Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
It’s easy to land in a low-cash situation — no matter how careful you are with your money. Maybe you lost your job, had to use a credit card to make ends meet, and don’t know what to do about the debt you racked up. Or maybe your student loan payments have ballooned into a massive burden each time the monthly payment comes calling.
Whatever the case, you’re probably wondering if there’s any way to turn things around. Luckily, the answer is “yes.”
Here are five strategies that could save you money fast:
- Consolidate your debt with a personal loan
- Earn extra interest with a high-yield savings accounts
- Switch up your car insurance policy
- Take control of credit card debt with a 0% balance transfer card
- Slash your interest rate by refinancing your student loans
1. Consolidate your debt with a personal loan
Having a bunch of high-interest debt could be slowly bleeding your bank account to nothing. Even if you keep making the minimum payments on your accounts, it might feel like there’s no end in sight. But a personal loan could change all of that.
You can use a personal loan to consolidate all of your debt into one new loan with a new interest rate. Here are a few of the benefits:
- Could help streamline your repayment (no more juggling 10 accounts!)
- Might get a lower interest rate than you’re currently paying
- Could save more money with a rate discount if you sign up for automatic payments, depending on the lender
If you decide to take out a personal loan, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.
| Lender | Fixed rates | Loan amounts |
|---|---|---|
 View details | 9.95% - 35.99% APR | $2,000 to $35,000** |
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. |
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 View details | 6.49% - 29.99% APR | $5,000 to $35,000 |
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 View details | 5.99% - 29.99% APR | $5,000 to $50,000 |
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 View details | 6.99% - 24.99% APR | $2,500 to $35,000 |
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 View details | 7.99% - 29.99% APR | $7,500 to $50,000 |
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 View details | 10.68% - 35.89% APR | $1,000 to $40,000 |
LendingClub personal loans review †Based on a majority of borrowers from LendingClub's marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary. |
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 View details | 15.49% - 35.99% APR | $2,000 to $25,000 |
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 View details | 3.99% - 19.99% APR | $5,000 to $100,000 |
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 View details | 6.99% - 19.99% APR1 | $3,500 to $40,0002 |
1Rate reduction of 0.25% when enrolled in autopay. 2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt. 3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details. 4Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. |
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 View details | 18.00% - 35.99% APR | $1,500 to $20,000 |
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 View details | 5.99% - 24.99% APR | $5,000 to $40,000 |
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 View details | 5.99% - 17.99% APR | $600 to $20,000 (depending on loan term) |
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 View details | 6.95% - 35.99% APR | $2,000 to $40,000 |
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 View details | 5.99% - 18.83% APR | $5,000 to $100,000 |
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 View details | 10.97% - 35.93% APR7 | $1,000 to $20,000 |
7Personal loans made through Universal Credit feature APRs of 10.97%-35.93%. All personal loans have a 4.25% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Information on Universal Credit’s lending partners can be found at https://www.universal-.credit.com/landing/lendingpartners 8Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. You may be required to have some of your funds sent directly to pay off your credit cards. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. Personal loans made by Universal Credit's lending partners. Information on Universal Credit's lending partners can be found at https://www.universal-credit.com/landing/lendingpartners. Please refer to Universal Credit's Terms of Use and Borrower Agreement for all terms, conditions and requirements. 9Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to two (2) weeks to clear, depending on the creditor. |
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 View details | 5.94% - 35.97% APR | $1,000 to $50,000 |
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 View details | 8.27% - 35.99% APR4 | $1,000 to $50,0005 |
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100. 6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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2. Earn extra interest with a high-yield savings account
With the national average interest rate on savings accounts at as measly 0.05% as of Dec. 2020, it’s unlikely your savings account is earning you much interest. But with a high-yield savings account, you could get a much higher rate of return — possibly up to 10 times the national average. This means extra cash in your pocket simply for saving money — ka-ching!
If you’re not sure where to start, here are a few options for high-yield savings accounts available from Credible’s partner lenders. Keep in mind that none of these accounts require you to maintain a monthly balance nor do they charge monthly maintenance fees.
3. Switch up your car insurance policy
If you own and drive a car in the U.S., you might be overpaying on your car insurance. But searching for a new provider can be time-consuming and overwhelming. That’s where insurance brokers come in.
Check out the table to see how much you can save through Credible’s partners, and start comparing quotes online for free. Customers who’ve used an auto insurance broker like Jerry have saved hundreds of dollars per year.
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| Perks of working with Jerry |
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4. Take control of credit card debt with a 0% balance transfer card
A balance transfer card could help you consolidate and pay off credit card debt without racking up interest charges along the way. This might just sound like another credit card, but hold up: If you move your balances to a balance transfer card with a 0% APR introductory period, you could avoid paying any interest if you’re able to repay your balance by the time this period ends.
Just keep in mind that if you don’t pay off your card in time, you could be stuck with hefty interest charges — meaning this method is likely better if you have a lower balance to start with.
Ready to find your balance transfer card?
Credible makes it easy to find the right card for you.
5. Slash your interest rate by refinancing your student loans
Student loan debt can be a major burden to carry. One way to pay off your loans more easily is through student loan refinancing, which combines your federal and private student loans into one new loan with a private student loan lender. You can also refinance only part of your debt if you’d prefer.
By refinancing your student loans, you might:
- Qualify for a much lower interest rate than what you currently have, which could reduce how much you pay over the life of the loan
- Extend your repayment term to dramatically lower your monthly payment and loosen up your monthly budget
Additionally, federal student loan interest and payments have been suspended during the pandemic by the CARES Act until Jan. 31, 2021. Because of this, it might not be a good idea to refinance federal student loans right now. However, if you have private student loans, refinancing could help you take advantage of lower interest rates.
If you decide to refinance, be sure to shop around and compare as many lenders as possible to find the right loan for your needs. This is easy with Credible — you can compare your prequalified rates from our partner lenders in the table below in just two minutes.
| Lender | Fixed rates from (APR) | Variable rates from (APR) |
|---|---|---|
 | 4.54%+ | N/A |
 | 2.95%+ | 1.89%+ |
 | 2.89%+¹ | 2.19%+¹ |
 | 3.34%+2 | 3.24%+2 |
 | 2.79%+3 | 2.39%+3 |
 | 3.47%+4 | 2.47%+4 |
 | 3.05%+ | 3.05%+ |
 | 2.99%+ | 2.15%+ |
 | 3.19%+ | N/A |
| 2.99%+6 | 2.85%+6 |
| Compare personalized rates from multiple lenders without affecting your credit score. 100% free! |
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All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5Iowa Student Loan Disclosures | 6SoFi Disclosures |
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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
