Electronic Marketing – Radio Tube Supply http://radiotubesupply.com/ Tue, 21 Sep 2021 08:09:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://radiotubesupply.com/wp-content/uploads/2021/07/icon-6-150x150.png Electronic Marketing – Radio Tube Supply http://radiotubesupply.com/ 32 32 The Best Debt Consolidation Loans of September 2021 https://radiotubesupply.com/the-best-debt-consolidation-loans-of-september-2021/ https://radiotubesupply.com/the-best-debt-consolidation-loans-of-september-2021/#respond Tue, 21 Sep 2021 05:59:45 +0000 https://radiotubesupply.com/?p=738 Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. This post was last reviewed and updated on September 1, 2021. The best debt consolidation […]]]>

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.

The best debt consolidation loans of 2021

Generally, you’ll need a personal loan for debt consolidation, which means replacing multiple loans with a single loan instead.

Most personal loan lenders ask about loan purpose when starting the loan application process, and often, personal loans for debt consolidation have higher interest rates than other personal loans and other loan types. 

PFI Best Wells Fargo Logo Banner



BI


Flexibility makes Wells Fargo a top contender for best personal loans for debt consolidation. Wells Fargo separates debt consolidation loans from personal loans, but the interest rates are the same.

Benefits include incredibly competitive interest rates, ranging from 5.74% to 24.24% APR, and an autopay discount of 0.25% if payments are made from a Wells Fargo account. For unsecured personal loans, the most common type for debt consolidation, the amount available ranges from $3,000 to $100,000 and there are no origination or prepayment fees.

Wells Fargo gives several options for personal loans that aren’t common elsewhere. Firstly, there’s an option to secure your loan with a CD or savings account, though that option is only available to current customers. Secured loans allow you to borrow up to $250,000, though an origination fee of $75 applies to secured loans (unsecured loans don’t have a fee). 

Wells Fargo can send your loan funds to your Wells Fargo bank account, or to a credit account outside of Wells Fargo to pay down your debts directly. 

Watch out for: Secured loan options. Secured loans use collateral to bring down interest rates and increase the amount available to borrow. But using these savings accounts as collateral could mean losing your savings or CD if you don’t pay on your loan. 

Additionally, it’s worth mentioning Wells Fargo’s history with data security and compliance. The bank has faced several federal penalties for improper customer referrals to lending and insurance products, and security issues tied to creating fake accounts several years ago. 

Read Insider’s full review of Wells Fargo here. 

Check Rates >>

PFI Best lightstream Logo Banner



BI


Lightstream is a highly regarded lender for many loan types, and has been a top pick across Insider’s coverage of the best personal loans and best auto loans. However, this lender only works with borrowers with good or better credit, with a minimum credit score requirement of 660. 

LightStream offers consistently competitive interest rates, though its minimum interest rate for debt consolidation is higher than its typical personal loan’s interest rates. However, this lender does not have any prepayment or origination fees. Same-day funding is available with LightStream. 

Watch out for: Varying loan terms between LightStream’s typical personal loans and debt consolidation loans. Only borrowers with excellent credit can borrow the $100,000 maximum, and anyone without excellent credit may not qualify for the full amount.

LightStream defines excellent credit history as an account with five or more years of credit history, stable and sufficient income for debts, and a variety of credit history with little or no credit card debt. If you’re looking for a debt consolidation loan, chances are you have a significant amount of debt, and may not fit these qualifications.

Additionally, LightStream doesn’t have a way to pre-qualify online. You’ll have to apply for the loan to find out exactly what your rates and terms could look like, which could make comparison shopping difficult. 

Read Insider’s full review of Lightstream here.

Check Rates >>

PFI Best SoFi Logo Banner



BI


A SoFi personal loan is the best option for anyone with a high balance, as this lender makes debt consolidation loans of up to $100,000. Debt consolidation loans from this lender are comparable in rates to those offered by LightStream, but SoFi offers higher loan limits to all applicants, whereas LightStream only allows some borrowers to borrow up to $100,000. Similarly, SoFi doesn’t have any application, origination, or prepayment fees. 

SoFi offers unique features like unemployment protection, which could put loans in forbearance for up to three months if you find yourself out of work. 

Watch out for: Stringent requirements. SoFi personal loans have a minimum credit score of 680. According to NerdWallet, the average income among borrowers is over $100,000.

Read Insider’s full review of SoFi here.

Check Rates >>

PFI Best Payoff Logo Banner



BI


In the fair credit range, it can be tough to qualify for a personal loan with reasonable interest rates — many lenders have a minimum of 660 or 680. However, a Payoff loan could be a good option for people with credit scores as low as 640. Interest rates are comparable to those offered by LightStream and SoFi, but this lender has less stringent requirements. 

Compared with competitors Prosper and Best Egg, which both have the same 640 minimum credit score requirement, Payoff’s interest rates are capped lower, and could have lower origination fees. 

Watch out for: Origination fees. Payoff offers loans with origination fees ranging from 0% to 5%. Competing lenders Prosper and Best Egg charge minimum 2.41% and 0.99% origination fees, respectively. The better deal will depend on your credit score, income, and repayment term.

Read Insider’s full review of Payoff here.

Check Rates >>

PFI Best Avant Logo Banner



BI


With bad credit, a personal loan for debt consolidation can be expensive, or hard to qualify for. An Avant personal loan is the best bet for borrowers with poor credit, requiring a minimum credit score of 600.

Compared to other personal loan lenders offering debt consolidation loans for bad credit borrowers, Avant’s terms are the most generous. Interest rates range 9.95% to 35.99%. While there is an administration fee, it could be lower than competitors’ fees with a cap at 4.75%. Avant also has the advantage of quick, next-day funding available.

Watch out for: Secured loan options. Like Wells Fargo, Avant offers the option to secure your loan with collateral like your car. While this could be helpful to lower interest rates, it could put your car in jeopardy if you don’t pay. Secured loans have an administration fee of 2.5%, and a maximum amount of $25,000.

Read Insider’s full review of Avant here.

Check Rates >>

Other personal loans we considered

  • LendingClub Personal Loans: This lender has the potential for high origination fees that could add to the cost of borrowing. The average origination fee is 5.2%. Read Insider’s full review here. 
  • Prosper Personal Loan: Prosper’s minimum credit score requirement is 640, but borrowers with this score could get lower interest rates and potentially lower fees from Payoff. Read Insider’s full review here. 
  • Best Egg: Like Prosper, borrowers with credit scores of 640 or above could get lower minimum interest rates and lower maximum fees from Payoff. In order to qualify for the lowest possible interest rates, borrowers need a minimum FICO score of 700 and an income of at least $100,000 per year. Only three-year and five-year loan terms are available, making these loans less flexible than other options. Read Insider’s full review here. 
  • Discover personal loans: Discover’s personal loan rates start higher than other lenders’ loans, and borrowers who meet the minimum credit score requirements could get lower interest rates from LightStream, which cap lower. However, Discover makes payments directly to creditors, which could simplify your payoff process. Wells Fargo is the only other bank on our listing to offer that option.
  • Marcus Personal Loan: Like Discover, borrowers who qualify for Marcus personal loans could find lower minimum interest rates with LightStream, SoFi, or Wells Fargo.
  • Axos personal loans: This lender’s personal loans require a minimum credit score of 720. For borrowers with this type of credit, lower interest rates can be found elsewhere. 
  • OneMain Financial personal loans: OneMain doesn’t have a minimum credit score required to apply, which could make it a viable option for people who don’t meet Avant’s 600 minimum. But interest rates range from a high 18% to 35.99%. Read Insider’s full review here. 

Which lender is the most trustworthy?

We’ve compared each institution’s Better Business Bureau score to give you another piece of information to choose your lender. The BBB measures businesses’ trustworthiness based on factors like their responsiveness to customer complaints, honesty in advertising, and transparency about business practices. Here is each company’s score:

With the exception of Wells Fargo and Avant, our top picks are rated A or higher by the BBB. Keep in mind that a high BBB score does not guarantee a positive relationship with a lender, and that you should continue to do research and talk to others who have used the company to get the most complete information possible. 

The BBB currently does not have a rating for Avant because the BBB does not have sufficient information to issue a rating on the lender. The BBB does not have a rating for Wells Fargo as the BBB is investigating its profile. Previously, the organization gave Wells Fargo an F in trustworthiness. In the past few years:

If you’re uncomfortable with this history, you may want to use one of the other personal loan lenders on our list.

Frequently asked questions

Why trust our recommendations? 

Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product, we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.

How did we choose the best debt consolidation loans? 

To find the best personal loans for debt consolidation, we combed through the fine print and terms of about a dozen personal loans to find the ones that were best suited to help with consolidating debt. We considered four main features: 

  • APR range: For the most help with debt payoff, a personal loan for debt consolidation needs to have lower interest rates than the credit card or other debts you’re consolidating. We looked for the loans that had the lowest rates possible for each credit range and purpose. The average credit card interest rate was 16.28% in 2020, so we focused on loans that had the potential to beat this. 
  • Appropriate loan amounts: We looked for personal loans that had the most variety in loan amounts. According to loan comparison site Credible, the median amount of debt consolidated in May 2020 was $18,000. To benefit the most borrowers, we included personal loans with maximum limits over $10,000. 
  • Minimum credit score requirements: Where available, we considered the minimum credit score requirements for each company. We considered loans for excellent, fair, and poor credit, grouping loans into categories based on these credit score requirements.
  • Fees: We considered fees like origination or administrative fees in our decisions, looking for loans with the fewest or lowest fees. None of the best loans listed have prepayment penalties. 
  • Nationwide availability: We only considered loans with availability in most or all 50 US states. 

What is debt consolidation? 

Debt consolidation takes all sorts of debts, including credit cards, medical debt, or typically any other type of unsecured debt, and rolls it into one loan. 

To consolidate debt, you get a loan from one lender for the total amount of debt you’d like to combine. Then, you use those funds to pay off the individual, smaller debts. At the end, you have all of your debt rolled into one monthly payment, one deadline for debt repayment, and a smaller interest rate. 

Can I use any personal loan for debt consolidation? 

Most personal loans allow a variety of uses, and while most include credit card consolidation or debt consolidation, not all do. Make sure to read the fine print of any personal loan you’re applying for, and make sure that debt consolidation is an acceptable use of your loan. All of the loans we considered had an option to use the loan for debt consolidation, if not a separate loan, which we included details for. 

Featured credit cards from our partners

Featured Reward

3 Free Nights (valued up to 50,000 points each) after spending $3,000 in the first 3 months, plus 10x total points per $1 spent on up to $2,500 in combined purchases in select categories within your first 6 months

Featured Reward

$200 after spending $500 on purchases in the first three months from account opening

]]>
https://radiotubesupply.com/the-best-debt-consolidation-loans-of-september-2021/feed/ 0
Best Debt Consolidation Loans in September 2021 https://radiotubesupply.com/best-debt-consolidation-loans-in-september-2021/ https://radiotubesupply.com/best-debt-consolidation-loans-in-september-2021/#respond Tue, 21 Sep 2021 02:47:11 +0000 https://radiotubesupply.com/?p=714 Editorial Independence We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money. American consumers had a total of $820 billion in credit card […]]]>

We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

American consumers had a total of $820 billion in credit card debt at the end of 2020, according to the Federal Reserve Bank of New York. Although total debt obliglations were lower in 2020 than in the years before, consumer debt (credit cards, auto, and personal loans) still accounted for 5.4% of American households’ disposable income. 

If you have a lot of high-interest debt, such as credit card debt, personal loans, medical loans, or payday loans, a debt consolidation loan could be a good option. If you consolidate this debt into a single loan with a lower interest rate than your existing debt, you can save on interest, pay off your debts faster, and streamline your finances with one monthly payment. 

Keep in mind that a debt consolidation loan only makes sense if you can get an interest rate that’s lower than the current interest rate of your existing debts. You should also take into account any fees. Always comparison shop between multiple lenders to get the best rate possible, then run the numbers yourself to see if a debt consolidation loan makes sense for your personal situation. 

If you’re looking for a place to start, here are our picks for the best debt consolidation loans. 

Best Debt Consolidation Loan Rates in September 2021

INSTITUTION CURRENT APR LOAN TERM RANGE MIN. LOAN AMT. MAX LOAN AMT. MINIMUM CREDIT SCORE REQUIRED
LightStream 2.49% to 20.49% (0.5% autopay discount included) 2 to 7 years $5,000 $100,000 Not specified
SoFi 4.99% to 19.63% (0.25% AutoPay discount included) 3 to 7 years $5,000 $100,000 680
Payoff 5.99% to 24.99% 2 to 5 years $5,000 $40,000 640
Best Egg 5.99% to 35.99% 3 to 5 years $2,000 $50,000 640
Marcus by Goldman Sachs 6.99% to 19.99% (0.25% AutoPay discount included) 3 to 6 years $3,500 $40,000 Not specified
Discover 6.99% to 24.99% 3 to 7 years $2,500 $35,000 Not specified
Rocket Loans 5.970% to 29.99% (0.3% AutoPay discount included) 3 to 5 years $2,000 $45,000 540

How We Chose These Lenders

This list does not represent the entire market. We began by analyzing the most commonly reviewed and searched-for debt consolidation loan rates. We only included lenders that offered loans marketed specifically as debt consolidation loans. However, it’s worth noting that other lenders offer personal loans that can be used for debt consolidation purposes too. Then, we cut out any lenders based on the following criteria:

  1. We eliminated lenders that don’t make it easy to find essential loan information like APRs, fees, minimum and maximum loan amounts, and available loan terms on their websites without entering an email or other personal information. Many lenders prominently display this information on their sites, making it easy to compare to other lenders. If you are in the market for a debt consolidation loan, we’d recommend a transparent lender that doesn’t require personal information for a rate comparison.
  2. We ruled out any lenders whose max APR exceeds 30%. Since the goal of a debt consolidation loan is to consolidate your existing high-interest debt into a single loan with a lower interest rate, we believe that it makes sense to feature lenders whose average interest rates are lower than the average credit card interest rate. Keep in mind that the rates listed on lender websites are only general ranges with the minimum and maximum rates. The rate you qualify for will likely fall somewhere between and will depend on factors like your credit score and loan term. The only way to know the exact rate you’ll get is to prequalify or apply for a loan. 
  3. Our list only features direct lenders rather than intermediaries or loan marketplaces. We also ruled out credit unions, which have unique membership requirements and limit the number of people who could easily consider them for a loan. Credit unions can offer competitive rates to those who qualify; check your local area or use a credit union locator to compare rates.
  4. Also, none of these lenders charge any fees or penalties for early payments or otherwise paying off your loan early. We don’t think you should ever have to pay a fee to get out of debt faster. We will never recommend a personal loan that includes such a fee or penalty.
  5. Finally, we eliminated any lenders that did not have an A rating or higher with the Better Business Bureau

The above rates and loan information is accurate as of September 7, 2021. The NextAdvisor editorial team updates this information regularly, though it is possible APRs and other information changed since it was last updated. Some lenders may offer a rate discount if you pay with AutoPay. If the advertised rates include an AutoPay discount, it will be clearly marked. Also, some loan offerings may be specific to where you live. Keep in mind that the longest loan terms and largest loan amounts may only be available to borrowers with the best credit.

Lender Overview

LightStream

Overview: A division of Truist Bank, LightStream offers fee-free debt consolidation loans with no fees for borrowers with good to excellent credit.

Pros: LightStream charges no fees on its loans and offers the Rate Beat program, which will offer a rate 0.1% lower than rates from competing lenders for the same loan term, with certain conditions. LightStream also offers a $100 Loan Experience Guarantee, where if you’re not satisfied with the service you received and explain why in a questionnaire, the company will send you $100.

Cons: LightStream requires you to go through the entire application process (including a hard credit inquiry, which can affect your credit score) to know the exact rate you’ll get, making it hard to shop around and compare with other lenders.

LIGHTSTREAM
Current APR 2.49% to 20.49% (0.5% autopay discount included)
Loan Term Range 2 to 7 years
Loan Amount $5,000 to $100,000
Prepayment Penalty None
Origination Fee None
Minimum Credit Score None specified
Minimum Annual Income None specified
Co-Borrower Allowed? Yes
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

SoFi

Overview: SoFi offers no fees, a way to prequalify online, and other perks. But loan eligibility is limited to those with good credit scores and who are currently or soon-to-be employed or have another source of income. 

Pros: SoFi charges no origination fees or late fees (although you’ll still be on the hook for interest on late payments). SoFi offers an unemployment protection program that will pause your payments and provide job placement assistance if you lose your job.

Cons: SoFi has stricter eligibility requirements than other lenders on this list. In addition to credit score requirements, you also have to be currently employed, have sufficient income from other sources, or have an offer of employment that starts within 90 days to qualify for a loan. Finally, SoFi loans are not available to residents of Mississippi. 

SOFI
Current APR 4.99% to 19.63% (0.25% AutoPay discount included)
Loan Term Range 3 to 7 years
Loan Amount $5,000 to $100,000
Prepayment Penalty None
Origination Fee None
Minimum Credit Score 680
Minimum Annual Income None specified, but employment or alternative income is required
Co-Borrower Allowed? Yes
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

Payoff

Overview: Payoff by Happy Money specializes in debt consolidation loans and has lower credit score requirements than some other lenders on this list. You can also prequalify online without a hard credit check. 

Pros: Payoff has a minimum FICO credit score requirement of 640, which is considered in the “fair” range by Experian. This makes Payoff more accessible to those who may not have good or excellent credit. Keep in mind, though, that credit score isn’t the only determining factor lenders use when deciding whether to grant you a loan. Payoff members also get free monthly FICO score updates.

Cons: You need to have at least three years of established credit to qualify for a Payoff loan. In addition, Payoff loans aren’t available in Massachusetts, Mississippi, Nebraska, and Nevada.

PAYOFF
Current APR 5.99% to 24.99%
Loan Term Range 2 to 5 years
Loan Amount $5,000 to $40,000
Prepayment Penalty None
Origination Fee 0% to 5%
Minimum Credit Score 640, and three years of established credit
Minimum Annual Income None specified
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

Best Egg

Overview: Best Egg offers debt consolidation loans with a quick application process and the option to prequalify online. Like Payoff, Best Egg offers loans to borrowers with “fair” credit (640 and above). 

Pros: Best Egg has a quick online application process, allowing you to receive funds in as little as one business day. 

Cons: Although Best Egg offers loans to those with fair credit, getting the lowest APR advertised requires you to have an annual income of at least $100,000 and a minimum FICO credit score of 700.

BEST EGG
Current APR 5.99% to 35.99%
Loan Term Range 3 to 5 years
Loan Amount $2,000 to $50,000
Prepayment Penalty None
Origination Fee 0.99% to 5.99%; at least 4.99% for loan terms longer than four years
Minimum Credit Score 640; 700+ for the lowest APR
Minimum Annual Income $100,000 minimum individual annual income for the lowest APR
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

Marcus by Goldman Sachs

Overview: Marcus, a subsidiary of Goldman Sachs, offers fee-free debt consolidation loans for borrowers with good-to-excellent credit. 

Pros: Marcus offers an on-time payment reward where if you pay your loan on time and in full every month for 12 months, you can get an interest-free payment deferral for one month. Marcus also charges no origination fees, sign-up fees, or late fees. 

Cons: Although Marcus doesn’t specify a minimum credit score needed to qualify for a loan, it does say you’ll need good or excellent credit (700-850) to get the lowest rates.

MARCUS BY GOLDMAN SACHS
Current APR 6.99% to 19.99% (0.25% AutoPay discount included)
Loan Term Range 3 to 6 years
Loan Amount $3,500 to $40,000
Prepayment Penalty None
Origination Fee None
Minimum Credit Score None specified; borrowers with scores of 700-850 can get lower rates and larger loan amounts)
Minimum Annual Income None specified
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

Discover

Overview: This popular banking and credit card company also offers debt consolidation loans with no origination fees, flexible repayment terms, and same-day decisions in most cases. 

Pros: Discover charges no origination fees, and no other fees, as long as you pay on time. Discover offers a same-day decision in most cases, as well as an option to pay off creditors directly. If you change your mind about needing the loan, you’ll pay no interest if you return the loan funds within 30 days. 

Cons: You need a minimum household income of $25,000 to qualify for a Discover loan. In addition, you can’t use the loan to pay off a secured loan or directly pay off a Discover credit card. 

DISCOVER
Current APR 6.99% to 24.99%
Loan Term Range 3 to 7 years
Loan Amount $2,500 to $35,000
Prepayment Penalty None
Origination Fee None
Minimum Credit Score None specified
Minimum Annual Income $25,000 household income
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

Rocket Loans

Overview: Rocket Loans, a subsidiary of mortgage company Quicken Loans, offers debt consolidation loans for people with “poor” credit, although you may pay higher interest rates. 

Pros: Rocket Loans requires a minimum credit score of 540, making it a viable option for people with “poor” credit. Rocket Loans offers online preapproval as well as same-day funding.

Cons: The maximum interest rate for Rocket Loans is on the high side of the spectrum for this list, although the minimum interest rate is on the low side. Keep in mind that the exact interest rate you’ll get depends on your credit score, and those with poor credit will typically get higher rates. Rocket Loans only offers two loan terms: 3 years and 5 years. 

ROCKET LOANS
Current APR 5.970% to 29.99% (0.3% AutoPay discount included)
Loan Term Range 3 to 5 years
Loan Amount $2,000 to $45,000
Prepayment Penalty None
Origination Fee 1% to 6%
Minimum Credit Score 540
Minimum Annual Income $24,000
Co-Borrower Allowed? No
Cosigner Allowed? No
Unsecured Debt Consolidation Loans Yes
Secured Debt Consolidation Loans No

What is Debt Consolidation?

Debt consolidation is when you consolidate multiple sources of debt — for example, credit cards, personal loans, payday loans, or medical bills — into a single loan. Some common reasons for consolidating debt include:

  • Simplifying your finances by combining your debt into a single monthly payment
  • Consolidating high-interest debt, like credit card debt, into a lower-interest loan
  • Consolidating debt with a variable interest rate into a fixed-rate loan
  • Reducing your monthly payment by getting a longer loan term
  • Being able to budget better with fixed, monthly payments

The two most common ways of consolidating debt are balance transfer credit cards and debt consolidation loans. With a debt consolidation loan, you take out a loan to pay off your existing debt and pay off the new loan over a fixed time period. A balance transfer credit card comes with an introductory 0% APR, making it a good move if you qualify for one of these cards. Whether you use a balance transfer credit card or a debt consolidation loan, it is essential to make a plan to pay off the consolidated debt before the loan term ends or an introductory APR expires.

What is a Debt Consolidation Loan? 

A debt consolidation loan is a type of personal loan taken out for the purpose of consolidating debt. Although many lenders offer products specifically called debt consolidation loans, they’re typically the same as personal loans and have the same loan terms and APRs, just under a different name. Some debt consolidation loans might offer benefits geared toward those looking to consolidate debt, such as the option to pay your lenders directly through the loan provider, saving you a step. 

Debt consolidation loans typically fall into two categories: secured and unsecured. Secured loans require you to put up an asset — such as a home or car — as collateral, which the lender can seize if you default on your loan. Unsecured loans don’t require collateral. Because secured loans are less risky for the lender, they typically have lower APRs and credit score requirements. However, be careful when taking out a secured loan; if you fall behind on your payments, you could lose your collateral. In general, you want to avoid trading any unsecured debt for secured debt since that increases your risk. 

Benefits of a Debt Consolidation Loan 

A debt consolidation loan can help you pay off debt and improve your financial health when used correctly. Some benefits of a debt consolidation loan include:

  • Lower APR. If you have high-interest debt like credit card debt, you may be able to consolidate your debt into a loan with a lower APR. A lower APR means you’ll pay less interest over the life of the loan, and you may even be able to pay off your debt faster as a result. Keep in mind the exact rate depends on factors like your credit score and debt-to-income ratio, so you’ll need to prequalify for a loan or get a quote to see your rate. A debt consolidation loan is likely not a good idea if you can’t get a lower APR than your current one. Also, be aware that fees may cut into your savings; before taking out a debt consolidation loan, always crunch the numbers to see how much you can save.
  • Regular, fixed-rate payments. If you have lots of credit card debt with no plan to pay it off, a debt consolidation loan can help. With a debt consolidation loan, you’ll make regular monthly payments with a fixed payoff date to help you budget better. You’ll also get a fixed interest rate, as opposed to a variable APR with credit cards, eliminating any surprise changes in interest charges. 
  • Streamline your finances. If you have multiple sources of debt, such as several credit cards or personal loans, combining them all into a single monthly payment can simplify your finances and help you better keep track of your payment deadlines. A single missed payment on a credit card or loan can result in hefty fees or a significant drop in your credit score. A debt consolidation loan can help you avoid missing payments by reducing the number of separate bills you need to pay.

Keep in mind, a debt consolidation loan will only help you if you go in with a plan to pay off the debt. Before taking out a debt consolidation loan:

  • Calculate the interest and fees to make sure you’re saving money
  • Build the loan payments into your budget
  • Keep track of payment deadlines to make sure you don’t miss a payment. 

Debt Consolidation Loan vs. Balance Transfer Credit Card 

One popular alternative to a debt consolidation loan is a balance transfer credit card. A balance transfer credit card is a credit card that offers a 0% APR introductory period, which typically ranges from 6 to 20 months. You can use a balance transfer credit card to consolidate debt by putting your existing debts onto the credit card and paying it off before the introductory period expires, thus paying no interest on the balance. (Though you may have to pay a balance transfer fee, usually around 3%.)

The biggest draw of a balance transfer credit card is paying off the balance before the introductory period expires and, consequently, paying no interest at all. Having a plan to pay off debt is even more important when using a balance transfer card, or you’ll be stuck with high APRs once the introductory period ends. The best balance transfer cards are typically available only to those with good or excellent credit, making them less accessible than personal loans for those with poor or fair credit.

Personal Loan Balance Transfer Credit Card
• Installment loan
• Fixed interest rate for the loan term
• More options for those with poor or fair credit
• May charge an application fee, origination fee, prepayment penalty, and other fees
• Credit card
• 0% APR introductory period, then high variable APR
• Fewer options for those with poor or fair credit
• May charge a balance transfer fee, a monthly credit card fee, and other fees

Alternatives to a Debt Consolidation Loan

In addition to balance transfer credit cards, there are several other alternatives to debt consolidation loans or personal loans for consolidating debt. These include:

Home Equity Loan or HELOC

You can tap into your home equity for immediate cash with either a home equity loan or home equity line of credit (HELOC). A home equity loan is a secured installment loan where you borrow a lump sum and pay it back, with interest, over a fixed period. A HELOC is a revolving line of credit that works like a credit card, where you can withdraw as much cash as you need (up to the credit limit) during the draw period and pay it back during the repayment period.  Home equity loans and HELOCs use your home equity as collateral and may have lower rates than unsecured personal loans or credit cards. Be aware, though, that if you default on the loan, the lender could foreclose on your house. 

Cash-Out Refinance

Similar to a home equity loan or HELOC, a cash-out refinance also lets you use your house as a means of accessing cash. The process just works differently. With a cash-out refinance, you take out a new mortgage with a larger value than your current mortgage, pay off your old mortgage with the money, and keep the difference as cash. Since mortgage rates are relatively low right now, a cash-out refinance may be a better deal than a home equity loan, HELOC, or personal loan. 

Credit Counseling

If you’re struggling with debt, many credit counseling agencies offer services to help you make a debt repayment plan and get your finances back on track. Credit counseling is different from debt settlement, where for-profit companies negotiate with your creditors in an attempt to get them to settle your debt for less than the total amount owed. Debt settlement companies typically charge hefty fees for their services, and settling your debt for less than the original amount can severely hurt your credit score. Credit counseling is typically offered for free or for a small fee by nonprofit organizations. 

]]>
https://radiotubesupply.com/best-debt-consolidation-loans-in-september-2021/feed/ 0
15 best debt consolidation loans for fair credit https://radiotubesupply.com/15-best-debt-consolidation-loans-for-fair-credit/ https://radiotubesupply.com/15-best-debt-consolidation-loans-for-fair-credit/#respond Tue, 21 Sep 2021 02:46:58 +0000 https://radiotubesupply.com/?p=711 Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own. The best debt consolidation loans for […]]]>

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

The best debt consolidation loans for fair credit have low interest rates and no fees. (iStock)

If you’re digging out from under a stack of credit card bills, you might consider a debt consolidation loan. With these loans, you can take out one new loan to pay off all your other personal debt — potentially at a lower interest rate.

With fair credit, you’ll likely have multiple options when it comes to shopping for a debt consolidation loan. But depending on your specific credit score, the interest rate and loan terms you’re offered can vary. The better your score, the better deal you’re likely to get. 

Each lender has different guidelines for its debt consolidation loans, so be sure to shop around and compare several options before settling on the best loan for your financial situation. 

What’s a debt consolidation loan and how does it work?

A debt consolidation loan is a type of personal loan that you can use to pay off your current debts and replace them with a new, single payment. 

Personal loans have the advantage of fixed rates, meaning your monthly payment won’t change for the life of the loan. They’re also generally unsecured, so you don’t have to use your house or car as collateral for the loan. You won’t risk either if you fail to make your payments, unlike with a mortgage or auto loan.

You can use a debt consolidation loan to pay off many different kinds of debt, from medical bills to other personal loans. But they’re especially useful for consolidating credit card debt because they typically have lower interest rates than most credit cards. Using a debt consolidation loan to pay off your high-interest credit card balances can leave you with a lower monthly payment. 

A debt consolidation loan for people with fair credit can come with fees and other costs that you won’t face if you have good credit. But you’ll have more (and better) options than people with bad credit.

What’s a fair credit score?

A credit score is a gauge of how likely you are to pay back your loan, expressed as a number calculated by one of the three main U.S. credit bureaus. FICO scores can range from 300 to 850, and the higher your score, the better.

A number of factors determine your score. The most important is your payment history on accounts you’ve opened, especially how often you make your payments on time. Other factors include:

  • Your current amount of debt
  • How many loans you have
  • How long you’ve had your accounts
  • How much of your credit you’re using
  • When you’ve applied for new credit
  • Any recent bankruptcies, foreclosures or debt collection actions

A fair credit score typically falls between 650 and 699. Below this range is bad credit, which can make it harder to qualify for a loan. Once you reach a score of 700, you’re considered to have good credit, and a score of 750 or higher is considered excellent.

Credible lets you compare personal loans to see what rates you may qualify for.

Best debt consolidation loans for fair credit: 15 lenders to consider

While qualification requirements can vary based on your credit score, here are 15 lenders you might consider for a debt consolidation loan with fair credit. The following 13 lenders are Credible partners.

Avant

Avant has a relatively low minimum credit score requirement, so you may still qualify with a score on the lower end of the “fair” range.

Minimum credit score: 550

Loan terms: Two to five years

Loan amounts: $2,000 to $35,000

Fees: Administration fee of up to 4.75%

Good for: People with lower credit scores

Best Egg

Best Egg says that roughly half of its borrowers receive their loan funds by the next business day.

Minimum credit score: 600

Loan terms: Two to five years

Loan amounts: $5,000 to $50,000

Fees: Origination fee of 0.99% to 5.99%; $15 late payment fee

Good for: People who want to get their money quickly

Discover

Discover offers you the chance to return the money you borrow within 30 days with no interest charged, so if you change your mind, you’re in luck.

Minimum credit score: 660

Loan terms: Three to seven years

Loan amounts: $2,500 to $35,000

Fees: None, though a late payment fee of $39 may apply

Good for: People who aren’t sure if they’ll need a loan

LendingClub

Even with fair credit, you might still get multiple offers from LendingClub investors who want to fund your loan.

Minimum credit score: 600

Loan terms: Three or five years

Loan amounts: $1,000 to $40,000

Fees: Origination fee of 3% to 6%; late payment fee of $15 or 5% of the overdue monthly payment

Good for: People who want to evaluate multiple lenders in one place

Compare personal loan rates from these and other lenders using Credible.

LendingPoint

LendingPoint says it can decide whether to approve you for a loan within just a few seconds.

Minimum credit score: 580

Loan terms: Two to five years

Loan amounts: $2,000 to $25,000

Fees: Origination fees from 3% to 6%

Good for: People who want to know quickly if they qualify

LightStream

LightStream could be a good option if you need a large loan and a long time to repay it.

Minimum credit score: 660

Loan terms: Two to 12 years for home improvement loans; two to seven years for all other loans

Loan amounts: $5,000 to $100,000

Fees: None

Good for: People who need to borrow a large amount of money

Marcus by Goldman Sachs

Marcus allows you to defer a monthly payment after a year’s worth of on-time payments. While you’ll still pay interest during this month, this feature can give you some breathing room when you need it.

Minimum credit score: 660

Loan terms: Three to six years

Loan amounts: $3,500 to $40,000

Fees: None

Good for: People who want to defer a payment 

Payoff

Payoff specializes in debt consolidation, and even offers in-house experts to talk you through paying off your debt.

Minimum credit score: 640

Loan terms: Two to five years

Loan amounts: $5,000 to $40,000

Fees: Origination fee of 0% to 5%

Good for: People who want help paying off their debt

OneMain Financial

If you’re just starting out and don’t have a long credit history, OneMain’s offer to lend to people without a minimum credit score can help you qualify.

Minimum credit score: None

Loan terms: Two to five years

Loan amounts: $1,500 to $20,000

Fees: Origination fees apply. These can be flat fees between $25 and $500 or a fee of 1% to 10% of the loan amount.

Good for: People with a limited credit history

PenFed Credit Union

PenFed’s minimum loan amount of $600 might be the smallest you’ll find.

Minimum credit score: 670

Loan terms: One to five years

Loan amounts: $600 to $35,000

Fees: None

Good for: People who need a small loan

Prosper

Prosper matches you with investors who are interested in funding your loan. If you have a special circumstance, you might have a better chance of qualifying.

Minimum credit score: 640

Loan terms: Three or five years

Loan amounts: $2,000 to $40,000

Fees: Origination fee of 2.4% to 5%; late payment fee of $15 or 5% of the unpaid monthly payment

Good for: People who have a unique financial situation 

Upgrade

Upgrade considers people with lower credit scores, and loan funds may be available in as little as one business day.

Minimum credit score: 580

Loan terms: Three or five years

Loan amounts: $1,000 to $50,000

Fees: Origination fee of 2.9% to 8%

Good for: People who are building credit 

Upstart

Upstart doesn’t just look at your credit score — the lender also takes your education and job history into account. With a fair score and a solid history at work and school, you might get a better deal.

Minimum credit score: 580

Loan terms: Three to five years

Loan amounts: $1,000 to $50,000

Fees: Origination fee of 0% to 8%; late fee of $15 or 5% of the past due balance (whichever is greater); ACH return or check refund fee of $15

Good for: People who have a stellar job or education history

Other lenders to consider

The following lenders are not Credible partners, so you won’t be able to easily compare your rates with them on the Credible platform. But they may also be worth considering if you’re looking for a debt consolidation loan with fair credit. 

Earnest

Earnest is an online platform that matches you with different lenders. But take note that its loans aren’t available in AL, DE, KY, NV or RI. 

Minimum credit score: 680

Loan terms: Three to five years

Loan amounts: $5,000 to $75,000

Fees: Does not disclose

Good for: People who want to comparison shop before applying for a loan

Laurel Road

Laurel Road doesn’t charge any fees on its personal loans and offers an autopay discount. 

Minimum credit score: 660

Loan terms: Three to five years

Loan amounts: $5,000 to $45,000 (depending on loan type)

Fees: None

Good for: People who want to borrow money without paying fees

Methodology: How Credible evaluated lenders

Credible evaluated debt consolidation lenders based on a variety of categories, including the minimum fixed rate, customer experience, time to fund, maximum loan amount, term length and fees. Credible’s team of experts gathered information from each lender’s website, customer service department and via email support. Each data point was verified to make sure it was up to date.

How to get a debt consolidation loan for fair credit

If you’re interested in getting a debt consolidation loan for fair credit, here are the steps you should take.

  • Check your credit score. Your score dictates what loans you qualify for, and what interest rates and loan terms you’re offered. You should know your score going into the process. Checking your credit report also gives you the chance to correct any errors on your report that might be holding your score down. Each credit bureau is required by law to give you a free copy of your report once per year. Use a site like AnnualCreditReport.com to get your copies, and scour them for mistaken account balances or any other errors.
  • Shop around. Lenders often post information on their websites about the interest rates and loan terms they offer. You can look at the interest rate ranges and terms and see if the lender might be a good fit.
  • Prequalify. When you’ve found a few lenders that might fit the bill, you can use each company’s online form to request a rate quote or prequalify for a loan. Most of the time, this will only use a “soft credit inquiry” on your credit, so your score won’t be affected. To get a rate quote, you’ll typically need to give the lender your Social Security number and a little information about your finances and the type of loan you’re looking for. These rate quotes will give you a good indication of what rates and terms you’d be able to receive, so you can use this information to compare loans and find the best one for you.
  • Apply. Once you’ve found the quote that works best for you, it’s time to formally apply for the loan. You’ll need to submit more information to the lender, which they’ll use to make a final decision on your loan. The lender may also run a hard credit check, which can temporarily lower your score by a few points.
  • Accept your loan. If you’re approved for the loan, your lender will tell you what you need to do to receive your loan funds. This could take a day or two, and the money can usually be deposited directly into your bank account.

Comparing fair credit debt consolidation loans and lenders

Every personal loan you evaluate will look a little different, but there are a few variables it always pays to look at. Here are the most important elements to compare when shopping for a debt consolidation loan for fair credit.

  • APR: This is the annual percentage rate, or the total cost of the loan each year as a percentage of the loan amount. The APR on a loan includes the interest rate and all fees charged. Using the APR to compare loans instead of just the interest rate gives you a better apples-to-apples comparison, as it includes all the costs of borrowing money.
  • Fees: Fees can vary widely from lender to lender. Some debt consolidation lenders don’t charge any, while others may charge application fees, origination fees or late fees. Few lenders charge an application fee, and you’re bound to find one that doesn’t. But be sure to check the origination fee, if one applies. Some lenders don’t charge them, while others charge a percentage of the loan that’s typically deducted from the amount you receive.
  • Repayment terms: This generally refers to the length of time you have to pay back the loan. The longer the term, the lower your monthly payment — but the more you’ll pay in interest. Lenders typically offer terms that can be as short as one year or as long as 12.

If you’re ready to start comparing personal loan rates, Credible makes the process easy.

Pros and cons of debt consolidation loans for fair credit

All financial products have advantages and disadvantages. It’s important to weigh the benefits against the costs when deciding if a debt consolidation loan is right for your situation.

Pros of debt consolidation loans for fair credit

  • Single, fixed monthly payment — When you take out a debt consolidation loan, you pay off all of your credit card and other personal debt and replace it with a single new loan. Some lenders will even pay creditors directly with a debt consolidation loan. Debt consolidation loans typically have fixed interest rates, so the amount you pay each month won’t change for the life of your loan.
  • Lower interest rates — A personal loan used for debt consolidation generally has a lower interest rate than credit cards, so you may save money by consolidating your debt.
  • Lower risk — Debt consolidation loans are typically unsecured, meaning you don’t have to stake your home or other property as collateral for the loan. Other options, like home equity loans, do require collateral, meaning you may risk foreclosure if you’re not able to keep up with your payments.

Cons of debt consolidation loans for fair credit

  • Harder to qualify for good terms — With fair credit, you may have fewer choices for a debt consolidation loan, depending on your specific credit score. You may not be offered the interest rate and loan terms you’re hoping for.
  • Higher interest costs — Debt consolidation loans are cheaper than credit cards, but they do often have higher rates than secured loans, like a home equity loan or HELOC. You may have debts at lower interest rates that wouldn’t make sense to consolidate.
  • High fees — Debt consolidation loans for fair credit may come with fees that reduce the amount of money you receive after taking out the loan. You might be able to avoid these fees if you can improve your credit.

Alternatives to debt consolidation loans with fair credit

If you want to consolidate debt, a debt consolidation loan isn’t your only option. Here are a few others to consider.

  • Balance transfer credit card: With a balance transfer credit card, you can transfer the amounts you owe on several different cards, leaving you with a single payment. Many of these cards have a low introductory interest rate — sometimes even 0% — for a short period of time. But watch out for fees — balance transfer cards typically come with a fee of 3% to 5% of the amount you transfer. And if you aren’t able to pay off your full balance by the time the introductory period expires, you’ll start accruing interest at the card’s regular rate.
  • Home equity loan or home equity line of credit (HELOC): If you own a home, you might be able to borrow against the equity in your property in order to pay off debt. Your equity is the difference between what you owe on your mortgage and what your home is worth. Interest rates on these loans tend to be lower, but they’re secured loans — and your home is the collateral. So if you fall behind on your payments, you could risk losing your home.
  • 401(k) loan: Your employer-sponsored retirement plan may allow you to borrow from the amount you’ve socked away. These loans tend to have low interest rates, and you won’t need a certain credit score to qualify. But you lose out on investment gains, and you might have to pay all the money back quickly if you lose your job.

Ways to boost your credit

You can likely save a lot of money in interest if you’re able to boost your credit from the “fair” range up to “good” — or even “excellent.” Start by requesting your credit report. Make sure there are no errors on it and identify any areas you see that can be improved.

Commit to paying all of your bills on time, every time. Your payment history is the No. 1 factor in determining your credit score, and if you’ve missed payments in the past, it’ll take time to rebuild that history. 

You can also boost your credit score by paying down credit card balances and avoiding applying for new credit.

]]>
https://radiotubesupply.com/15-best-debt-consolidation-loans-for-fair-credit/feed/ 0
Best Debt Consolidation Loans For People With Bad Credit [2021 Update] – Blog https://radiotubesupply.com/best-debt-consolidation-loans-for-people-with-bad-credit-2021-update-blog/ https://radiotubesupply.com/best-debt-consolidation-loans-for-people-with-bad-credit-2021-update-blog/#respond Tue, 21 Sep 2021 02:46:24 +0000 https://radiotubesupply.com/?p=705 In today’s busy world, you need to make things as easy as you possibly can. One way to do that is by using debt consolidation to manage your outstanding monthly payments. You can pay everything off in one easy payment each month, making it easier to settle your outstanding balances and keep track of your […]]]>

In today’s busy world, you need to make things as easy as you possibly can. One way to do that is by using debt consolidation to manage your outstanding monthly payments. You can pay everything off in one easy payment each month, making it easier to settle your outstanding balances and keep track of your multiple debts.

Some people may do this using the best debt consolidation loans, which is what we are going to discuss in this article. The benefits of this approach are outstanding. For example, you may be able to take advantage of a lower interest rate on your debt consolidation loans. So, let us learn more about the best services to consider for debt consolidation.

Our Picks of the Best Debt Consolidation Loan Services of September 2021

#1. MoneyMutual: Short-Term Cash Advance

 

Our first service is an extensive network of lenders that specialize in short-term loans. Here, you will find over 60 lenders that can help with loans, whether your goal is debt consolidation or just to get some extra money for an expense.

You begin by going to their site and filling out the pre-qualifier questionnaire. Then, lenders that are capable of lending to you will contact you, with no regard to your credit score.

Overall, this site allows you to connect with lenders to obtain the financial assistance you need. The best part is you can get access to your funds, after approval, in as little as one business day.

This company is legitimate, and you will feel confident in working with them. They first opened their doors in 2010, and their mission is to get Americans the money they need with as little stress as possible.

They act as a middleman of sorts — they gather your information and send it out to a huge lending network, who then come to you with debt consolidation loan offers and interest rates. Best of all, everything is done online, so you can easily do it from the comfort of your home.

After you have chosen the loan that makes sense for you, you will carefully go over the Terms & Conditions. Then, you will accept the loan funds if it is suitable for your needs.

The payment loan amount, interest rates, and loan terms are all specific to your lender, not the MoneyMutual network itself. So, make sure you read them thoroughly and carefully before you agree to anything.

Features

Users of the MoneyMutual network love the site for its clean design and user-friendly interface, but that is just one of the many features this site offers.

Here are some of the best features of MoneyMutual

  • Short-term loans up to $5,000
  • Funds deposited in 24 hours or less
  • Easily compare terms, rates, and amounts from many lenders in one place
  • Over two million satisfied clients and counting
  • Pre-qualifying form takes only five minutes to fill out

You are also going to love the many loan types MoneyMutual offers. We know you are here because you want the best debt consolidation loans, but knowing what they offer could help you in the future. The loan types include:

  • Installment Loans: This is what many of you will be applying for when it comes to debt consolidation loans. You will pay this back on a scheduled day every month, and they are great if you have a steady income, such as from employment or government benefits, a pension, or self-employment. Read over the terms with care, and make sure you are aware of any interest payments you will have to make based upon the loan’s repayment dates.
  • Bad Credit Loans: If you have a bad credit score, but you need a debt consolidation loan, MoneyMutual may be able to help. They look at factors other than your credit score to determine if you are eligible. Of course, you will be paying higher interest rates, but as long as you are employed, you will have an easier time getting a loan with MoneyMutual.
  • Cash Advances: Cash advances are for when electronic payments are not accepted to fulfill a debt. We generally advise staying away from these unless the need is dire, as the interest rates and fees are astronomical.
  • Payday Loans: These short-term loans are designed to help you make it to your next payday and are good if you need a bit of extra money for an unexpected expense. These are usually required to be paid upon receiving your next paycheck, so be prepared to authorize the lender to debit your account on its due date.

These loans are high-interest and loaded with fees. So, make sure paying off this debt will not be an issue when it comes due. Otherwise, you could get trapped in a cycle of debt.

Pros

  • Free service
  • Fast and easy approval
  • Funds transferred directly to your bank account within 24 hours
  • Educational resources available on the website

Cons

  • Not all loan services are available in every state/territory of the U.S.
  • Often comes with high interest

Customer Experience 

From reading customer reviews, we found an overwhelmingly positive response to MoneyMutual’s services. One user described this platform as a “lifesaver” when he was in dire need of quick funds. In addition, customers loved the ability to obtain a loan despite having a bad credit score. Overall, users have been satisfied with the services provided by MoneyMutual, as it has assisted many in overcoming their financial woes.

=> Click here to visit the official website of MoneyMutual 

#2. BadCreditLoans

BadCreditLoans says, “we can help when others can’t.” This is very encouraging if you need some financial help in the form of a loan but do not know where to turn. This platform is designed for people who do not have very good credit or have no credit at all. Those who have struggled in the past can rebuild and get a second chance with these small loans, as they can be a great way to improve your credit score.

These loans can be used for many things; however, you should only use them for necessary expenses, such as medical bills or, in this case, consolidation of debt. Moreover, BadCreditLoans is a lot like MoneyMutual in that it is a marketplace of lenders.

The loans offered are not directly from BadCreditLoans. Instead, it connects you to a massive network of lenders, and they send you offers to consider. You simply have to complete the pre-qualifying application to see what lenders are available to you.

However, be sure to approach these loans with care. The interest rates on bad credit loans are higher, and fees could be bigger than those for people with good or fair credit scores. Plus, these loan amounts are not as high as other lenders. But, if you want to consolidate your debt relief and your credit score is not great, this organization is going to be your best bet.

They have been in business since 1998 and are a legitimate business, and they even offer tribal lending on top of traditional loans.

However, tribal loans are also high-risk because they follow tribal laws set forth by Native American loan companies operating on tribally owned land instead of federal laws that virtually all lenders need to follow. So, make sure you read the terms carefully if you opt to go this route.

Features

Here are a few of the great features we noted while using BadCreditLoans.

  • Loans available in amounts from $500 to $10,000
  • Quick approval and funding
  • Simple and quick application process
  • Money reaches your account the next business day
  • Compare offers from several lenders

We also took note of the site’s Education Center. This is where you go if you do not know anything about loans, as they talk about the myriad of loans consumers can apply for, such as auto, student, and business, among others. In addition, they discuss loan scams, which everyone should be informed about, especially if you have a poor credit score. Also, you can contact them using the number on their website for further guidance, and we loved how easy the company made it to speak to them.

It is also worth noting the customer service reps are quite helpful and knowledgeable about the site. However, queries about your loan have to go to the lender providing that loan, not BadCreditLoans.

The main offering of BadCreditLoans is personal debt consolidation loans, and they take care not to put those with poor credit scores in a bad spot. For example, we noted that someone with a FICO score of 500 or less would not be loaned more than $1,000.

And, with personal debt consolidation loans, you can use them for any reason at all. However, you should not get tempted to use your loan on anything except debt consolidation.

To qualify for a loan, you must:

  • Be 18 years old
  • Have a valid email
  • Provide documentation that you are a U.S. citizen
  • Provide work and home phone numbers
  • Have a checking account in your name
  • Have proof of regular income, whether it is a government benefit, such as disability/Social Security, self-employment, or full-time employment

Another thing we love about using BadCreditLoans is how short the process of getting your debt consolidation loan is, as it can be broken down into four easy steps.

Step 1: You will start by filling out a request form that indicates your interest in taking out a loan. Here, you will share your birth date, the reason for the loan, and your credit score. You will also provide banking and employment information, as well as phone numbers for your work and home.

Step 2: You will carefully review the offers lenders have sent to you. Make sure to take your time and read the terms carefully. Do not be afraid to ask questions before you sign.

Step 3: You will accept the debt consolidation loan after carefully reading it over, and you will then sign with an e-signature, indicating you understand the loan agreement terms and you agree to pay it back.

Step 4: You will get your money in just one business day, and from there, you can use it to consolidate your debt into one simple payment.

Pros

  • Compare multiple lenders at once
  • Free service
  • Multiple contact methods
  • May help you build your credit
  • Provides quick loans for those with poor credit

Cons

  • Loans are small, especially for those with poor credit
  • Marketing messages may be sent to you
  • High interest rates

Customer Experience

Customers have raved about the service provided by BadCreditLoans, stating their appreciation for the ability to receive a loan quickly even with a bad credit score. Moreover, users like that they feel confident providing their personal information, as this platform values and protects user data, thus ensuring privacy.

In addition, customers have reported the site is very user-friendly and professional, and the platform clearly explains each step of the process of obtaining a loan. This provides customers with a seamless experience in times of financial need.

=> Click here to visit the official website of BadCreditLoans

#3. CashUSA.com

With CashUSA, you simply have to submit a short application, and then let them do the rest. If you qualify for a loan, lenders will then flock to you in a matter of minutes and bring offers with them based on the info you entered.

Once again, CashUSA is another loan marketplace with a network of lenders coming together to provide people who need to borrow money many options. Just like MoneyMutual, it is good to think of this as a “go-between,” as they bring forth all of the loans.

In addition, we discovered no credit score checks are performed on borrowers with CashUSA. This is ideal if you have a poor credit score, but bear in mind higher interest charges and service fees are inevitable if you go with this company.

Loans start at $500 and cap off at $10,000, and interest starts at 5.99% and stops at 35.99%. Also, remember that CashUSA is not a loan provider or servicer. Therefore, you will have to contact your loan company directly to ask them any questions/address any concerns you may have about the loan.

Features

Like the other sites in this article, CashUSA has some pretty nice features, including:

  • Loans offered from $500 to $10,000
  • Quick approval
  • Funds deposited directly into your bank account
  • Loans can be used for anything
  • Bad or no credit holders accepted

There are many lenders working for you, and this is possibly the best feature of them all. It is easy to cast a wide net and see what offers are available, which is much easier than calling a dozen or so places and having to write down all of that information. They will also only direct you to lenders that are approved to do business in your state.

Another great feature is the ease of the process from start to finish. You start by filling out a quick form, which just asks for basic info, such as zip code, birth year, and SSN’s last four digits. Then, you complete the full form, which asks for more information, such as name and email, employer info, military status, income, and financial institution information.

Once that is complete, you submit the form, and then the offers start rolling in. Once you have found a loan that makes sense to you, simply click on it, and review the contract closely. If you decide it is suitable for you, you will provide whatever info that particular lender needs, receive your funds the next day, and start repaying the loan.

Another thing we liked is that this platform is completely free to use. Therefore, you do not need to pay anything to use the CashUSA network of lenders. There will be no extra fees tacked onto your loan agreement, nor do you have to enter a credit card number to use the site.

Another interesting feature is the loan amounts. This network offers lower loan amounts than other companies we have reviewed, presumably because they accept borrowers with bad or no credit.

However, loans only go up to $10,000, and the maximum term for a loan is six years. This is for those with both good credit and bad credit. While a smaller loan means it is easier to pay back, it may not be enough for debt consolidation loans.

Next, you will find that just about everyone is capable of being qualified. There are so many lenders working with the CashUSA network that you are almost guaranteed to be approved. However, there are some basic eligibility requirements you will have to meet, including:

  • Must be at least 18 years old
  • Must have a checking account in your name
  • Must have an email address and phone number
  • Must have at least $1,000 in monthly income
  • Must be a citizen or permanent resident of the U.S.

Next, we liked that the loan is free to be used for any purpose. However, if you are taking out a loan with the help of CashUSA or any of our featured lending networks, make sure it is for a good reason. Remember, you are here because you want to consolidate your debt, not add to it.

Therefore, you should not use these loans for frivolous reasons, such as taking a vacation or buying things you do not truly need. You should also look for other ways to get money before taking a loan out, such as working extra hours or finding a side gig.

However, you are free to use the loan as you like, and it is great if you need something that banks do not typically finance, such as purchasing new furniture or costs associated with moving.

Next, we liked that CashUSA makes repayment easy, as it is a breeze to repay the money you have borrowed using the lender’s automatic withdrawal method.

You simply enter the details of your bank account, which is how your funds get deposited. This may also be used for autopay, and the funds will be withdrawn automatically. So, you never have to miss a payment, and you ensure the loan is repaid on time.

Pros

  • No minimum credit score required
  • Free service
  • Safe, secure, and convenient site

Cons

  • Minimum income of $1,000 to qualify
  • Interest rates tend to be high

Customer Experience 

With CashUSA, customer reviews revealed an appreciation for their excellent customer service. Users have stated their experience with customer support revealed the representatives were professional, attentive, honest, and took the time to make sure they understood every part of the process. Moreover, they liked that the customer support staff  were readily available to answer any questions or concerns in a timely manner.

=> Click here to visit the official website of CashUSA

#4. Personal Loans

Our final lending network is Personal Loans. Like the other networks, they match borrowers who need money to lenders that will approve them.

They are headquartered in Utah and provide loans to those with fair to excellent scores. However, if you have a bad credit score, we encourage you to look elsewhere.

They also require you to have no accounts over 60 days late, no recent or active bankruptcies, and no credit history of late fee payments.

Features

Personal Loans is a free service, and for that, we are grateful. After all, you are going to be paying interest and other fees associated with getting a loan, so getting something for free helps out.

The rates are fair, too. This company caters to people with fair to excellent credit scores, so the rates tend to reflect that.

Furthermore, the loans can be used for any reason. Whether your goal is debt consolidation or something else, you can use the loan for it. As we have said before, however, only use it for things you need, not things you simply want.

Funding also happens fast, as you will get your money by the next business day. Then, they deposit it directly into your bank account.

Lastly, we loved the customer service. If you have any concerns or queries about the Personal Loans service, you can contact them using their email or phone number. Customer service reps are available Monday to Friday from 6 AM to 7 PM, Pacific Time.

Remember, though, they cannot answer questions about your specific loan, but they can answer any questions you have about the site itself.

There are a few requirements you have to meet if you want a debt consolidation loan with Personal Loans, including:

  • Having proof of income, whether it is full-time employment, Social Security or disability payments, or self-employment
  • Being 18 years or older
  • Having a valid Social Security number
  • Being a U.S. resident or permanent citizen
  • Having checking account in your name
  • Having a fair to excellent credit score, no recent charged-off accounts, and no recent/active bankruptcies

Pros

  • Loan terms from 3-72 months
  • Great interest rates, especially if you have a good credit score
  • Loans up to $35,000
  • Extensive lending network accessible
  • Works with actual credit unions/banks to provide loans

Cons

  • Not available to bad credit holders

Customer Experience 

Overall, customers have been satisfied with the service provided by Personal Loans. They have stated they received an excellent and competitive APR, and they received their funds directly in their bank account within 24 hours, making this platform perfect for anyone in rapid need of cash.

Moreover, customers were happy with the easy to use website and simple application process. From applying and being approved to browsing through lenders, accepting an offer, and receiving their funds, users have had a seamless experience with Personal Loans.

=> Click here to visit the official website of Personal Loans

Buying Guide For Debt Consolidation Loans

Are you new to debt consolidation? Check out our guide below, as we have laid out the benefits and the risks, plus the multiple debts people most commonly consolidate.

Understand the Benefits

  • Pay Less Interest: If you can consolidate multiple debts with high interest ( in the double digits) into a single loan with an interest rate of 10% or less, you will likely save hundreds of dollars compared to paying each loan individually.
  • Easy Repayment: It is difficult to keep track of many credit card debts or loan installments every month, especially if they come due on different days. You can streamline the process by paying one debt consolidation loan payment, and it becomes easier to stay on top of your loan installments.
  • Boost Your Credit Score: You may see a boost in your credit score if you decide to consolidate your debt. By paying off your credit card debt using a debt consolidation loan, you bring down your credit score-use ratio, and your credit history of on-time payments could improve as you make a single, one-time payment every month.

Understand the Risks

  • Upfront Fees: You will likely have to pay upfront costs associated with the loan upon taking it out. These could come in the form of origination fees, closing costs, or balance transfer fees. However, make sure these fees do not outweigh any savings you hope to gain as part of your debt consolidation efforts.
  • Collateral May Be Required: Depending on the lender, you may be asked to provide collateral. Remember, though, this collateral may be seized if you fall behind on your loan payments.
  • Debt Cost Could Be Raised: Your likelihood of saving money using a debt consolidation loan depends on the structuring of that loan. If you have an interest rate similar to the loans you are already repaying but select a longer loan term, you are going to pay more interest charges over time.

Debts People Commonly Consolidate

By refinancing using a lender that offers debt consolidation loans, you could pay less interest over time. However, it should be noted that if you do refinance or consolidate, the terms of the loan could be reset, and the overall cost could increase. So, make sure you review all terms of your loan carefully, so you do not end up spending more.

  • Student Loan Debts: If you have many student loans you are dealing with, consolidating those can give you peace of mind and a single, monthly payment. Some lenders offer consolidation loans at competitive interest rates, some of which are much lower than the interest rates for student loans.
  • Credit Card Debt: You can do a debt consolidation credit card balance using a 0% APR balance transfer credit card, personal, or home equity loan. The best way to consolidate credit card debt is to find a funding source with a lower interest rate than what you currently pay. Personal loans are an excellent way to go about this, as they often come with interest rates that are much lower than your everyday credit score card. If choosing the 0% card option, you will find out if and when the interest rate changes.
  • Medical Debt: If you have incurred many medical bills, consolidating your debt into a single monthly payment can make life easier. If your insurance or doctor’s office does not offer repayment plans, or if the installments they do have are too expensive, a personal loan may be your solution. Personal loans come with lower interest rates compared to credit score cards, and it could allow you to stay away from bankruptcy thanks to expensive medical bills. A 0% APR credit card is also an option, but only if the credit card debt can be repaid before the interest rate goes up.

Is Debt Consolidation Right for Me? 

You may feel like debt consolidation is the way to go, and some of you may be excited about applying for a loan and opening up a new chapter in your quest to pay down debt. But, before we go into that, make sure this method of eliminating debt is right for you.

Here are some factors to consider:

  • What does your credit score look like? If you have a good credit score, you will get a better interest rate and better loan terms. Typically, this starts at 670 for FICO scores.
  • What interest rate is your current debt consolidation loan? On average, you can expect to pay about 9.41% on a personal loan, says data from Experian. Meanwhile, the typical credit score card charges about 16% for interest. So, if you can get a personal loan for a lower interest rate than what you are currently paying, consolidating that debt could help you save some money on interest.
  • Have you formulated a plan for the repayment of your loan? One thing to think about is how you plan on repaying your debt. Credit score cards are tempting because they offer “revolving credit score,” meaning the moment you pay off part of the balance, you can use it once it is freed up and the payment has been applied. So, if you keep using the card even though it has been paid off, and you are only paying the minimum amount due instead of the full balance, you are always going to be in debt. So, make sure you are ready to stick to a plan of repayment, so you can climb out of debt.

FAQs About Debt Consolidation Loan Services

Q. Will Debt Consolidation Hurt My Credit Score? 

At first, it may appear to hurt your credit score. To get a debt consolidation loan, for instance, there will need to be a hard pull done on your credit score.

In addition, opening a new line of credit will temporarily lower your score. But, with your continued on-time payments and your lowered credit score utilization ratio, you should see your scores climb.

Q. Are Debt Consolidation Loans Easy to Get? 

Yes, but it depends on your credit score. Physically getting the loan is easy, as you can do it right from your computer or mobile device. However, the biggest issue with getting a debt consolidation loan is the borrower’s credit scores.

Having a good credit score will make it easy to get a loan with a lower interest rate and terms. Meanwhile, those with bad credit scores will have to contend with higher interest and lesser loan amounts.

Q. What Debt Consolidation Companies Are Legitimate? 

All of the companies featured on the lending networks listed in our article are safe ways of getting debt consolidation loans. These are legitimate companies, but they do vary when it comes to the terms and conditions of the loans and their interest rate.

It is best to go with a local bank or credit union if you would like to pursue a debt consolidation loan, but we know that is not always feasible.

However, you can rest assured that local banks, credit unions, and the loan companies listed on Personal Loans, BadCreditLoans, MoneyMutual, and CashUSA are all safe to use.

Q. Can Debt Consolidation Help with Payday Loans? 

The answer to this is yes. With payday loans, you must pay back the debt consolidation on your next payday. But, some borrowers are not able to do this, and, thus, more fees are incurred. As a result, the cost of borrowing keeps going up.

Payday loan debt consolidation can help by combining these high-interest loans into one payment using a personal loan. Personal loans for debt consolidation feature lower fees and APR compared to payday loans, whose interest is incredibly high (400% in some cases). Therefore, they make it easier for borrowers to get out of debt.

Q. Why Are Personal Loans for Debt Consolidation Helpful? 

Personal loans for debt consolidation are helpful in a variety of ways. For starters, it helps you pay everything with one single, handy payment every month.

Second, debt consolidation loans are typically lower when it comes to their interest rates, which saves you money.

Third, it is a great way to get out of debt that continues to roll over, such as payday loans that can compound if they are not paid back on the due date.

It is also an excellent way to raise your credit score, provided you can avoid using your credit card debt/taking out additional loans as you pay off the debt consolidation loan.

Conclusion

As you can see, it is easy to get a debt consolidation loan if you need it. However, you must be ready to change your spending habits. These loans can only work if you are willing to stop using your revolving line of credit/opening up other loans in the process.

So, if you are ready to change your spending and pay off that debt once and for all, and bring up your credit score in the process, a debt consolidation loan could be for you. However, make sure to read all terms and conditions of your loans for debt consolidation carefully before signing. Good luck!

]]>
https://radiotubesupply.com/best-debt-consolidation-loans-for-people-with-bad-credit-2021-update-blog/feed/ 0
Kenya: Alarm as public debt service exceeds $ 9 billion https://radiotubesupply.com/kenya-alarm-as-public-debt-service-exceeds-9-billion/ https://radiotubesupply.com/kenya-alarm-as-public-debt-service-exceeds-9-billion/#respond Mon, 20 Sep 2021 06:42:50 +0000 https://radiotubesupply.com/kenya-alarm-as-public-debt-service-exceeds-9-billion/ The Parliamentary Budget Office (PBO) has sounded the alarm on the government debt service of 1.17 trillion shillings this year, noting that it will be a major constraint on the availability of resources to run government operations. The amount is part of the 3.66 billion shillings budget for this fiscal year. This means that the […]]]>

The Parliamentary Budget Office (PBO) has sounded the alarm on the government debt service of 1.17 trillion shillings this year, noting that it will be a major constraint on the availability of resources to run government operations.

The amount is part of the 3.66 billion shillings budget for this fiscal year.

This means that the government will have to borrow more to make up the 940 billion shillings deficit in the current fiscal year budget.

In its budget watch report for 2021/22, the PBO notes that in June Kenya’s public debt had already reached 7.7 trillion shillings, with the government planning to borrow more to finance its operations.

In 2018, the government raised its debt ceiling to 9 trillion shillings.

The PBO document notes that the service of the public debt contributes 88% of the expenditure of the services of the Consolidated Fund (SFC).

It also represents over 66% of ordinary revenue, up from 44% in fiscal year 2019/20 and will make a substantial contribution to the budget deficit.

“In the medium term, public debt repayment spending could crowd out development spending,” says the PBO document.

The Public Treasury is committed to reducing the budget deficit as a percentage of the country’s GDP from 8.2% to 7.7% in 2021/22 to 4.5% in 2023/24.

But the PBO warns that without fiscal consolidation efforts, without targeted spending to boost economic growth and improve the efficiency of revenue collection, the budget deficit target may be unattainable.

The document further notes that the increase in debt service spending has exceeded the development allocations that the debt is supposed to finance by up to 189 percent.

“This indicates an over-indebted fiscal framework where borrowing is no longer productive. Reducing debt service would produce greater benefits for the fiscal framework than cutting any other expenditure item, ”says the PBO.

He adds that it will take serious consideration of the debt reorganization – a mixture of suspension, conversion and cancellation of debt.

The PBO document points out that revenue underperformance has been one of the main drivers of the expansion of the budget deficit.

The growth of the budget deficit including grants from about 6% in 2013/14 to almost 9% in 2020/21.

This means that without specific interventions to improve revenue collection, the budget deficit is expected to continue to worsen.

The country is also not doing well in terms of debt risks.

The budget office notes that in May 2020, Kenya was assessed as being at high risk of debt distress.

The impact of the Covid-19 shock and the associated response measures on the fiscal framework, the GDP growth rate and the associated uncertainty, exacerbated “this fiscal situation by deteriorating debt sustainability indicators”.