These days, there are many reasons we need a little extra cash: Consolidate some debt to a better rate, improvements to the house you’ve been dreaming about, financing a car, starting a business, heading on a big vacation, planning a wedding, some unforeseen medical expenses, or maybe some other reason all together. Whatever your reasons, chances are there is a simple and affordable way to get a little more money into your bank account. Avoid the outrageous rates of the “payday loan” and explore all your other options. Now major banks and lending institutions have come forward with much more affordable loans.
Nearly 40% of Americans carry credit card debt. And the average variable credit card interest rate is over 16% as of October 2016. Plus, according to US Census Bureau and the Federal Reserve, the average credit card debt for households that carry a balance is a shocking $16,048. Personal loans are an underutilized resource and millions of families are likely paying too much to borrow as a result.
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So the question is asked Is a Personal Loan really a good idea?
It gives you one fixed-rate.
A personal loan offers you one simple, fixed-rate plan. Every monthly payment is the same, so you know what to expect and when your loan will be fully paid for. They’re quite flexible, allowing you to create a plan that suits your needs.
It puts you in control of your debt.
A personal loan can save you time by helping you organize and manage your finances more easily. You can set the term of your loan, Up to 60 months, so you can determine the monthly payment that’s right for your budget.
Shop for competitive rates. Personal loan rates are generally cheaper than credit card rates, but not all loan rates are the same. Obtain personal loan quotes from different lenders to make sure you are receiving the your lowest rate possible.
It’s quick, simple and hassle free.
There are lending-finder services, such as LendingTree, that can help you search for a low-rate lender. So what are you waiting for.
LendingTree is available to help you save time and money by empowering you- giving you more control over your personal finances.
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