Credit card Refinancing



What is credit card refinancing?

A credit card gives you a line of credit; the amount of the credit depends on the credit card and the financial institution.

Generally, the interest rate on this credit line is high, between 15% and 30%, which means high monthly payments and makes it hard to reimburse, if you're not able to pay it off quickly.

According to NerdWallet, the average US household debt stands at $15,863.

It is a very good idea to refinance your credit card debts with a consolidated loan.

Credit card refinancing has become a classic product of lending institutions and is used by a lot by people who have several credit card debts.

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Why should I consolidate my credit card debt?

Credit card refinancing gives you a better interest rate than what you are paying on your outstanding credit card debt. This rate is often fixed, which allows you to have a clear schedule of payments, without possible increases.

This new credit card refinancing loan will regroup all your debt payments in one monthly payment. You credit score may also improve, which will allow you to get other loans later.

In the end, credit card refinancing helps you save money.

Consolidating your credit card debt is the best way to improve your finances if you have multiple credit card loans.

With Comparelend, you can compare the lenders that offer credit card refinancing and choose the best one that matches your criteria.


Am I eligible for credit card refinancing ?

To be eligible to refinance your credit card debt, you’ll need to meet some criteria:

> Be a US citizen or permanent resident
> Be 18 or older

Will it affect my credit score?

Checking your eligibility for a credit card refinancing loan will not affect your credit score.

What documents do I need to provide to make a credit card refinancing request?

> Proof of income (for example, most recent pay stubs and W2s)
> Copy of ID
> Proof of residence (for example, a copy of a utility bill)
> Two months' worth of statements for each credit card or loan you wish to pay off.

The lender may ask for other documents, depending on their internal process.

 

5 REASONS TO REFINANCE YOUR CREDIT CARD DEBT

Lower interest rates

Lower monthly repayment

fast

simple

Fixed rate & term

Frequently Asked Questions

Yes you can and it will probably be a very profitable way to get financed. The majority of lending platforms will lend you money if you are an LLP or a Limited company. Please check systematically the Terms of use of each platform you intend to invest through, as they may vary significantly.
 


If you own a small business, you probably know how complicated it is to get a business loan through traditional circuits. Through peer to peer lending however, some barrier to entry are suppressed. First of all, the requirements are lower investors being open to risk taking, and so securing a loan is easier, faster and cheaper. The process being entirely on line and very user friendly, it takes not more than 20 minutes to register on the platform, approximatively 48 hours to get accepted, and up to 3 weeks to receive the money. The interest rates are lower and usually no hidden fees added. Moreover, the online investors are welcoming for new borrowers as they are rather eager to support business owners, often locally.
 


CompareLend.com offers business owners a free, unbiased and immediate access to investors on peer-to-peer platforms. It helps business owners to choose the best financing opportunity from what the market has to offer. Getting financed is then easier, cheaper and faster.


Using the peer-to-peer lending market will not only give you the opportunity to help small business owners grow and reach their goals, but also profit from very interesting return rates.

It will depend on the platform you have chosen to invest with. Please check systematically the Terms of use of each platform you intend to invest through, as they may vary.
Every peer-to-peer platform reviews borrowers before posting their loan application online, you should check their Terms of use before lending money if you need to be reassured. One should note though, higher the return on investment, higher the risk a lender is taking.

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