Debt Consolidation Loans

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In 2018, over 63 percent of Americans have consumer debt, in the form of credit cards, auto loans, medical bills and other types of unsecured debts.

As of September, the total U.S. consumer debt rose to $3.789 trillion.

With numbers like that, it’s not hard to understand why people can be so stressed about money.

Americans have a lot of personal debt, spread out over a number of accounts, all with different due dates, interest rates, penalties and ways of paying.

How debt consolidation loans help you get out of debt.

If you find yourself with a pile of bills and no strategy for paying them down, debt consolidation could be a solution for easing this mental and emotional burden, as well as more efficiently paying off your outstanding balances.

Debt consolidation is any method of combining multiple unsecured debts into one bill, and therefore one payment.

This can be done in a number of ways, including credit card balance transfers and debt settlements.

Most commonly, debt consolidation is accomplished by taking out a low APR installment loan to cover the total cost of your outstanding debt and using it to pay off the individual amounts.

The borrower will then be responsible for just paying one bill.

What types of debt can be consolidated?

Any type of unsecured personal debt can be consolidated. These debts include:

  • Credit cards
  • Medical bills
  • Utility bills
  • Personal loans
  • Student loans
  • Taxes
  • And more

The benefits of a debt consolidation loan.

Debt consolidation loans streamline the bill payment process.

Paying one bill the same time each month will always be easier than paying multiple creditors at different times of the month.

This simplicity has benefits beyond less stress.

When people have just one bill to look at, it’s also easier to see the progress their payments are making in lowering the total outstanding amount, which can be a huge inspiration to keep up the good work.

Debt consolidation loans can save you money.

Credit cards, tax bills and medical debts have notoriously high interest rates.

In general, debt consolidation loans have a much lower APR than other types of revolving debt.

By combining all your outstanding bills into one lump sum, you can actually benefit from paying less in interest as you lower your principal balance.

Debt consolidation loans could improve your credit score.

One factor that impacts your credit score is your debt to credit ratio.

This is a measure of the total availability of revolving credit you have (i.e. credit cards) versus the amount that they are utilized.

Installment loans are completely exempt from this equation.

If you have a lot of credit card debt, when you pay off your various balances with an debt consolidation loan, you will drastically lower your debt to credit ratio, which could have a positive effect on your credit score.

What if you have bad credit?

Debt consolidation loans are not ideal for everyone.

In general, debt consolidation loans offer a lower interest rate than high APR credit cards and other types of revolving debt.

For those with bad credit, they might only qualify for debt consolidation loans with an interest rate more comparable to the credit cards they’re trying to pay off.

It should be pointed out, however, that if you’re able to improve your credit score by paying off your credit card debt with an installment loan, you would be able to turn around and apply for another debt consolidation loan at a lower APR.

The drawbacks of a debt consolidation loan.

They cost money.

Like most personal loans, debt consolidation loans have a loan originator fee that is levied just for taking out the loan.

You need to avoid additional penalties.

In many cases, missing payments or paying late on a debt consolidation loan has a harsher impact on your credit score, and with higher penalty fees.

You need to watch your spending habits.

By making more credit available to you, make sure you don’t continue following the patterns that got you into debt in the first place.

Otherwise you could end up with more credit card debt to pay off on top of your new debt consolidation loan.

How to find the debt consolidation loan that’s right for you.

No matter how many different debts you have to consolidate, the process for doing it is simpler than you think. You need to:

  1. Assess your total outstanding debt you need to pay off.
  2. Take note of the various interest rates.
  3. Find the debt consolidation loan that’s right for you.
  4. Pay off your debt.

LendGenius makes step 3 easy by connecting you with a potential lender offering debt consolidation loans for many types of borrowers.

Need Cash? Get a Personal Loan Today

$10,000
I want to borrow
$1,000
$35,000


Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice.

This website is not an offer to lend. Lendgenius.com is not a lender or lending partner and does not make loan or credit decisions. Lendgenius.com connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. Lendgenius.com does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. Lendgenius.com receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Lendgenius.com’s service is always free to you.

This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where Lendgenius.com does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

By submitting your information via this website, you are authorizing Lendgenius.com and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Lendgenius.com to share your information and credit history with its network of approved lenders and lending partners.

Our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria.

Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78

Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months.

In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.


Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. Lendgenius.com has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.


Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.