“Dear Steve,

I have two lines of credit and one credit card and my husband has an ATV loan all totalling approx. $32000.00. The two line APY’s are great but the credit card APY is outragious and the ATV APY could be better.

Is there a way that we could consolidate these four debts into one loan with one reasonable monthly payment without any extra fees or charges and without paying a massive monthly payment?

Melissa”

The Answer

Dear Melissa,

I think your best bet is to investigate LendingClub.com for a loan. LendingClub is a peer-to-peer lending model. When you put your loan request online it will be verified and then presented to people like me that will fund your loan.

This process skips having to deal with the banks directly and often allows you to borrow to pay off debt when no bank will lend to you.

I recently started lending on LendingClub to test it out. I’ve heard good things from other lenders and a friend of mine just recently placed his loan request on LendingClub for debt consolidation and it was funded within a week.