Consolidating credit card debt with a personal loan
Keep reading to find out when you should use a personal loan, when it's best to use a credit card, and the pros and cons of each. With this type of loan, you borrow a set amount of money for a specific amount of time and make fixed monthly payments ("installments") until the loan is paid off.Once the loan is paid in full, it's considered closed; if you want to borrow more money, you have to apply for a new loan.Contact our Client Happiness team via email, chat, or phone to request this change or adjust the request by logging in to your Earnest account.Debt consolidation loans can be a helpful way to control you personal debt.Making your payments on time every month will help prove that you're doing a good job at managing your debt.
By combining your high interest rate loans into one lower rate with a debt consolidation plan, you can manage and eliminate your debt over several years.
In short, you need a chunk of money quickly to cover a big expense.
A friend invited you on the vacation of a lifetime—with a price tag to match.
It’s a fixed monthly expense you can factor into your budget rather than a negative number hanging over your head." Lucy D., User Experience Designer Personal loans can be used for a number of reasons, including but not limited to: vacation/honeymoon, moving/relocation, security deposit, engagement/wedding, home improvement, new job expenses, and career development.
We can consider approving your loan at a lower amount if you modify your application prior to our decision.