Getting a Personal Loan to Pay Off Debt
One of the top questions sent to us almost weekly is regarding the topic on the best ways to pay off debt. Many of those people say they have multiple credit cards and other obligations they want to consolidate into just one simple payment.
Others are wanting to save on interest charges over time or help free up cashflow to pay other bills. Well today we will break down the details and options you have in regard to getting a personal loan to pay off debt.
What Are Personal Loans Used For Normally?
You will find that online personal loans have become super popular over the last few years. The beauty of a personal loan is that it is an unsecured loan. This means you do not have to put up assets to back the loan. The process is simple and can be done 100% online.
Another feature is that if you have lots of credit cards or other debt. This debt can be consolidated into a personal loan up to $40,000 if approved.
This is why online personal loans are considered to be a great way to consolidate debt into one fixed lower interest payment. There is a variety of reasons why people utilize personal loans.
Many of the more popular reasons is to do home improvements or pay off bills. Some people even use a personal loan when getting married to pay for a wedding or honeymoon.
Others take out personal loans to have cash on hand when purchasing a car, motorcycle or even a new boat. The reasons are endless and as long as you qualify you can get the money deposited directly into your checking account.
Getting a personal loan to pay off debt is still the top reason for applying for a personal loan online. This is to mainly pay off higher interest credit cards.
How Do I Apply for a Personal Loan Online?
It is actually a simple and easy process to apply for a personal loan online.
Below we highlight 3 of the best ways to get personal loans online.
1. Use a Lending network
You can just apply with one easy form and the lending platform has multiple lenders that will review your application and get back to you with a quote if you get approved. If you want to apply with a lending network you can visit PersonalLoans.com.
2. Peer-to-peer Personal Loans
Peer-to-peer loans have gotten really popular and the process is super simple. When you apply online by filling out the simple form, they do a soft pull which does not effect your credit. You will then get quotes back. Once you accept the loan offer it is funded by individual investors who fund the loan. Once the loan is funded you will receive your loan amount via direct deposit into your account.
If you are interested in getting a peer-to-peer loan you can visit LendingClub.com.
3. Lower Credit Score?
If you have a lower credit score or need a smaller loan amount, you can apply online at PersonalLoansDepot.com
Getting an online personal loan to consolidate and pay off debt can give you just one, lower fixed rate payment that you can pay on over time. Once the loan is paid off your debt is gone.