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What Is a Personal Loan? How It Works

Credit Corp

A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects. If you’re planning on making a big purchase, getting a better handle on your debt, or have run into some unexpected expenses, applying for a personal loan can help cover the costs.

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8 Ways to Consolidate Credit Card Debt 

Credit Corp

Debt consolidation allows you to take multiple debts and combine them into one, and you can do this with your credit card debt. Doing this makes managing the debt a little easier, and you may be able to get a lower interest rate. Step 2: Get prequalified with a couple of lenders.

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What Is a Personal Loan?

Better Credit Blog

The former uses collateral, commonly in the form of your vehicle title, to secure repayment of the loan. The far more appealing choice, the unsecured personal loan, does not require any collateral. The better your credit score and debt-to-income ratio are, the higher your chances of approval and access to the best interest rates are.

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What is Debt Consolidation and How Does it Work?

Better Credit Blog

Debt consolidation is when you bundle several debts together into one larger sum and then make a single monthly repayment instead of multiple smaller ones. Consolidating debts with different interest rates and repayment schedules can make it easier to manage your finances. Debt Consolidation Guide.

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Best Personal Loan Companies of 2022

Better Credit Blog

They’re great for credit card debt consolidation, home improvement projects, major car repairs, or any other cash-heavy project. Instead of funding loans, LendingTree connects borrowers with lenders through its online marketplace. But unlike LightStream, Marcus by Goldman Sachs has eliminated its lender’s fees.