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Is There a Place I Can Get a Debt Consolidation Loan? – Kerri

By on February 17, 2010
Is There a Place I Can Get a Debt Consolidation Loan? – Kerri

“Dear Steve,

$36,000 total cc debt (this is the total from 2 credit cards), making monthly payments of $650.00 between the two cards, barely covers any of the debt after paying finance charges accrued on the cards.

Is there a loan through a bank or well established organization that you can qualify for that will pay off the debts of the cards, thus combining the 2 totals and getting the payment into one (hopefully lower) monthly payment?

Kerri”

Dear Kerri,

Obviously any loan is going to be dependent on your credit score. If you have a credit score above 650 you may be eligible for a fixed rate unsecured loan through LendingClub.com. LendingClub.com is a peer-to-peer lending network where people like you and me help fund the loan requests of people like you and me. In fact I am a lender on LendingClub myself.

The limit for a LendingClub loan is $25,000 so it won’t cover the entire balance but it will certainly be able to pay off or pay down your highest interest rate debt.

Check out LendingClub.com and let me know what you think.

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About 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.

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