With a P2P loan, you can typically borrow the funds with lower rates than you would find at the bank.
However, you may have to pay a bit more in interest to keep the investor on your good side.
Sometimes what appears to be debt consolidation isn't.
For example, a debt management program (DMP) through a credit counseling agency allows you to make one monthly payment to the counseling agency, and in turn, the agency pays all of your participating creditors.
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In that case, the new loan would have a balance equal to the sum of the other loans. You've probably heard of credit card balance transfers, but another option is a personal loan.With this kind of lending, you also don’t need to worry about any overhead or other costs and hidden fees.