Debt consolidating personal loan
If you need extra funds to cover an important expense like this in the short term—and if you have good credit—you may want to consider getting a personal loan or opening a personal line of credit.
73% of Lending Club customers experienced a FICO score increase three months after obtaining their loan, with an average score increase of 28 points.
Borrowers who used a personal loan via Lending Club for debt consolidation or to pay off high interest credit cards report in a survey that the interest rate on their loan was an average of 24% lower than they were paying on their outstanding debt or credit cards.
To calculate how much you could save, use our personal loan calculator.
For example, say you have three credit cards and decide to use debt consolidation to combine all three into one larger consolidation loan.
In that case, the new loan would have a balance equal to the sum of the other loans. You've probably heard of credit card balance transfers, but another option is a personal loan.