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Personal Loans
Personal loans range from reasonable (a fixed-rate loan from a bank or credit union) to genuinely dangerous (payday and title loans, where APRs can run into the triple digits and a missed payment can mean losing a vehicle). If you have a payday or title loan, that one usually needs attention first.
Sound familiar?
- •A payday loan renewed multiple times, with fees adding up each cycle
- •A title loan where missing a payment risks the vehicle
- •An installment loan from an online lender with a rate far above a bank's
- •Multiple small loans instead of one larger, cheaper one
Options people in this situation weigh
- For payday/title loans specifically: prioritize paying these off or refinancing them first — the cost of waiting is unusually high
- A credit-union small-dollar loan (a PAL) as a lower-cost alternative if you need to refinance
- Folding high-rate installment loans into a broader consolidation or settlement plan
- Nonprofit credit counseling, which often has specific experience with predatory-loan situations
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