With a low, fixed interest rate, you can pay down debt faster. A personal loan might provide a path to getting out of debt, as long as you find a loan with terms that make sense for your financial situation.
Watch the video to learn more about Consolidating Debt with a Personal Loan, then test your knowledge at the end of the lesson.
Loan approval depends on a few different factors, one of which is:
A. Residential history
B. Debt-to-income ratio
C. Postsecondary education
D. Parent or guardian’s credit
A longer loan term means lower monthly payments as well as lower total costs. A shorter term comes with higher monthly payments and costs more over time.
A. True
B. False
Loans work best when…
A. You have good or excellent credit
B. You owe less than $20,000
C. The APR is under 10%
D. All of the above