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Personal Loans, Explained

Personal loans are one option people consider to manage debt or cover larger expenses.

Here's how they work and how they may fit into your overall financial picture.

Credit Card Refinancing

High-interest credit card balances can be tough to manage.

You may be able to use a personal loan to refinance those balances and combine multiple cards into one monthly payment with a lower interest rate.

    Woman organizing multiple credit cards at a table with calculator and notebook.

    Debt Consolidation

    Keeping up with multiple payments can feel overwhelming. A personal loan is one way to combine debts into a single monthly payment.

    This may help you:

    • Replace multiple payments with one, more affordable monthly payment
    • Create a clearer repayment timeline
    • Simplify how you manage your debt
    Woman reviewing bills and mail with calculator and notes on couch.

    Large Purchases or Expenses

    These may include things like medical bills, home repairs, unexpected expenses or planned larger purchases.

    In these situations, you may prefer a fixed monthly payment instead of carrying a balance on a credit card.

    Medical Bills

    Home Repairs

    Unexpected Financial Needs

    Planned Major Purchases

    Important to Know

    A personal loan doesn’t always lower your monthly payment.

    Some options, like debt settlement, focus on reducing what you owe instead.

    MoneyMaya helps you compare all of your options so you can choose what's best for you.

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