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How To Choose the Right Personal Loan.  Rates Vary Widely, So You'll Have To Do Some Shopping

By GERALD ROTHBERG (Updated December 2 2022)

To get the best loan you'll have to do some research. Several options are available. So don't fret, we'll explain what you need to know. But first, establish in your mind your reasons for a personal loan.

Here's a list of some of the top reasons borrowers get Personal Loans:

Debt Consolidation: A popular loan. especially if you have credit card debt. You will be able to consolidate your debt into one monthly payment. Often by consumers who have significant high-interest credit debt take this step. Be advised that you will lose the use of most of your overdrawn credit cards, and remain often with one overall card. This will be so until your debt is paid off. But remember, consolidation debt rates are much lower than credit card rates, making the payoff date roll around quicker. You may thereby reestablish your credit worthiness faster.

What are the pros, and cons for you to think about when when search for a debt consolidation lender. 

PROS What Debt Consolidation can do for you:

1. Repay Your Debt Sooner. Once your debt is repaid you'll free up money for other goals, or emergency funds.

2. Lower Your Interest Rates. Credit Card rates are generally high. Usually Debt Consolidation interest loan rate are a good deal lower.

3. Fix, and Raise Your Credit Rating. Debt Consolidation can improve your credit score once you maintain your payments, and complete your consolidation.

CONS Debt Consolidation Loan Programs:

1. Some Debt Consolidation Programs Charge Upfront Fees. These Fees can be hundreds of dollars, depending on the amount of the loan. Do your research. Carefully think this trough. Are the fees worth it? Paying fees may be worth it to you, to get out of debt. Do your research. Ask the lender questions, until you are satisfied that you understand your complete costs.

2. Debt Consolidation Won't Fix What Might Be Your Root Problem

Consolidating your debt won't insure that you don't get in over your head again. To help avoid this, start to budget yourself, and stick to this plan. Missing payments on this kind of plan can worsen your credit score.

(Check back frequently. We will be updating, and adding more Personal Loan Plans)

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About me: Gerald Rothberg, founder editor-publisher of CIRCUS Magazine the legendary Rock Music publication. Established 1966

Gerald Rothberg

You may remember me from America's cutting- edge magazine that covered the rock music world for over four amazing decades. I am the founding publisher and editor of CIRCUS Magazine, here in New York City, where many fantastic music journalists, editors, photographers, and art directors got their start.

The magazine reached millions of teenagers, and young adults in those days with the best rock music journalism, and rock photography ever produced.