Credit Card Loans – Consolidation to a Personal Loan

credit card consolidation personal loans

Credit Card Loans – Consolidation to a Personal Loan

Many people are trying to get their debt under control and have too many credit cards with higher interest rates than they would like to fit their budget. If you are in this camp and are looking to just do a credit card consolidation into a lower rate, single payment personal loan, than keep reading.

Why Going With a Personal Loan is Just a Smart Thing to Do?

Improve Your Credit Score

Trying to juggle all those credit card balances and interest rates can be a pain as well as impacting your credit score. When you have a high debt to credit ratio on specific cards it can directly impact your FICO score.

By paying all of your credit cards off through a consolidation into a personal loan you will have one low payment and a fixed interest rate on just one loan. There is also no prepayment penalty to pay it down faster and it will literally help your credit score as you pay your loan down to zero.

You will also have a fixed date that the loan will be paid off, unlike credit cards where it is much harder to keep track of and easy to stay in the debt trap.

What Are My Best Options For a Lower Rate Personal Loan?

Below we list a few of the peer-to-peer lenders we recommend. These personal loans are not from banks, but newer more modern lending platforms that are funded by individual investors.

Recommended Lenders:

1. Avant Personal Loans for all types of credit.

2. Lending Club – Low Rates on Personal Loans. Borrow up to $40,000.

3. Easy Loan Application and for all types of credit scores.

You will find an easy application process where your loan will be funded quickly and can be in your checking account within a couple days. Everything in the personal loan application process can be accomplished online. You will get your rate without it effecting your credit score. Once you accept the proposed rate your loan will be funded and deposited electronically into your account.

You can then pay off your credit cards and be credit card debt free.

Any of the credit card consolidation loans above are good choices and once you transfer your debt to a single personal loan you will find having just one payment to make was the smart choice.