A personal loan is an unsecured loan that can help you pay off existing credit card debt and cut your interest rate by as much as 50% or more. Personal loans can also help with major purchases, major life events (engagement ring, moving, wedding or new baby), home repairs, a vehicle purchase or a vacation.
Here are our highest-rated personal loan recommendations for 2017.
You may be able to save substantially on your monthly payment by replacing a high interest rate credit card debt with a lower interest rate personal loan.
As a result, you may be able to improve your credit score because you are lowering your credit utilization ratio and also diversifying your types of debt.
The good news is that there is no prepayment penalty for paying off your personal loan early so you can pay off your personal loan anytime. And you can choose a fixed or variable interest rate.