minimize your expenditure, you will be in a better place of clearing all your debts. Apart from giving you peace of mind, combining loans is beneficial because it helps you eradicate the need to deal with multiple fees, interest rates and other charges associated with the loan. If you are looking for a financial solution that will help you overcome debt, then merging your debt is the ultimate solution. We help to connect borrowers to lenders in our network who will finance the loan request. Transferring multiple debts into one will help the borrower focus on one new loan to repay. Reasons, why people choose to combine their loans, include the following:
- They struggle to repay their monthly payments. If you are struggling to keep track of your current debts, then the best way to handle this is to merge all your credit. This simplifies your repayment process and gives you a way to clear your debt.
- They have a low-interest credit card with available credit. In this context, cards usually come with different rates and payments and you should consider zero percent credit cards because it makes an easy loan repayment. Merging different credit card balances into one makes it easier for the borrower to track and make payments on the same.
- They have a poor credit score and a large amount of debt. You can consider merging your loans in order for you to go back to a healthy financial status if you have poor credit score and you are in a huge debt. Merging your credit will help you know the total amount you owe people and how to repay them.
Borrowers can consolidate a number of debts such as personal loans, credit card debts, and store charges among others. Depending on the loans you have, you can merge all your credit and focus on a single payment avoiding further complications. When you opt to combine all your debts into one, there are several options that you can choose from. These include:
- Pay off all your current debt if you are unable to transfer balances. In case you have several credit cards and your creditors have denied your access to transfer the finances, then you can merge all credit card charges. If you qualify for these cards, you can transfer them during the promotional period and avoid further complications.
- Paying off your current loan. You can use a personal loan to clear off all your existing debts, the loan that you will be given is unsecured therefore you will not be required to produce collateral or an asset. Rolling your debts into one helps you to make timely payments and increase the chances of getting a better credit score.
If you plan to merge your debts, it is imperative that you look at the terms and conditions of the loan that your lender is giving you. We connect borrowers to many lenders in our network who will finance their loan request. With an excellent customer support team, you can ask all questions about personal loans for credit consolidation. Moreover, you can make use of the calculator available on the website to juggle rates and monthly payments to see what you can get. You can add the loans that you are repaying currently increase or reduce the term of the loan and vary the frequency of payment among others. When you change all these parameters, it will give you a clue of what to expect when you take out the loan.
Why Choose To Combine Your Loans?
There are various reasons why you should merge all your credit. It is important to note that features of the loan:
This is the main point why people choose to combine their loans, it is vital to make sure that you meet all the requirements from your lender before you choose to request for a loan. Consider all charges associated with the loan such as penalties, fees, and interest rates. The new loan term should be considered and it should have a low-interest rate. Although you may get a loan with an extended repayment period, you should look at the total charges that you will repay.
Compare term loan, interest rates and charges of the loan
Before you choose to merge your credit, you should know exactly how much you have to pay. Loans come with the different interest rate, costs and charges and you should put all these features into consideration. When you add up all the costs of your existing loans and compare to that of your lender, you can make a choice if combining loans is the right option for you. Do not rush into anything without conducting thorough research.
Some lenders will charge a certain amount if you repay your loan early and these penalties, among other charges, would be included when you are calculating the total cost of your loan. Check to see if your lender will charge you if you choose to clear your loan early. The main aim of combining your debts is to clear them as soon as you can. Moreover, if you want to build a good credit history, then paying your loans on time is vital.
Benefits of Credit Consolidation
There are numerous benefits of merging your credit:
- Benefits of Credit Consolidation
Lower repayment cost: many people opt to merge your loans in order to reduce the total credit cost. Once you have found the right lender you might save up to 50% of the costs associated with costs of the loan. Your lender will negotiate with your creditors to lower the interest rates to allow you repay the credit within the stipulated time.
Debt Consolidation Loans up to $100,000
Debt Consolidation Loans up to $100,000
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- Know if you’re approved within minutes
- Receive money within days
- Consolidate bills into single payment
Options for Debt Consolidation
You have several options when it comes Debt Consolidation. Make sure you know which one is perfect for you.
Knowing the right things to consider when finding the right Debt Consolidation Lender is important.
We have some helpful reminders for those who are considering debt consolidation.
We’re providing you with the steps you need to take in order to start the Debt Consolidation process.
Choosing the Best Debt Consolidation Loans
To create the best list of Debt Consolidation partners for you, we’ve taken the following factors into account:
Before anything else, you first need to need to know if you qualify for the loan. Most lenders have a minimum FICO score – this represents their risk appetite. Even if you find what you believe to be the best company to get a debt consolidation loan from, you will have to look for other options if you do not meet their requirements. Therefore, if you have a relatively low FICO score, be realistic and expect higher APRs. On the other end, if you have an excellent FICO score, your options will be a lot broader.
Annual percentage rates (APR) and monthly payments
If you are looking at estimated APR and monthly payments, you should already have narrowed down the list of potential lenders on where you qualify. Of course, you want to get the best deal out there. However, understand that this is limited by certain factors, largely by your FICO score. What you will have now is a range of your potential interest rates you can accrue based on the information you gathered. Assuming you have the same loan term, the higher the interest rate is, the higher your monthly payments will be.
Aside from interest, lending institutions earn money through various fees. There are different types of fees that a lender can impose on clients, but the most common one is a prepayment fee. Your best debt consolidation loans will not come with fees unless they are very minimal. Know the fees associated with your loan. Otherwise you might be surprised when your bill comes.
If your credit rating is impeccable and you have found the perfect debt consolidation loan, you may find their payment process is indirect and very democratic. Is this still a viable option? You should always consider the accessibility and convenience of your lender. There are other concerns in your life besides settling your debt. If your chosen debt consolidation loan becomes a burden instead of making your life easier, you are better off with another creditor.
Lastly, assuming that you are no expert when it comes to how these things are handled, there must be qualified and competent customer representatives to bridge the knowledge gap for you. Even if you feel you are comfortable with a lender, you still must be certain that your concerns are addressed accurately in a timely manner. Especially when it comes to fees, there must be clear communication between the two parties. Without that, you might unknowingly hold wrong expectations and get very frustrated later on.
The decision must not be on your financial concerns alone. In the end, the loan is just as good as where you source it. Your choice must be a balance of all these factors, with some factors weighing more heavily than the others depending on your priorities.
Debt Consolidation with Personal Loans
Many individuals accumulate debt with various organizations. This can include things like student loans, credit cards, business loans, mortgages, and many other lending products.
One of the best ways to simplify this complex web of bills is with a debt consolidation loan. A debt consolidation loan is when you are given a loan to pay off other debts. The result is that your bills are consolidated into one place so you don’t have to worry about tracking multiple different payments.
You pay a fixed payment to your lender for a period of two to five years on average. Most consolidation loans are offered at a fixed interest rate, which gives borrowers the stability and predictability they might lack in their current financial arrangements.
Are you a good candidate for Debt Consolidation?
You might be a good candidate for a debt consolidation loan if:
- You can repay your consolidation loan without accruing additional debt.
- You have the right credit to obtain a loan at a better interest rate than your current debt.
- You are having a hard time keeping up with multiple different payment schedules.
However, as with all financial products, there are a few things you should pay attention to:
- Make sure you are aware of the fee the consolidation lender will charge
- Understand what support you have access to, for example: will the lender pay your creditors directly?
- Check if there is an advantage to having a co-signer on your loan.
Consolidation Options: Loans vs. Credit Cards
With the right credit, you can get a card that has an introductory 0% interest period. Transferring your current balances to this new card can save you money.
Something to consider, though, is that the introductory rate will eventually expire. If you haven’t paid off the balance by that point you could be in for a surprise when the bill comes due. The interest rate on credit cards is almost always higher than the interest rate on a personal loan, so if something comes up and you can’t pay off the balance on time you’ll face a large expense.
There are some distinct advantages to personal loans when compared to credit cards for debt consolidation.
The first advantages have to do with the structure of a personal loan. The fixed payments provide predictability on when you will be done paying your loan, and the interest rates are usually much lower for personal debt consolidation loans than they are for credit cards. In fact, because loans are issued through the banks, there are limits on how high of an interest rate they can have. For example, federal credit unions are typically limited to 18% per annum.
Another advantage is the way that the debt is treated on your credit report. Credit cards appear as something called revolving debt, which has a greater impact on your score than installment debt, which is how a loan is categorized. This has to do with the fact that credit cards have a credit limit, and using too much of your credit limit can negatively impact your score. These factors don’t apply to installment credit.
There are a number of ways that you can get personal debt consolidation loan, but one of the most common is to use online services to compare different lenders. Each lender has different policies and procedures, so it is important to understand how to compare different personal debt consolidation loan lenders.
Personal Loans for Debt Consolidation
Debt consolidation loans are commonly used to help consumers better manage their credit card debt, and they may also be used to pay for medical expenses and other similar types of debt. Debt can be a major hindrance to achieving financial health, stability and security. The average consumer in the United States carries approximately $7,000 in unsecured debt. If you are stressed about the amount of debt you are responsible for and are looking for a better way to manage and reduce that debt, you may be wondering if applying for a consolidation loan is a good option to consider. With a closer look at debt consolidation loans, you can determine if this is the best financial move to make to improve your situation.
The Benefits of a Personal Loan Versus a Credit Card
There is no single right way to handle your debt situation. Each person has a unique debt issue with variances in debt balances, types of debt, interest rates and even the ability to repay the debts. In some cases, using a balance transfer offer on a credit card is a great idea. Some credit cards, for example, have a zero percent interest rate on balance transfers within the first few months or longer. However, the rate on the outstanding balance can escalate if the balance is not repaid in full by the rate expiration date. In addition, there may be costly balance transfer fees that will increase the total amount of your debt. A credit card also has a revolving term rather than a fixed term, and it is harder to reduce balances with a revolving term. A personal loan often has an attractive interest rate and a fixed term. The loan amount may be sufficient to roll all of your outstanding debts into a single account. This may provide you with a complete debt elimination strategy and more manageable debt payments throughout the life of the loan.
How to Determine If a Personal Loan is Right For Your Needs
There are a few steps you should take to determine if a personal loan is the best financial option for you. Make a list of all of your outstanding debts, including medical bills and other vendors who you owe money to. Include monthly payments, outstanding balances and interest charges on each debt. Add up the totals for monthly payments and outstanding debt balances. Then, look for a loan that can be used for debt consolidation. Ideally, a consolidation loan will have a fixed term and will have a lower interest rate than your debts currently have. You can use a loan payment calculator to estimate your monthly debt payment. In many cases, you will see that your total debt payment decreases with a fixed term consolidation loan. However, in some cases, you may realize that you do not qualify for a consolidation loan. For example, your credit rating may be too low to qualify for the loan amount you need. If this is the case, other debt relief options should be considered.
Shopping for the Best Consolidation Loan
If you have moderately good to excellent credit despite having high debt balances, you may be an ideal candidate for a consolidation loan, and you may qualify for great terms. Many banks and credit unions offer personal loans that can be used for consolidation purposes. Some individuals also use home equity loans for debt consolidation. As you compare programs available to you, look for a loan that offers you the most beneficial loan amount and that has the lowest rate. In addition, look for a term length that generates affordable monthly payments. All factors should be reviewed together, and the monthly payment should be comfortable for your budget.
Debt can make it difficult to achieve your financial goals, such as increasing savings balances and preparing for retirement. A debt consolidation loan is an excellent option to consider if you want to set up a firm debt elimination schedule, reduce your payments or otherwise improve your debt situation. Before you proceed with debt consolidation, however, it is important to determine if this would be a helpful move to make and to explore the loan programs available for consolidation. Through this initial effort, you can better determine the right course of action.
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Debt consolidation personal loans
Debt consolidation personal loans explained
When people find themselves in debt, it can be a very stressful time for both themselves and their family. In fact, debt is one of the most common causes of anxiety among adults.
This is particularly the case when a person owes multiple debts to several different credit providers. Keeping track of your monthly outgoings becomes a challenge which only adds to the stress of repaying your debts.
A debt consolidation personal loan is sometimes referred to as an unsecured loan, which is primarily used to pay off existing debts. This can not only be used to consolidate separate pending loans, but other forms of debt such as credit cards etc.
By consolidating existing debts into one single monthly payment, a person can often reduce their monthly outgoings and better manage their finances. These types of loans often prove to be more affordable.
When people owe credit to several different providers at the same time, it heightens the chances that they will fall behind on payments from time to time. This has an adverse effect on that person’s credit score and therefore harms their chances of applying for future credit.
Debt consolidation personal loans may, therefore, give people a greater sense of control over their financial situation. Not only that, they may also be able to arrange a repayment plan that suits them far better than their current arrangements.
Before you apply for an unsecured debt consolidation loan through Progressive Money, make sure to read through some of our most frequently asked questions.
What can a debt consolidation personal loan be used for?
A debt consolidation personal loan is a good option for people looking to get a better handle on their multiple outstanding debts. If you’re looking to obtain credit, our range of personal loans for debt consolidation may be able to help you in the following ways:
- Regain control over repayment period
- Reduce the stress in your financial situation
- Reduce your monthly payments
- Reduce the interest you pay
- Improve your credit rating
Do I qualify for a debt consolidation personal loan?
In order to apply for an unsecured debt consolidation loan through Progressive Money, you must meet the following criteria:
- Aged 18-70
- A homeowner
- Live in the UK
- Able to afford monthly repayments comfortably from your regular income
Progressive Money offer personal loans for debt consolidation from £1,000 up to the value of £15,000.
How long do I have to repay my loan?
We offer flexible repayment periods of up to 10 years. Our team of expert loan advisers can talk you through all repayment options available to you.
Although opting for a longer repayment schedule may reduce the amount you are due to pay back each month, remember that it also means that you are in debt for a longer period of time.
How much interest will I have to pay on my loan?
We believe in being completely transparent about all fees involved in your personal loan application. Interest rates vary with each application, and is dependent on various factors such as loan amount, repayment term, and credit score.
Progressive Money charge an acceptance fee of 10% of the loan amount and an administration fee of £390 for the administration of the loan, which you can pay up front or choose to add into the loan amount. For example, if you are applying for a £7,500 loan, you may expect to pay an acceptance fee of £750 and an administration fee of £390.
We will not turn you away if you have negative equity in your property. Please be aware that we cannot guarantee your personal loan until we have reviewed your current circumstances and the repayments you can afford.
At Progressive Money, we listen to you. Your application will be individually assessed by an Underwriter and not by a computer.
A personal account manager will be there for you to discuss any queries you have regarding your account right through until the completion of your loan term. Remember your personal account manager is always just a quick call away.
Representative Loan Example: Loan Amount: £4,000.00, Loan Term: 36 months, Monthly Interest Rate: 30.60% PA (Fixed), Monthly Repayments: £195.55, Total Amount Repayable: £7,040.00, This example includes an Acceptance Fee of £400 (10% of the loan amount) and an Administration Fee of £390.
*The maximum APR is representative of plan 4c based on a term on 24 months and a loan amount of £2000.
Progressive Money Limited is a direct lender and licensed credit broker. If your application for a loan doesn’t meet the underwriting requirements of Progressive Money Limited or you wish to consider other lending options, we may with your permission, pass your information onto other selected third party lenders or brokers, including other group companies. Authorised and regulated by the Financial Conduct Authority. Firm Reference No. 690699. Registered with the Information Commissioners Office No. Z3414982.