If paying off your credit card balances is on your New Year’s resolutions list, then you might consider getting approved for a loan. If you have multiple credit cards and outstanding debt, a debt consolidation loan can help. This type of personal loan makes it much easier to stay organized with your debts because your credit balances will be merged into a single monthly payment. Additionally, many borrowers find that a personal loan for debt consolidation helps to pay off their credit balances much faster. This is due to the lower interest rates offered by consolidation loans, compared to the traditionally high rates of credit cards. 

Find out how a debt consolidation loan can help you start 2022 off on the right financial foot, and visit our website to browse Lendah’s selection of personal loans. 

New Year, New Interest Rates

As we’ve discussed in a previous blog post, debt consolidation loans typically offer much lower interest rates than credit cards while cutting out the need to juggle multiple balances. Currently, the average credit card interest rate is between 15% and 16% APR. Personal loans may also have rates as low as 6% APR. Getting approved for a loan with a desirable interest rate is based on your credit score. Along with loan amount and the loan terms, these factors come into play for lower rates. Personal loans generally build less interest than credit cards. In the end, a debt consolidation loan serves to give you extra savings in the form of lower interest rates. 

Get Approved for a Loan Today

Between the savings on lower interest rates, the ease of a single monthly payment, and easier management of payment dates, personal loans are preferable to multiple credit cards in a number of ways. Cross credit obligations off of your New Year’s resolutions list by getting approved for a loan tailored to you. The specialists at Lendah are here to match you with a debt consolidation loan that reduces your credit balances quicker while saving countless dollars on high-interest payments.

In most cases, larger monthly payments towards a personal loan translates to more money saved by avoiding high credit card interest rates. If you have any further questions about debt consolidation loans, speak to our team of knowledgeable professionals. Our compassionate loan matchmakers will find the best terms tailored to your unique situation with fast approval and rates starting as low as 3.84% for amounts up to $100,000.

Get started today on our website. Prefer to talk in person? Call us at 833-453-6324 and we’ll get you connected immediately with one of our loan experts.