The high rates of interest on credit cards are mostly to blame for the need to keep borrowing and paying off loans and ultimately needing some debt relief. As of March 8, 2023, the average annual percentage rate (APR) for credit cards was 24.1%, meaning that cardholders will have to fork over substantial quantities of money to their credit card companies. If they can’t cut back on their credit card use, they’ll never be able to pay off their amounts with the minimum payment alone.

These difficulties are why many people take out a personal loan with a reduced interest rate in order to pay off their credit card debt. Here are two main reasons why short-term loans are ideal for debt relief:

You may be able to get a better rate of interest

A FICO credit score of 670 or more is normally needed to be approved for the best loan prices and terms. However, that’s the bare minimum you’ll want to have if you want your credit score to be average, and a better FICO score is always preferable.

In any case, as of March 2023, the lowest annual percentage rate (APR) for a personal loan is 10.81%. The average annual percentage rate (APR) on a credit card is currently 19.91%, so you may save a lot of money by using a card with an interest rate this low.

Your debts can be rolled into a single monthly installment

It might be complicated to devise a workable strategy for paying off debt if you have multiple credit cards, each with its own payment and interest rate. You need to be sure that you are always paying on time and that you are paying the maximum amount possible. By consolidating your debt with a personal loan, you can eliminate many monthly payments and reduce your financial commitments to just one at a rate of interest you can afford.

In most cases, requests for urgent loans with a bad credit score will be denied by financial institutions. Fortunately, you always have the option of getting a short-term loan through an online lender. All of our lenders at I Need Help Paying Bills are eager to work with you regardless of your credit history. To top it all off, you can expect your money as early as the following business day!

When you complete the short application and submit it for processing, your credit score will not be affected. This is because there will only be a soft pull initially. A hard pull will only occur if you want to accept and proceed with a lender’s loan offer. So if you are considering using a short term loan to help you find some debt relief, you can review your possible options before committing to a full credit check.

Simply submit your information on this page to get started on the fast application process to obtain your loan offer. Your application might be processed in as little as 2 minutes! We have lenders ready and available to review your application 24 hours a day, 7 days a week!

Contact our team right away if you need further information.