Latest Posts
Home > Ask The Get Out of Debt Experts > Is There a Good Loan to Use to Get Out of Debt? – Amanda

Is There a Good Loan to Use to Get Out of Debt? – Amanda

“Dear Steve,

Completly in debt due to being young and stupid. was married; got divorced, not reciveing child support, etc

I am trying to find a way to imporove my credit score and pay off old debts. i was told a GOOD (get out of debt loan) Loan may be an option for me; I was told that the loan pays past debts and then I would just be paying to one company.

Amanda”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

Is There a Good Loan to Use to Get Out of Debt?   Amanda

Dear Amanda,

An unsecured loan would be the preferred type to use to get out of debt. Debt consolidation loans do exist through peer-to-peer lenders like LendingClub.com.

Typically you’d need a credit score above 700 to get lower rates and if you avoid going back into debt while you repay your debt consolidation loan it can make mathematical sense to use that approach.

LendingClub.com does report your positive payment history with them to the credit bureaus so between paying off your old credit card debt and leaving those cards open and you good payment record with LendingClub.com it can serve to give you great credit.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Is There a Good Loan to Use to Get Out of Debt?   Amanda
Get Out of Debt Guy – Twitter, G+, Facebook

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Is There a Good Loan to Use to Get Out of Debt? - Amanda by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.