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One benefit is that this loan won’t show up on your credit report.
But the drawbacks are significant: If you can’t repay, you’ll owe a hefty penalty plus taxes on the unpaid balance, and you may be left struggling with more debt.
You’ll need a good to excellent credit score — above 690 — to qualify for most cards.
We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. " Debt consolidation is a strategy to roll multiple old debts into a single new one.
Most will give you a rate without a “hard inquiry” on your credit, unlike many banks and credit unions.
For online lenders, the lowest rates go to those with the best credit; rates top out at 36%.
You’ll pay fixed, monthly installments to the lender for a set time period, typically two to five years.
The interest rate depends on your credit profile, and it usually doesn’t change during the life of the loan.
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