Credit Card Consolidation Loans
Pay off your credit cards with a more affordable, more manageable individual loan from Lowinterestloanhub.
What is a Credit Card Consolidation Loan?
A credit card consolidation loan can be a more astute, simpler way to deal with taking care of different credit card adjusts and the high-interest rates that accompany them.
In case you’re burnt out on paying numerous month to month essentials and you have to let loose more money for every day costs, a credit card consolidation loan can enable you to deal with your credit card debt and afterward just make one advantageous regularly scheduled installment you can bear.
This sort of loan commonly accompanies a lower1, fixed interest rate, which implies your regularly scheduled installment won’t change. There are likewise no yearly credit card charges, which may mean lower regularly scheduled installments and more income.
Also, you don’t need to shuffle a million bill cutoff times; you can relax realizing you have a solitary regularly scheduled installment to oversee.
How Does a Credit Card Consolidation Loan Work?
A credit card consolidation loan is another loan that you can use to take care of the entirety of your credit card charges right away.
Rather than paying diverse credit card essentials every month to numerous organizations, all while viewing your debt heap up gratitude to high-interest rates and charges, you can settle your exceptional adjusts and afterward make one simple credit card consolidation loan installment.
While credit card consolidation loans won’t take out the cash you owe, they can make it not so much distressing but rather more advantageous to deal with your debt. In addition, their commonly lower rates mean you’ll pay less interest, particularly on the off chance that you have a high-interest rate on your card.
Advantage of a Credit Card Consolidation Loan
Lower monthly payments
Better interest rates mean you have to pay less every month and it’ll have more cash for your daily budget
Zero annual fees
No hidden costs, no application or origination fees, and no early prepayment penalties
One single easy payment
Stop worrying about handling dual credit card bills and rather manage one easy payment
How Much Can I Save with a Credit Card Consolidation Loan1?
Say you have a total of $16,000 in debt across three credit cards ($8000, $4000, and $4000 respectively), the first with an APR of 22.01%, the second with an APR of 21.2%, and the third with an APR of 20.05%.
Here’s roughly how much you could save by opting to consolidate your credit card debt with a loan from Eloan.
| Eloan Debt Consolidation Loan | |
|---|---|
| Loan Amount: | $16,000 |
| Interest Rate: | 11.49%2 |
| Time to Pay Off: | 4 years |
| Total Monthly Payment: | $417 |
| Combined Bill and Credit Card Debt | |
|---|---|
| Owed Amount: | $16,000 |
| Interest Rate: | 20% - 22% |
| Time to Pay Off: | 4 years |
| Total Monthly Payment: | $498 |
Reduce your monthly payments by $80 and save a total of $3,881 on interest over the 4-year period.*
Checking your rates will not affect your credit score.
* Interest rate and monthly savings estimates based on an applicant with very good credit and are calculated over a 4-year period.
2 Base interest rate starting from 8.99% APR to 21.49% APR. The APR is determined based on your credit score and history. Available terms from 24 to 60 months, depending on the loan amount.
Example: An unsecured personal loan of $16,000 with an 11.49% APR for 48 months would pay $417 monthly. Other terms and conditions available.
FAQS
Is consolidating credit cards bad for your credit?
A Credit card consolidation loan may support your credit score after some time. That is on the grounds that a credit score, which is determined dependent on various components, is to a great extent reliant on various elements, including the amount of your accessible credit line you’re utilizing. This is called credit use, and on the off chance that you have a great deal of debt on various credit cards, odds are your credit use is poor. By assuming out a solitary praise card consolidation loan and squaring away your remarkable adjusts, you can improve your credit usage and raise your credit score after some time.
Do take note of that your credit score may at first plunge a couple of focuses, incidentally when you apply for a credit card consolidation loan. There is a fundamental credit check when you present a loan application. Additionally, on the off chance that you close a credit card account, it decreases the aggregate sum of credit you have accessible. The last can have a negative impact on the grounds that less accessible credit and high adjusts implies that the measure of credit you’ve used will be higher, which banks see as a downside.
Is consolidating credit cards a better idea?
How can I qualify for a credit card consolidation loan?
You can apply and pre-qualify for an Eloan credit card consolidation loan in minutes! To apply, you’ll need the following information:
- Full Name
- Address information
- Social security number
- Your income information
- Your employment status
Please note that to protect your identity, we may request additional information as part of the verification process.