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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. Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. What Is a Personal Loan?

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What Is a Personal Loan?

Better Credit Blog

Each year, tens of millions of Americans facing similar situations turn to personal loans to help ease the financial burden. With low interest for borrowers with strong credit scores, fixed rates, and a variety of lending sources to choose from, it’s easy to see why personal loans are so enticing. How Personal Loans Work.

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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

The best personal loans charge low fees and low fixed interest rates, have flexible loan amounts and terms, and have no prepayment penalties. A personal loan could let you access cash for any purpose. Since personal loans are unsecured, you’ll need an excellent credit score to get the best deal.

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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. You’ll receive an amount of money that you’ll use to pay off your current debt.

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Charged Off as Bad Debt: An Explainer

Credit Corp

Basically, it means the company has given up hope that you’ll pay back the money you borrowed and considers the debt a loss on their profit-and-loss statement. If you make payments that are less than the monthly minimum amount due, your account can still be charged off as bad debt. Consolidate your debt.

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How to Use Alternative Data to Build Your Credit Report

Titan Consulting

Alternative credit sources that do not report to the credit bureaus can include payments for rent, utilities, service accounts, and personal loans. Titan Consulting Group helps consumers evaluate various debt relief options and choose the right program that best fits their short-term and long-term financial goals.

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