Consolidation works best when your ultimate goal is to pay off debt.The four most effective ways to consolidate credit card debt are: This type of credit card charges no interest for a promotional period, often 12 to 18 months, and allows you to transfer all your other credit card balances over to it.Most will give you a rate without a “hard inquiry” on your credit, unlike many banks and credit unions.For online lenders, the lowest rates go to those with the best credit; rates top out at 36%.You’ll need a good to excellent credit score — above 690 — to qualify for most cards.Make a budget to pay off your debt by the end of the introductory period, because any remaining balance after that time will be subject to a regular credit card interest rate.
Most credit unions offer their members flexible loan terms and lower interest rates than online lenders, especially if you have a low credit score.» MORE: Compare personal loan rates on Nerd Wallet Pros: Back to top If you’re a homeowner, you can take out a loan or line of credit on the equity in your home.A home equity loan is a lump sum loan with a fixed interest rate, while a line of credit works like a credit card with a variable interest rate.» MORE: The good and bad of home equity loans Pros: Back to top If you have an employer-sponsored retirement account, it’s not advisable to take a loan from it, since doing so can significantly impact your retirement.However, if you’ve ruled out balance transfer cards and other types of loans, this may be an option for you. Borrow £500 to £10,000 with no upfront fees, no hassle, paid out in 24 hours. Representative Example: The Representative APR is 48.9% (fixed) so if you borrow £3,000 over 3 years at a rate of 10% p.a. you will repay £145.17 per month & £5,226.12 in total. Representative Example: The representative rate is 49.9% APR (variable) so if you borrow £4,000 over 3 years at a rate of 41.2% p.a (fixed) you will repay 36 monthly payments of £195.25. Please only apply if you are aged 18 to 65, employed or self employed with a income of more than £800 a month. Representative Example: The representative rate is 50.13% APR (variable) so if you borrow £4,000 over 36 months at a rate of 30.60% p.a (fixed) plus an acceptance fee of £400 (10% of loan) and an administration fee of £390, you will repay £195.55 per month & £7,040.00 in total. Guarantor must be a homeowner aged 18 to 78 years old. Guarantor must be a homeowner, or a tenant with an exceptional credit history, aged 18 to 75 years old. Borrow up to £7,500 with no fees and a friendly service. Guarantor must be a homeowner, or a tenant with a good credit history, aged over 18 years old. Aspire Money offer a loan brokering service with no upfront fees and have loans available that don’t require a guarantor.401(k) loans typically are due in five years, unless you lose your job or quit, in which case they’re due in 60 days.TFS Loans are a specialist Guarantor loan company, lending for over 6 yrs. UK credit is a specialist no fee guarantor loan provider, they can lend to you even if your guarantor is not a home owner. Buddy Loans are the new, friendly guarantor lender. Guarantor must be a homeowner or a tenant, aged 18 to 75 years old and must pay if you don't.