# Consolidation loans **URL:** \ **Category:** Money Management\ **Created:** [April 4, 2019, 6:07am UTC](https://community.thepennyhoarder.com/t/consolidation-loans/329 "2019-04-04T06:07:50Z")\ **Posts on this page:** 7\ **Page:** 1
**Author:** ![anthony.m](https://sea1.discourse-cdn.com/flex015/user_avatar/community.thepennyhoarder.com/anthony.m/32/1350_2.png) [@anthony.m](https://community.thepennyhoarder.com/u/anthony.m)\ **Post date:** [April 4, 2019, 6:07am UTC](https://community.thepennyhoarder.com/t/consolidation-loans/329/1 "2019-04-04T06:07:50Z")
What is the best way to find a lender for loans to consolidate debt? I tried using a few recommendations like FIONA but with fair/good credit they offer loans at 36% interest! Would a traditional bank be better? What experiences do others have? ---
**Author:** ![mooreincome](https://sea1.discourse-cdn.com/flex015/user_avatar/community.thepennyhoarder.com/mooreincome/32/1045_2.png) [@mooreincome](https://community.thepennyhoarder.com/u/mooreincome)\ **Post date:** [April 4, 2019, 7:42am UTC](https://community.thepennyhoarder.com/t/consolidation-loans/329/2 "2019-04-04T07:42:56Z")
From what I have seen, a lot of debt consolidation lenders do tend to charge on the high side when it comes to interest. It makes sense as that is how they make their money, however, it is not ideal for someone working hard to pay of debt and lower their interest rate. Here are a couple helpful Penny Hoarder articles I found on the topic: - [https://www.thepennyhoarder.com/smart-money/credit-card-debt-consolidation](https://www.thepennyhoarder.com/smart-money/credit-card-debt-consolidation/?aff_id=2&aff_sub2=search) - [https://www.thepennyhoarder.com/smart-money/debt/debt-relief-programs](https://www.thepennyhoarder.com/smart-money/debt/debt-relief-programs/?aff_id=2&aff_sub2=search) If you are able to work out some form of a loan with a local bank, I found that that was a much cheaper option when it came to buying my car. I know the two types of loans would be different but in my case, instead of paying 7+ % interest by going through the dealership, I got a 3% interest loan using my local bank. Ultimately, it will come down to doing more research and finding your best option by comparing different loans from different places. ---
**Author:** ![bonnie.squires](https://sea1.discourse-cdn.com/flex015/user_avatar/community.thepennyhoarder.com/bonnie.squires/32/617_2.png) [@bonnie.squires](https://community.thepennyhoarder.com/u/bonnie.squires)\ **Post date:** [April 5, 2019, 7:06pm UTC](https://community.thepennyhoarder.com/t/consolidation-loans/329/3 "2019-04-05T19:06:28Z")
[ANTHONY M.](http://community.thepennyhoarder.com/member/anthony.m) and [MOORE INCOME](http://community.thepennyhoarder.com/member/moore.income) thank you for this info. ---
**Author:** ![kerrye](https://avatars.discourse-cdn.com/v4/letter/k/52369C/32.png) [@kerrye](https://community.thepennyhoarder.com/u/kerrye)\ **Post date:** [April 8, 2019, 11:27am UTC](https://community.thepennyhoarder.com/t/consolidation-loans/329/4 "2019-04-08T11:27:41Z")
I used UPGRADE for a debt consolidation loan. They charged 17% interest but that was better than the 26% on the credit cards I used the loan to pay off. They were actually very prompt about securing the money and they called me first to make sure I understood the terms of the loan. I’m about halfway through my payment plan with them and they bug me every couple of weeks wanting me to take out another loan. But I don’t need to, so I ignore the offers. ---
**Author:** ![bonnie.squires](https://sea1.discourse-cdn.com/flex015/user_avatar/community.thepennyhoarder.com/bonnie.squires/32/617_2.png) [@bonnie.squires](https://community.thepennyhoarder.com/u/bonnie.squires)\ **Post date:** [April 8, 2019, 3:14pm UTC](https://community.thepennyhoarder.com/t/consolidation-loans/329/5 "2019-04-08T15:14:09Z")
[KERRYE](http://community.thepennyhoarder.com/member/kerrye) that is good to hear your half way paying your loan off. ---
**Author:** ![bonnie.squires](https://sea1.discourse-cdn.com/flex015/user_avatar/community.thepennyhoarder.com/bonnie.squires/32/617_2.png) [@bonnie.squires](https://community.thepennyhoarder.com/u/bonnie.squires)\ **Post date:** [April 8, 2019, 3:16pm UTC](https://community.thepennyhoarder.com/t/consolidation-loans/329/6 "2019-04-08T15:16:36Z")
I tried with FIONA but they would only give me $1,500 and wanted over $250 a week back I couldn’t do that. All so I was told they take me off there list and I got another call from them again or some one wanting to give me a loan. I told them no thank you and take me off there list. ---
**Author:** ![kellyfromkeene](https://sea1.discourse-cdn.com/flex015/user_avatar/community.thepennyhoarder.com/kellyfromkeene/32/20570_2.png) [@kellyfromkeene](https://community.thepennyhoarder.com/u/kellyfromkeene)\ **Post date:** [April 9, 2019, 5:30am UTC](https://community.thepennyhoarder.com/t/consolidation-loans/329/7 "2019-04-09T05:30:37Z")
Many years ago, I worked with Greenpath to consolidate my debt and then get out of it. I can’t recommend it enough- GREAT program. Debt counseling was so helpful as was learning to live without credit cards. About 7 years later I got one again, and I now use that responsibly, generally just for gas for the car, and pay it off every month.