If you are looking for a loan to cover credit card debt, you might be considering the following:
Debt Consolidation Loans – This is a type of loan which takes all your unsecured debt, such as credit cards, and puts it all into one single loan that you can repay each month, usually over 2 to 5 years, although some allow you to pay for up to 12 years.
Once you have been approved by the lender, they can pay off your credit cards on your behalf, or you can receive the money upfront and use it to pay off specific debts that you wish to prioritize.
As long as the APR and rates are a lower interest than what you are currently paying in fees, charges and penalties, it can make sense to consolidate all your credit cards this way.
Personal Loans – A debt consolidation is essentially a type of personal loan, because it is for you (not your business) and can be used for personal reasons and expenses. This loan is unsecured (there is no collateral) and once you receive the money upfront, you can use it to pay off all your credit card debts and any other existing debts such as student loans, home equity loans and online payday loans.