🔑 = If you have credit card debt and want to pay it off over 3 to 5 years, a personal loan might be a good fit.
You should also look into balance transfer credit cards.
Other reasons to get a personal loan: to cover medical expenses or other large expenses you don’t want to put on a credit card.
Be aware that a personal loan is something that you have to pay back in a limited period of time. It’s not like a credit card or a “revolving” line of credit, which you can pay off over a longer period of time (albeit at a higher interest rate).
If you do take out a personal loan, then research your options to find the best interest rate.
Here are three more things to remember.
- Getting a personal loan will require a hard credit pull during the application process. This isn’t a huge deal, but it may decrease your credit score by a few points temporarily.
- Don’t get sucked into a debt trap. Make a plan to pay it off!
- Make sure that the personal loan providers you consider are trustworthy and don’t have any hidden fees.
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