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If you do not have access to funds to make a purchase or pay down debt on your own then taking out a personal loan may be right for you. Personal loans can help consumers with a variety of needs in different credit situations. Paying down debt with a personal loan is a great solution for many Americans. They can help those stuck carrying large balances on credit cards making small or minimum payments-especially if the interest rates on your credit cards are higher than you would have with a personal loan. Consumers with good and excellent credit (720 and above) frequently see rates between 6% and 10% which is significantly lower than credit card rates and competitive with other methods of financing. Personal loans can make it easier to finance home improvements, purchase a car, or cover unexpected expenses.
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Consumers paying down debt with a personal often see dramatic improvements in their credit. This happens because a personal loan converts revolving debt to installment debt. This will lower your credit utilization-the percentage of your available credit you are using. Consumers taking out a personal loan for other needs can expect to see minimal impacts on their score related to the debt itself. However, when seeking any loan or financing consumers should expect to have their credit pulled. There are two types of credit pulls, a soft pull and a hard pull. Many online lenders will do a soft pull in order to pre-qualify you for a loan offer and estimate your rate.They will then do a hard pull before making a final lending decision. It is important to understand that only a hard pull will ding your credit score, a soft pull will not. Decreases related to hard pulls are usually minor.