Where to get personal loans to consolidate credit card debt in Pennsylvania
Debt consolidation is one of the most effective uses of a personal loan. It can give you the funds to zero out your credit card balances and stop them from accruing interest, which makes them challenging to manage in the first place. Trading multiple bills with varying interest rates and due dates for one with a predictable monthly payment over a fixed term can help you get out of debt and rebuild your credit more quickly.
Knowing where to get personal loans to consolidate credit card debt in Pennsylvania is the first step toward successful debt consolidation. Consider these five lenders.
1. Pennsylvania State Employees Credit Union (PSECU)
PSECU is a digital-first credit union with service centers in Harrisburg and Lemoyne, PA. It offers unsecured loans of $1,000 to $20,000, which are sufficient to fully cover the average individual’s credit card balances.
Annual percentage rates fluctuate and vary from person to person. Your credit score and term length primarily determine the cost. This not-for-profit financial cooperative lets you repay your personal loan in three to 84 installments. PSECU’s minimum loan amount requirement can go up to $5,000 when you select a longer term.
This credit union is where you go to consolidate your credit card debt in Pennsylvania with a personal loan from anywhere. You can apply online through the PSECU Mobile App. Membership is required, and you need to present proof of employment and income.
2. Penn Community Bank
Penn Community Bank offers personal loans through its locations in Bucks, Lehigh and Montgomery counties. It lets you borrow $5,000 to $25,000, which is ideal if you have multiple credit cards with balances above average.
This bank’s personal loan applications are subject to credit and income approval. It bases your interest rate on your credit score and income level. Penn Community Bank prefers to discuss repayment options personally to assess the monthly payment you can reasonably afford. A longer term allows you to divide your loan into more installments and make it more manageable.
Automatic funds withdrawal from a Penn Community Bank checking or savings account is the default payment option. This policy suggests that you must have an existing account with this financial institution to apply for a personal loan. Prepayment is allowable, which may reduce your interest payment.
3. First National Bank
First National Bank is where you go in Pennsylvania to consolidate your credit card debt with a secured personal loan. A secured loan involves collateral — personal assets you pledge to pay what you owe if you default. Secured loans reduce counterparty risk, enabling the bank to lend larger amounts and charge lower interest rates.
Taking out this secured installment loan can let you borrow up to $250,000. It requires funds stored in your savings account or certificate of deposit with First National Bank as collateral. Alternatively, you can apply for an unsecured personal loan if you do not need to borrow that much. This product does not require any collateral, lets you borrow $5,000 to $50,000 and may come with higher interest rates.
Term length is negotiable either way. First National Bank accepts mail, in-branch and online payments or automatically debits them from your deposit account.
4. Fulton Bank
Fulton Bank is where you go to take out a personal loan for credit card debt consolidation in Pennsylvania if you have good credit. It offers loan amounts ranging from $2,500 to $35,000 and requires a minimum credit score of 680.
This community-oriented bank does not disclose its term length options but agrees to schedule repayment over 60 months. Its interest rates are subject to credit approval. Automatic payment deduction from any Fulton Bank deposit account is optional. However, using any other payment method increases your rate by 0.25%.
You can contact the bank online, by phone or in person. Fulton Bank has over 100 locations spanning Pennsylvania.
5. PNC
PNC can lend you $1,000 to $35,000 to pay off your high-interest credit card balances and release the funds within days from the date of application. It does not want collateral, nor does it charge application and origination fees.
This bank’s personal loans do not have a prepayment penalty. PNC lets you repay everything ahead of schedule and be debt-free sooner without worrying about additional charges.
Application requirements include your Social Security number, a form of photo ID, annual income and previous address, if you have been at your current one for less than two years. PNC needs to know your creditors and credit card balances. If you want to use a co-applicant, you will need this person’s annual income and current employer. Make sure your credit is not frozen before submitting your application.
How to apply for a personal loan for debt consolidation
Paying off your credit card bills with a personal loan is straightforward. You do not have to specify that you intend to use the funds for debt consolidation, as the lender lets you spend them as you please.
Digital-banking-centric lenders make the application process more convenient, as you can submit your requirements online from anywhere. The most common prerequisite is that you must have an account with the lender.
Choose the right personal loan lender to pay off your credit card bills
Many Pennsylvanians get personal loans from PSECU, Penn Community Bank, First National Bank, Fulton Bank and PNC to consolidate credit card debt. Contact them to discuss your options and find the most favorable deal for your situation.