Keyword Analysis & Research: loans and credit cards

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Frequently Asked Questions

What's the difference between a credit card and a personal loan?

The biggest difference between credit cards and personal loans is that they involve different types of credit. Credit cards are revolving credit, which means you can borrow money as you need it, and your payments are based on how much your outstanding balance is at a given time.

What is the best credit card consolidation loan?

Balance transfers are the best option for credit consolidation when you have excellent credit and a limited amount of debt. Balance transfer cards offer 0% APR for a limited time after you open the account. The higher your score, the longer the 0% APR period.

What is the minimum credit score for a credit card consolidation loan?

You’ll need a strong credit score to qualify for the best rates and terms on a consolidation loan. Borrowers with scores of at least 720 have the easiest time qualifying for a competitive loan. Those with bad or fair credit may still qualify but will likely pay higher rates. Have debt that will take at least six months to pay off.

What is the APR range for a credit card consolidation loan?

If you carry a balance on your credit cards each month, you’re likely paying high rates—sometimes 27% or more. Personal loan interest rates typically range from 3% to 36%. So, if you can qualify for a consolidation loan with a lower interest rate, you may be able to pay off your debt faster and at a lower cost.

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