Lenders consolidating loans
It just could be the better way to get a loan for millions of people.
Lending Club is a Peer-to-Peer (P2P) lending site that enables investors to invest in the loans of the club’s borrowers.
In many countries, especially the United States and the United Kingdom, student loans can be a significant portion of debt but are usually regulated differently than other debt.
The bulk of the consumer debt, especially that with a high interest, is repaid by a new loan.
Interest is the fee charged by the creditor to the debtor, generally calculated as a percentage of the principal sum per year known as an interest rate and generally paid periodically at intervals, such as monthly. Although there is variation from country to country and even in regions within country, consumer debt is primarily made up of home loans, credit card debt and car loans.
Household debt is the consumer debt of the adults in the household plus the mortgage, if applicable.
When even the basic term "consolidation" means different things for different lenders, the process can understandably seem daunting.
But if you're looking to save thousands on student loan interest payments -- as well as time and headaches from managing multiple monthly payments -- then understanding the consolidation process is critical.
Rates can be as high as 30% in some cases defeating the purpose of a debt consolidation loan.Here's the rundown you need to determine whether student loan refinancing and consolidation is right for you.First, what does consolidating student loans really mean?Check out the official government site for all the details on eligibility.If you're consolidating with a private lender, consolidating your loans means combining and refinancing your loans into one new private loan.