Consolidating debt without

Debt consolidation is the process of merging multiple debts into one, commonly with a credit card balance transfer, home equity loan or debt consolidation loan.Consolidating your debt could help you save money if you are able to get a lower interest rate on your debt, and could simplify the amount of payments you make per month.

Consolidating debt without

Funding can happen in as soon as one business day of accepting the loan so you can pay off your high-interest credit cards immediately.

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Consolidating multiple debts means you’ll have a single monthly payment, but it may not reduce or pay your debt off sooner.

The payment reduction may come from a lower interest rate, a longer loan term, or a combination of both.

Some debt consolidation loans have fixed interest rates and monthly payments.

And, unlike secured loans, unsecured debt consolidation loans do not require you to use your possessions as security. Many lenders offer them, including Marcus by Goldman Sachs. This article is for informational purposes only and is not a substitute for individualized professional advice.

If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score.

Opening a new line of credit might temporarily lower your credit score due to a “hard” credit inquiry.

In the long run, a personal loan may help your credit score if you make consistent, on-time payments.

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