Personal Loan

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HIGHLIGHTS
  • Personal loans can be used to consolidate your debts or to make big purchases
  • Personal loans have a fixed monthly payment, typically over 36 or 60 months
  • Personal loan interest rates start from 6.78% and average at 11.92%.

Personal Loans - Loans to consolidate debt

Credit cards are useful tools when you travel, or when you need to make a quick purchase. And, if you’re the type of consumer who pays off their credit card each month, then it’s probably okay to use one for most any type of purchase you have to make.

But, if you’re like most people, and you leave a balance on your card each month after a big purchase, then you know that your credit card bill can get away from you in a hurry. That’s why personal loans are becoming an increasingly popular tool – not only for debt consolidation, but also for making major purchases.

About Personal Loans

Personal loans have fixed monthly payments and must be paid-off in-full within a set amount of time (typically over 36 or 60 months). And, personal loans can be repaid early at any time without penalty. For that reason, they can help you maintain some financial discipline and plan for big purchases in a way that lets avoid long-term revolving debt.

Borrowers with good credit should do some research to find the best interest rates available on personal loans or credit cards. Don’t assume your bank or credit union has the best rates available.

Average credit card rates remain extremely high (16.77% according to the latest CreditCardIndex Survey), but consumers with good credit may be able to take advantage of a Prosper or Lending Club peer-to-peer loan, which offer a starting rate of 6.59%. Learn if you can take advantage of a lower rate and consolidate your debts into one low payment.

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Comments (4)


JAVONNE C.
New York, NY  |  June 21, 2011
I'm currently enrolled in school yet I need financial assistance. I wanted to know about personal loans and paying them back on completion of graduation.
Bills.com
June 21, 2011
I think what you seek is a student loan. See the Dept. of Education FAFSA Web page to get started on applying for a federal student loan.
Angie K.
Oklahoma City, OK  |  June 10, 2011
I'm 26 and just finished my 2nd semester of college. I completely failed my 1st semester, I was not focused enough or ready to be in school. I collect my GI Bill while in school. Since I failed my 1st semester I owe half back which is I'm fine with, it was my fault. Because I owe the VA did not give me my last check. I've been living off of $1400 since April 1st. I can't find a job because I have 14% disability due to a work related injury after I left the Army. But I have a friend that's going to try and help me get a job at their work, hopefully. But I need help with money. I have bad credit and need a loan to help me get through these next couple months until I get paid in Sept. with my GI Bill. Is there anywhere that helps veteran's who have bad credit and are unemployed?
Bills.com
June 14, 2011
Consult with the VA to learn what assistance programs are available.
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