Best Personal Loan Rates for December 2024.

The best personal loan rates start below 7% and are typically reserved for the most creditworthy borrowers. Currently, personal loan interest rates range from around 8% to 36%, with the average rate sitting at 12.31%. These loans provide quick access to cash for various needs, including home improvements and debt consolidation.

At Finance Monthly, our financial experts carefully evaluated and have selected the top 10 personal loan lenders for December, ensuring they offer competitive rates and favorable terms. Our selection process focuses on four key factors: affordability, availability, customer experience, and transparency.

Here’s our Top 10 Loan Providers Picks for December 2024.

Lender	Rating	Est. APR	Loan Term	Loan Amount	Min Credit Score	Details
LightStream	4.7	6.94% - 25.29% (w/ AutoPay)	2-7 years	$5,000 - $100,000	695	Website Offer
Upstart	4.8	7.40% - 35.99%	3-5 years	$1,000 - $50,000	300	Website Offer
Achieve	4.7	8.99% - 29.99%	2-5 years	$5,000 - $50,000	620	Website Offer
LendingClub	4.5	9.06% - 35.99%	2-5 years	$1,000 - $40,000	600	Website Offer
Happy Money	4.6	8.95% - 17.48%	2-5 years	$5,000 - $40,000	640	Website Offer
Citi® Personal Loan	4.6	11.49% - 20.49%	1-5 years	$2,000 - $30,000	720	Website Offer
Upgrade	4.7	9.99% - 35.99% (w/ AutoPay)	2-7 years	$1,000 - $50,000	580	Website Offer
Best Egg	4.6	6.99% - 35.99%	3-5 years	$2,000 - $50,000	600	Website Offer
Prosper	4.6	8.99% - 35.99%	2-5 years	$2,000 - $50,000	640	Website Offer
Avant	4.7	9.95% - 35.99%	2-5 years	$2,000 - $35,000	550	Website Offer

Insight into Personal Loan Lenders

Personal loans are available from online lenders, banks, and credit unions. The best option depends on your financial needs and which lender offers the rate, term, and features that align with your situation.

• Online Lenders: These lenders provide a fast, streamlined loan process, often catering to borrowers across the credit spectrum.
• Banks: Typically require good to excellent credit (690 or higher). Some banks offer perks like rate discounts for existing customers.
• Credit Unions: More accessible to borrowers with fair or bad credit (below 690). Membership is required, but federal credit unions cap interest rates at 18%.

How to Compare the Best Personal Loan Lenders

When shopping for a personal loan, consider these factors:

Pre-Qualification

Most lenders offer pre-qualification, letting you see potential rates and terms without affecting your credit score. Pre-qualify with multiple lenders to compare offers.

Annual Percentage Rates (APRs)

APRs include interest rates and fees, giving you a clear picture of the total loan cost. Your rate depends on your credit score, income, and debt-to-income ratio (DTI).

Fees

• Origination Fees: Charged upfront and often deducted from the loan amount.
• Late Fees: Charged for missed payments.
• Insufficient Funds Fees: Applied when your account doesn’t cover a payment.

Funding Time

• Online Lenders: Typically disburse funds within one to two days.
• Banks and Credit Unions: May take up to a week.

Repayment Terms

Repayment terms generally range from 2 to 7 years. Shorter terms save on interest, while longer terms lower monthly payments. Choose a term that fits your budget.

Loan Amounts

Most lenders offer loans ranging from $2,000 to $50,000, but some go as high as $100,000. Match the loan amount to your needs, whether consolidating debt or financing a project.

Special Features

Look for perks like autopay discounts, payment flexibility, or financial planning tools. These features can add value and help you achieve your financial goals.

Making the Right Choice

Choosing the right personal loan lender means finding one that offers favorable rates, terms, and features tailored to your financial situation. Take advantage of pre-qualification, compare multiple lenders, and carefully evaluate your repayment ability to make the most of your loan.

How to Get a Personal Loan

1. Check Your Credit

Your credit score plays a crucial role in determining your eligibility and the interest rate you’ll receive. Review your credit report to identify and correct any errors that may be lowering your score. To improve your chances, reduce your debt-to-income (DTI) ratio by paying down existing debts. You can access a free credit report through sites like  AnnualCreditReport.com.

2. Pre-Qualify with Multiple Lenders

Pre-qualifying helps you understand what rates and terms you may qualify for without impacting your credit score. Compare offers from multiple lenders to find the lowest APR and monthly payments that align with your budget. Pre-qualification is a smart way to narrow your options and choose the best loan for your needs.

3. Submit a Formal Application

Once you’ve chosen a lender, complete the application process. Be prepared to provide documentation to verify your identity, income, and employment. After approval, most lenders disburse funds within a few days to a week, giving you quick access to the money you need.

Pros and cons of personal loans

If you're struggling with high-interest credit card debt, consolidating your debt could significantly improve your financial situation. Credit card debt is on the rise in our current economy. With average interest rates exceeding 23% and daily compounding interest, even minor purchases can lead to overwhelming balances.

Coupled with the soaring costs of housing, food, and everyday essentials, many Americans find themselves ensnared in a cycle of increasing credit card debt. Debt consolidation can be a viable option if you're juggling high balances on several cards. This process allows you to combine multiple credit card payments into a single loan, often at a lower interest rate and with more predictable monthly payments.

Essentially, it’s like swapping several high-interest debts for one more manageable loan. We spoke with three financial planning experts to uncover the key advantages of debt consolidation. Here’s what they believe you should consider if you’re contemplating this strategy. Explore the various debt relief options available to you today (see below).

5 Unexpected Benefits of Consolidating Credit Card Debt You Should Know

If you're feeling overwhelmed by credit card debt, you're not alone—there's a way forward. Tyler Crawford, president of BHG Financial, notes that more than 70% of clients manage to keep their debt in check after consolidating.

You have various options for consolidation. Many banks, credit unions, and online lenders provide personal loans for this purpose. Additionally, balance transfer credit cards can be a viable choice. Merging multiple debts into a single loan can enhance your financial situation in ways you might not expect. Here are five significant advantages:

1. Boosting your credit score

Margaret Poe, head of consumer credit education at TransUnion, explains that transferring credit card balances to an installment loan can reduce your credit utilization rate. This rate plays a crucial role in determining your credit score, and a lower utilization often leads to a higher score. Crawford points out another way consolidation can benefit your credit score. "By paying off several high-interest credit cards with one loan, you can avoid late payments," he says. With just one monthly payment to keep track of, it becomes easier to stay on time. Consistent, timely payments contribute to a healthier credit score. Discover how to eliminate your credit card debt today.

2. Lower Interest Rates

A debt consolidation loan typically comes with significantly lower interest rates compared to credit cards. "One of the biggest advantages of debt consolidation is the potential to save on interest," shares Andi Wrenn, a board member of the Association for Financial Counseling, Planning Education (AFCPE). Given the high rates associated with credit cards today, switching to a lower-rate consolidation loan can lead to substantial savings in interest payments. The savings can increase even more if you make extra payments. Each additional dollar you pay directly reduces your principal balance, which means you'll waste less money on interest over time.

3. Reduced Mental Burden

Consolidating credit card debt does more than just help you avoid missed payments; it can also ease the daily stress and anxiety that comes with juggling multiple debts. With a consistent payment plan, you'll feel more in control of your finances and less overwhelmed by the constant worry of keeping track of various due dates and balances.

4. Fixed Repayment Terms

In contrast to credit cards that have fluctuating interest rates, consolidation loans provide a clear repayment schedule and fixed payment amounts. This predictability simplifies budgeting. Credit cards can prolong your debt because the minimum payments often only cover the interest. However, a consolidation loan gives you a definitive end date. From the very beginning, you'll know when you'll be free of debt, and each payment will bring you closer to that goal without any unexpected surprises.

5. Access to Additional Financial Resources

Many lenders offer financial counseling and budgeting tools as part of the debt consolidation process. These resources can assist you in developing healthier spending habits. You'll gain insights on how to avoid future debt and create a practical budget that fits your lifestyle. Some lenders may even provide tailored advice to help you address specific challenges, such as building an emergency fund and planning for significant purchases.

Consolidating debt for relief is most effective when combined with improved financial habits and mindful spending. Crawford cautions that after consolidation, borrowers might fall back into the habit of using credit cards irresponsibly, which can lead to an even larger debt issue. If you're thinking about consolidating your credit card debt, begin by researching potential lenders thoroughly. "Pay attention to the details and ask insightful questions — you don’t want to end up in a worse situation due to oversight," advises Wrenn.

Next, compare offers from various trustworthy debt relief companies. Look over interest rates, fees, and additional services to find the option that best suits your needs and supports your goal of remaining debt-free in the future.

Take Control of Your Finances Today!

Struggling with Credit Card Debt? Discover the surprising benefits of debt consolidation and how it can help you regain financial freedom.

Consolidation programs simplify your debt, reduce interest rates, and provide a clear path to becoming debt-free. Choose from trusted debt relief providers to find the program that's right for you.

Click Below to Start Applying for a Debt Relief Program:

• Freedom Debt Relief – Customized plans to fit your needs.
• Accredited Debt Relief – Trusted experts in financial solutions.
• National Debt Relief – Proven programs to manage and reduce debt.
• Americor – Reliable support for long-term financial stability.

Take the first step toward a brighter financial future today!

Best Balance Transfer Credit Cards in the UK for November 2024.

Transferring credit card debt to a balance transfer card can help you save on interest, allowing you to pay off your debt faster. Discover how balance transfer cards work and find our top picks for the best deals available, tailored to various credit scores.

If you’re paying interest on your credit card, moving the debt to a balance transfer card could save you money. Many cards offer an introductory period with 0% interest for a set timeframe—ranging from a few months to over two years—so you won’t pay interest if you clear the balance before the promotional period ends.

The Best 0% Balance Transfer Cards

If you’re new to balance transfer cards, choose one that suits your financial situation. Generally, seek a card with the lowest APR (ideally 0%), the longest interest-free period, the lowest transfer fee, and a credit limit high enough to cover your existing debt.

Longer 0% deals are often available to those with higher credit scores. Using an eligibility checker can give you a sense of your chances for approval, along with an estimate of your potential credit limit and APR. This check is quick, easy, and won’t appear on your credit report.

Longest 0% Interest-Free Balance Transfer Cards

These cards are ranked by the longest 0% interest period, followed by balance transfer fee, and then APR. Your specific offer may vary.

Provider	0% Interest Period (up to)	Balance Transfer Fee	Representative APR	Website Link
	30 months	3.49%	24.9%	Visit Website
	29 months	3.45%	24.9%	Visit Website
	28 months	3.19%	24.9%	Visit Website
	28 months	3.45%	24.9%	Visit Website
	28 months	3.9%	24.9%	Visit Website
	27 months	3.49%	24.9%	Visit Website
	27 months	3.49%	24.9%	Visit Website
	27 months	3.49%	24.9%	Visit Website

Note: We regularly update this table to reflect accurate information, but always double-check terms as they may change. Credit card data is provided by Finance Monthly.

Longest 0% Interest-Free Period with No Fee

For those looking to avoid a balance transfer fee, the following cards offer interest-free periods without one.

Provider	0% Interest Period (up to)	Balance Transfer Fee	Representative APR	Website Link
	13 months	0%	24.9%	Visit Website
	13 months	0%	24.9%	Visit Website
	12 months	0%	23.9%	Visit Website
	13 months	0%	24.9%	Visit Website
	5 months	0%	22.9%	Visit Website

Balance Transfer Cards for Bad Credit

If you have a lower credit score, you might still qualify for a balance transfer card. Though you may not receive the longest 0% deals, some providers offer low or 0% interest cards for individuals with limited credit history.

Be sure to check the APR once the promotional offer ends. If you’re not likely to clear the balance by that time and the APR is higher than your current card, consider waiting to transfer until you’re eligible for a better deal. Alternatively, consider transferring only part of your balance that you can clear before the 0% offer expires.

How Do 0% Balance Transfer Cards Work?

With a balance transfer card, you use one card to pay off another. The primary benefit is the ability to clear debt faster, without accruing interest charges. For instance, if you owe £2,000 on a card with 25% interest, a substantial portion of your monthly payment goes toward interest. By moving this debt to a 0% balance transfer card, you’ll only be paying off the principal for the introductory period. However, keep in mind that many 0% cards charge a transfer fee, typically up to 5%.

Once the 0% period ends, interest reverts to the card’s standard rate. Aim to clear the debt before this occurs, or you could apply for a new balance transfer card to keep the interest-free momentum going.

Advantages of 0% Balance Transfer Cards

The main benefits of a balance transfer card include:

• Reduced or eliminated interest charges.
• Accelerated debt repayment by focusing payments on the balance, not interest.
• The ability to consolidate multiple debts onto one card, simplifying payments.
• A potential boost to your credit score, provided you don’t add new charges.

Disadvantages of 0% Balance Transfer Cards

Consider these drawbacks:

• A balance transfer fee is common, typically a percentage of the balance transferred.
• Interest rates revert to the card’s standard rate after the 0% period.
• If you make purchases or cash withdrawals, these may incur interest immediately unless specified otherwise.
• A temporary dip in credit score may occur, as each new application prompts a hard credit check.
• Risk of financial setbacks if you’re not disciplined with spending and debt management.

Am I Eligible for a Balance Transfer Card?

Although the best deals usually require a good credit score, there are balance transfer cards available for individuals with lower scores. These typically have a lower credit limit, shorter promotional period, and a higher APR after the introductory period ends. Even without a 0% offer, transferring to a lower-APR card could reduce costs.

Before applying for a balance transfer card:

• Check Eligibility: Most providers require you to be over 18, a UK resident, with a permanent address and a minimum income. Avoid recent bankruptcies, IVAs, or CCJs. An eligibility checker from a provider or broker can help gauge your likelihood of approval without affecting your credit report.
• Check Your Credit Score: Your score can influence the success of your application. Factors like missed payments and high credit usage impact it, so review your score for free with agencies like Experian, Equifax, ClearScore, or Credit Karma.

How to Apply for a Balance Transfer Card

You can usually apply for a balance transfer card online or in-branch. The provider will run a credit check, so be prepared to provide:

• Your contact information
• Address history (last three years)
• Bank details
• Income

If applying online, you may get an instant decision, though approval times vary. Upon approval, review your credit limit, APR, fees, and minimum payment. Only sign if you’re satisfied; you can still walk away without obligation. After signing, you’ll have a 14-day cooling-off period during which you can cancel the agreement.

If denied, avoid reapplying immediately, as repeated applications can harm your credit score. Instead, review your credit report and use eligibility checkers before applying again.

How to Transfer a Balance

After your account is open, transfer your balance as soon as possible to start saving on interest. Follow these steps:

1. Request the transfer from your new provider (typically online or by phone) and provide account numbers and transfer amounts.
2. Wait for the transfer to complete—this may take minutes or a few days, depending on the provider. Once done, you can close the old account if you’ve cleared the balance.
3. Make timely payments on your new card to maintain the 0% offer and protect your credit score. If your new credit limit doesn’t cover the full balance, continue paying the remaining balance on the old card as well.

Best Two-Year Variable Mortgage Deals by Monthly Repayment For November 2024

It involves taking out a new loan to pay off your old ones. This can be a great option if you are struggling to make your monthly payments or if the interest rates on your current loans are too high. In this blog post, we will discuss what debt refinancing is and how it works. We will also provide some tips on how to decide if it is the right option for you.

What is debt refinancing?

Debt refinancing is a process that allows you to consolidate your existing loans into one new loan with more favorable terms. Essentially, it involves taking out a new loan to pay off your old ones. The term "refinancing" refers to the process of combining multiple debts into one new loan and paying them off all at once.

How does debt refinancing work?

There are several different options for debt refinancing, depending on your current financial situation and the types of debts you have. One common scenario is when you are struggling to make payments on multiple high-interest credit cards or personal loans. In this case, it may be beneficial to refinance these loans by taking out a new loan at a lower interest rate. This strategy can help you save money on your existing debt over time and make it much easier to keep up with your monthly payments.

The process of refinancing usually involves working with a financial institution or lender, such as a bank or credit union. You will need to provide documentation verifying the value of your assets, income, and debts to secure the new loan. When this process is complete, you will typically receive an updated loan agreement that lists all of the terms for your new loan. At this point, you can begin making regular payments on your new debt instead of your old ones.

Should I refinance my debts?

Refinancing may not be right for everyone, and there are several factors to consider before deciding whether it is a good idea for you. One important consideration is your credit score. Having a high credit score can make it easier to qualify for a new loan with favorable interest rates. However, if your credit is poor or limited, you may have more difficulty securing a new loan at an affordable rate.

Another factor to consider is the type of debt that you want to refinance. Some loans, such as student loans and mortgages, cannot be refinanced using this strategy. You will also need to decide how much debt you want to repay with your new loan. Depending on your financial situation, you may choose to pay off all of your existing debts, such as making minimum payments on medical debt, lowering your credit card debt, or just certain ones that have high-interest rates or are otherwise problematic.

Are there any benefits?

Refinancing your debts can be a great way to save money, especially if you have multiple high-interest loans that are difficult to keep up with. By taking out a new loan at a lower interest rate and paying off your existing ones all at once, you may be able to reduce the total amount of money you owe over time. This strategy can ultimately help you get out of debt faster and improve your financial situation overall. Other benefits of consolidating debt are that it simplifies your monthly payments and may provide you with more flexibility in choosing repayment terms. For example, you may be able to opt for a longer repayment period, which can reduce your monthly payments.

3 Tips for refinancing your debts successfully:

1 - Evaluate your finances:

Before proceeding with debt refinancing, it is important to carefully evaluate your current financial situation and make sure that this strategy is right for you. Consider factors like income, credit score, and outstanding debts before deciding whether to refinance your debts.

2 - Shop around for a loan:

There are many different options when it comes to refinancing your debts, so it is important to shop around and compare rates with various lenders before choosing one. This will help you find the best possible deal on interest rates and repayment terms.

3 - Understand all of the terms in your new loan agreement:

When you apply for debt refinancing, make sure that you understand all of the terms listed in your new loan agreement. This will help ensure that you are fully aware of any fees or penalties associated with your new loan as well as potential changes in monthly payments or other factors that may affect how much money you owe over time.

Debt refinancing can be a great way to save money and get out of debt faster. By taking out a new loan at a lower interest rate, you may be able to reduce the total amount of money you owe over time. Before deciding whether this strategy is right for you, it is important to carefully evaluate your current financial situation and make sure that you understand all of the terms in your new loan agreement.

The most popular debt that people often consolidate is credit card debt, usually because it has very high-interest rates. However, people can also consolidate other types of debts, such as payday loans, personal loans, and medical bills, so how do you settle on a debt consolidation loan lender?

Is It A Good Idea To Consolidate Your Debts?

A debt consolidation loan is a personal loan, in most cases, not everyone has the creditworthiness to qualify for such a loan. First, you’d need to check if you’re eligible for an affordable personal loan. Second, depending on the amount of debt loan and company (lender), a debt consolidation loan might be expensive in the long run. For instance, taking a debt consolidation loan allows you to pay it back to only one lender. You might be making large payments over a long period, which may result in you paying in the long term.

Lastly, if you’re finding a challenge in paying back your current debts, will you be able to afford to pay the debt consolidation loan? You need to scrutinise your income and see the money you have and whether you’ll comfortably afford the debt consolidation loan repayments. 

When Is A Debt Consolidation Loan A Good Idea?

A debt consolidation loan is a good idea if:

• You have a good cash flow that can pay monthly debt instalments 
• Your instalments for debt payments per month (including mortgage or rent) don’t exceed 50% of your monthly gross income
• You have good enough credit to enable you to qualify for a low-interest debt consolidation loan or 0% credit card
• You can pay off your debt consolidation loan within five years or less

If you feel that the debt might be another challenge, the best thing to do is talk to a financial advisor before you make any move.

How Do I Choose A Debt Consolidation Loan Lender?

Since debt consolidation does not come for free, you need a debt consolidation loan that fits within your budget and helps you meet your financial goal of eliminating debt. Before giving you a loan, many lenders often pre-qualify you without inquiring into your credit. Information from pre-qualifications can give you an idea of the loan amount, rate, and term you could qualify for should your application be approved. 

To choose a loan consolidation lender, you can use the pre-qualification information to compare your options and decide on the lender that's best for you based on different factors such as:

• Loan cost: The loan cost, including the organisation’s fees and other charges, is a great determinant of your loan qualification. A large fee may outweigh the benefits of getting a consolidation loan.
• Annual percentage rates (APR): Lenders use your credit score and other financial factors to determine your APR or the interest you pay per month.
• Lender features: Research the lender and find out their reviews, credit monitoring, hardship programmes, and customer support. Find out if you can trust them and whether or not you will be comfortable doing business with them.

Endnote

If you decide to consolidate your debts through a debt consolidation loan, it’s important to take your time to research your options. Make sure the loan will fit your budget demands and help you eliminate debt. Don’t settle for a high APR that might affect your overall financial goals.