These services offer competitive interest rates and unsecured loans with fixed interest rates.This can be beneficial for those who are looking to consolidate debt because your interest rate will not change, so you can trust that your first payment will be the same as your last.Since there are other forms of debt, people might be looking for an option other than a balance transfer.Some credit card debt may be too much to transfer to another card, which is where personal loans step in.Balance transfers are quite simple -- all you have to do is request a balance transfer once you have signed up and been approved for a new card.The trick is to look for a card that offers 0 percent on balance transfers for an extended period of time or reduced APRs on balance transfers.This way, you can eliminate or lower the interest you're paying by transferring your balance from one or more cards where you are paying a high interest rate to one with a lower interest rate -- or none at all! Most cards offering a 0 percent introductory APR have a 12 to 18-month time frame.
After submitting an application and getting approved, you can post a listing to request money.One way to help alleviate some of the strain is to consolidate debt from multiple sources.Basically, debt consolidation takes debt you have from more than one source, such as multiple credit cards, and combines it into one lump sum.Personal loans are multipurpose, and the money can be used as needed to pay the debts and then pay off the loan -- hopefully with a smaller monthly payment and a longer repayment period.Which personal loan services are best for debt consolidation?
If you don't get funded for the entire requested amount, you can either accept or re-list it to try again. Lightstream offers astonishingly low interest rates for debt consolidation loans (5.99 percent - 9.99 percent) and has a maximum loan amount of $100,000.