Consolidating my credit cards
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You have the flexibility to pay off your loan whenever you want and get rid of future interest payments. Consolidating your debt and paying off your credit cards can improve your credit score.
Want to pay off your credit card debt and reduce your monthly payments?
With an unsecured personal loan via Lending Club you can pay off your high interest credit card debt and consolidate it into a single monthly payment with a fixed, low rate.
However, if you just happen to have accounts with creditors that don't offer any concessions, that benefit is reduced. Look for a nonprofit credit counseling organization that belongs to either the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA).
Their debt consolidation programs, called debt management plans, can help you get back on track -- but they can also be unnecessary and even detrimental when done through a poorly run organization or for the wrong reasons. These agencies do not make loans, nor do they settle debts.
Loans via Lending Club feature rates from 5.99% to 35.89% APR and origination fees from 1% to 6%. Best APR is available to borrowers with excellent credit.
Here's what you need to know about consolidating accounts through an agency. Instead, they have preset arrangements with most financial institutions, many of which lower interest rates and fees, so more of your payment goes toward the balance rather than finance charges. With something as precious as your finances, be exceedingly careful about who you work with.
Borrowers who used a personal loan via Lending Club to pay off high interest credit cards or consolidate debt report in a survey that the interest rate on their loan was an average of 33% lower than they were paying on their outstanding debt or credit cards.
With fixed, low interest rates and monthly payments, the amount you pay will never increase, giving you a clear path to being debt free.
75% of Lending Club customers experienced a FICO score increase three months after getting their personal loan; the average score increase was 20 points., 2016.Borrowers who received a loan to consolidate existing debt or pay off their credit card balance reported that the interest rate on outstanding debt or credit cards was 20.7% and average interest rate on loans via Lending Club is 13.8%.