Sometimes you have debts all over the place and staying on top of them is costing you a lot of money —and a lot of time. Here are 3 excellent options for you consolidate your debt and pay them off sooner!
Some personal loans are great options for debt consolidation, as they will allow you to get of debt sooner while putting all your debt in the same place, making it more manageable. Here’s a list of the best 3 options available:
Marcus by Goldman Sachs
This will allow you to borrow amounts between $3,500 and $40,000, with no late fees nor origination fees. Also, interest rates are relatively low (6.99% to 19.99% APR), so this is probably the best debt consolidation loan there is. Even if they do not charge late fees, you still need to make payments on time to help your credit score.
Loan terms range from 36 to 72 months and in order to get the lowest rates, you need to have a high credit score.
Discover personal loans are a great option, too. APR rates range from 6.99% to 24.99% and there are no fees. You can borrow up to $35,000. The minimum loan amount is $2,500. Discover is best known for its flexible payment options, allowing you to get personal loans with repayment times of up to seven years. They don’t charge origination fees, but they do charge a $39 late fee, so keep that in mind. It is also recommended to have a good credit score before applying for a loan.
Payoff claims to be the best option to consolidate credit card debt. The reason they do this is that they help you put together a reduction plan, offering relatively low-interest rates (5.99% to 24.99% APR). You can borrow between $5,000 and $35,000. It’s important to notice that Payoff usually lends to individuals with lower credit scores (but always above 640).
Loan terms range from two to five years.
Debt consolidation is an excellent option for those who are trying to simplify their bills and get out of debt faster. If you have good credit but your debt amount is too high, then you should definitely explore these options!