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Consolidating credit cards with fair credit

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A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly installments, typically over two to five years, along with interest.

Credit card consolidation could save...

A secured loan backed by a car or house typically is cheaper, but you can lose the asset if you default on paying it back. If you have big balances on multiple high-interest credit cards, a personal loan can help you consolidate the debts into one payment at a lower rate.

Compare rates from multiple lenders before choosing.

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The loan with the lowest APR is the least expensive — and therefore, usually the best choice. Learn more about how to get a personal loan.

Debt consolidation loans with bad...

Rates vary from lender to lender and depend heavily on your credit history and ability to repay, but here is what interest rates on personal loans look like, on average:. Almost all lenders require you to be 18 or older and a legal U. Other options for borrowers with bad credit include secured or co-sign personal loans.

Knowing your credit profile before you apply can help set expectations. Several personal finance websites, including NerdWallet, offer free access to your credit score and credit report. Look for a site that offers educational tools such as a credit score simulator or guidance on how to build credit. Consider these options first. Below is a list of some of our most popular reviews. OneMain Financial personal Consolidating credit cards with fair credit You can use an unsecured personal loan to consolidate debt or finance large purchases.

Interest rates and terms can vary, based on your credit score and other factors.

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