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Should You Use a Personal Loan to Pay Off Debt?

Should You Use a Personal Loan to Pay Off Debt?

While a personal loan may be easier to qualify for than other types of loans, it’s important to understand whether you might get a better interest rate with a different type of loan that’s appropriate for your situation. For example, if you’re looking to purchase a car, you may be able to get a lower rate on an auto loan than a personal loan.

Personal loans can be useful for consolidating and paying off debt. If you have high-cost debts (such as those on credit cards or payday loans), it could make sense to pay off those balances with a personal loan.

  • If you get a lower interest rate on the personal loan, you’ll spend less on interest overall, and more of each payment will go toward your loan balance.
  • You’ll have a fixed monthly payment that will pay off the loan by a specific date. Unlike credit cards with minimum payments that can allow debt to linger, personal loans are designed to be paid off in a certain time frame.

Before using a personal loan, you need to calculate if the strategy makes sense. Figure out how much you’re spending on interest, and compare that to any interest costs and origination fees for a new personal loan.

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