Businesses: Offer Customer Financing to 10X your sales & profits. All businesses & products qualify.

Debt consolidation Personal Loan Basics

What is Debt Consolidation?

Debt consolidation is a debt management method in which one or more debts are rolled into another type of financing. For example, you could get a debt consolidation loan or a balance transfer credit card and use it to pay off old debts at a lower interest rate.

 

You should ideally consolidate your debt at a lower APR than you are already paying. This can save you money on interest, cut your monthly payments, and allow you to pay off debt faster.

Debt Consolidation Loans Are Available

Start Your Search

How does debt consolidation work?

Although there are numerous ways to consolidate debt, the process is typically the same: you pay off one or more debts with a new debt. Personal loans and balance transfer credit cards are two popular debt consolidation methods.

 

Depending on your specific situation—how much debt you need to consolidate, your credit score, how quickly you need the funds, the sort of debt you have, and other criteria—one approach may be more suitable for you than another.

 

Personal Loans:

With a debt consolidation loan, you can combine multiple types of debt into one fixed monthly payment.

 

Balance Transfer Credit Card:

Consolidate credit card debt into a lower-interest balance transfer credit card.

 

Debt Consolidation Loans Are Available

Start Your Search

How to consolidate debt with a personal loan

  • ● Check your credit score. The majority of consolidation solutions will require a credit check. Because unsecured personal loans do not require  collateral, lenders rely primarily on your credit score, as well as other criteria, to verify eligibility.
  • ● Determine how much you need to borrow. Add up all of the monthly debt payments you would like to consolidate. A personal loan can be used to pay off credit cards, payday loans, and other high-interest debts.
  • ● Determine the APR required to save money. For a debt consolidation personal loan to be beneficial, your APR must be lower than what you are already paying on your debts.
  • ●Compare APRs by prequalifying with lenders. Many lenders allow you to prequalify for a personal loan in order to estimate your possible APR without affecting your credit score. This allows you to compare estimated loan offers before submitting a formal application.
  • ●Submit formal application to a lender. If you are approved, the lender can directly transfer the funds into your bank account. That money can be used to pay off any form of debt.

Debt Consolidation Loans Are Available

Start Your Search

HelloRates Company Information

HelloRates Legal Information

Consumer Financing & Financial Services

Customer Financing For Your Business

Industries & Categories Served

Enterprise Payment Options & Solutions

HelloRates is on a mission to change the way financial rates are obtained. Our sole focus is to save you time and money by leveraging market leading technology and data science metrics to provide lower rates and a better, faster user experience.

Social Media

Facebook Twitter Instagram Linkedin Youtube

Visit Our Other Sites

Copyright © 2024 HelloRates. All Rights Reserved.
Made with 💙 in Charleston, SC

This website does not constitute an offer or solicitation to lend. Annual Percentage Rates (APR), Introductory Rates (Intro), terms, interest rates, amounts, and fee(s) are provided by Trust Tech LLC/ DBA HelloRates.com lending partners. HelloRates.com (the operator of this website) is a technology company not a lender, does not accept applications for credit, does not make loans, and does not make credit decisions. your information on this website does not guarantee that a lending partner will be able to be located to meet your needs or that you will be approved for a loan. The lending partner may perform a credit check or otherwise verify the information you provide. Not all lending providers offer loans up to the advertised amount and not all lending providers can provide you with the loan amount you requested. Loan amounts are determined by the lending partner based on individual creditworthiness. All financial terms of the loan, including annual percentage rate (APR”), fees, charges, and repayment period will be provided to you by the lending partner and may vary by lending partner, state, and your individual creditworthiness. You are NOT required to accept the terms of the loan that a lending partner offers you. If you don’t agree with or don’t like the terms of the loan offered by the lending partner, do not electronically sign the loan documents. This site is directed at, and made available to, persons in the continental U.S., Alaska and Hawaii only.

Are you sure you want to say goodbye?

We will be sad to see you go, but if you no longer want to receive emails from HelloRates, please click on the link below.
I'd Rather Stay
Unsubscribe Me