Personal Loans To Consolidate Credit Card Debt
The average household has over $15,000 in credit card debt. A personal loan if used correctly can be a great tool to finally eliminate this balance.
Most people think of a bank or credit union to borrow money for a personal loan. There is an easier way and that is through peer-to-peer lending platforms. The cool thing is that the entire process is done online. You fill out an easy application and then individual investors over the lending platform fund your loan. The money is direct deposited into your account usually within a day of approval.
Why Is A Personal Loan A Better Choice Than A Balance Transfer Credit Card?
The main reason why a personal loan is a better choice to pay off credit card debt is that it has a fixed payment. The other reason is that you can get a personal loan for up to $35,000. Most people have larger balances and a balance transfer credit card many times will not allow for higher amounts for transfers.
Another feature of a personal loan is that it has an end date. You will have a fixed interest rate and payment with terms to pay off the loan of 3 – 5 years. When your final payment is made the loan is paid off.
People transfer balances to a balance transfer credit card with the intent to pay it off. The problem is an emergency comes up or you see something you want and the balance continues to grow. There is no real end date. With a personal loan it forces you to pay it off completely and get rid of the credit card debt.
What Are The Best Personal Loans To Consolidate Credit Card Debt?
There are a few really good peer-to-peer lenders. We recommend the following below. To apply just click on the link to go to the website to fill out the online application to get approved.
PersonalLoans.com – Is a personal loan lending network. They have an easy online loan application and will help get you the best lender for your situation.
LendingClub.com – is one of the largest peer-to-peer lenders. Borrow up to $35,000.
Upstart Loans – Started by Ex Google employees. Take into consideration more than just your credit history. Good option for those who graduated college, have a job but not much credit history.
All of the lenders of personal loans above are great options to consolidate your credit card debt.