Consilidating credit card debt
Disclaimer: The person depicted is a model accompanied by a testimonial for illustrative purposes only. will not call you about any loan application resulting from the above offers, and will not ask you over the phone, via email or otherwise for financial information or other sensitive personal data.REMEMBER never to share any financial information or other sensitive personal data over the phone or via email without independently confirming the identity of the company calling first!Debt consolidation with P2P lending awards the borrower with reasonable interest rates, flexibility to pay off the debt, and higher chances of approval- even with not-so-perfect credit.When you use credit card balance transfers for debt consolidation, you are basically shifting the total debt from several of your cards to just one that has a much lower interest rate.Instead, the loans are made by investors or other individuals.If you have good credit, you can often find that borrowing using P2P lending may be a great alternative to traditional loans.You will want to take a closer look at your spending habits and see where you can save and what you need to change to be able to avoid building the debt back up.Coming up with a debt management plan is the best first step to take after considering debt consolidation. The above offers are provided by third-parties from whom receives compensation.
It also makes shopping around for a loan much easier and typically it will only take a few days to find out if you are approved for the loan or not.
However, the agency doesn't pay off your debts, so it's not a true consolidation loan, even though it may have the same effect as one.
Peer-to-peer lending, otherwise known as P2P, is a different way of borrowing money that does not use the services of a traditional bank or credit union.
They require you to get a loan from a bank, credit union, or peer-to-peer lender who will agree to consolidate some or all of your debts (usually credit card balances) into one new loan.
If the interest rate on this new personal loan is lower than the interest rates on the different credit cards that you are consolidating, you'll save money.