![]() Check the Better Business Bureau, Trustpilot and the Consumer Financial Protection Bureau's Consumer Complaint Database for lender ratings, reviews and complaints. Read personal loan reviews to find out what other consumers think of a lender you're considering. Some lenders have flexible repayment options that allow you to change your due date or offer discounts if you sign up for automatic payments each month from your bank account. Look for a lender that offers flexible payment options that work for you, whether that's payment by phone, mail, wire transfer, app or online. Sometimes, lenders allow grace periods before they charge late or returned payment fees, if they charge them at all. Some lenders charge origination fees for loan processing. You may pay origination, prepayment and late payment fees. Fees and penalties can increase the cost of your loan. Lenders may place restrictions on how you can use the loan. Loan terms can include loan amount, repayment period, monthly payment, payment due date and fees. Because prequalification should trigger just a soft credit check, you can shop around for consolidation loans without hurting your credit score. Use prequalification or rate-check tools from debt consolidation loan companies to compare rates and terms to expect based on your creditworthiness. Most lenders offer fixed-rate personal loans, while others offer fixed and variable rates. Compare lenders based on interest rate as a primary factor. Taking out a loan and leaving consolidated accounts open but unused will increase your total available credit and decrease your credit utilization ratio, which can boost your credit score. A history of on-time payments is the most important factor of your FICO credit score. ![]() A debt consolidation loan could help you pay on time by spreading out your debt repayments over several years. Once the smallest debt is paid off, those funds snowball into paying the next smallest debt until all creditors are. You may also be able to streamline many types of unpaid bills, such as credit card balances and medical debt, into a single monthly payment. There are two primary approaches to debt repayment: The Debt Snowball: Coined by personal finance guru Dave Ramsey, the debt snowball method prescribes paying off the smallest debt first. Personal loan interest rates are usually fixed, which means that you'll make the same monthly payment over a set period of time. Also, loans have to be paid off in a designated period of time, which gives you an end date for your debt. You will save money on interest, for example, if you combine two credit card balances with annual percentage rates of 16.24% and 23.99% into a debt consolidation loan with a 15% APR. If you have high-interest debt, a debt consolidation loan can help you save with a lower interest rate. ![]() ** For tiered deposits, add 3% to the lowest rate being paid. This limited-time offer is subject to change without notice. By applying, you certify that all information provided by you at the time of acceptance is true, correct, and complete and that you are (a) at least 18 years of age and legally able to enter into a contract for the extension of credit and (b) a U.S. Must complete and return all required documents within the same business day received in order for money to be deposited into an EECU share or checking account. Same day deposit does not apply for special account requests or EECU direct pay to creditors. Subject to credit approval & EECU lending policies. Membership required – membership information available at. A 200 approval fee and other fees apply for personal lending. A 350 approval fee and other fees apply for home lending. Terms and conditions and normal lending criteria apply. Terms up to 60 months available at higher rates. The product issuer is Unity Credit Union, trading as Unity. Offer valid for personal loans up to 36 months. Your actual loan amount, rate, and payment terms may vary. Monthly payment estimate at an APR of 7.99% for a 36-month term on a $10,000 loan is $313.39.
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