There aren’t many people who know the difference between personal loans and debt consolidation loans. They get confused about what they should apply for. But reality shows that there is not much difference in these loans. The only thing that makes them different is their structure. To learn more about these two types of loan, check our table. Before you do this, you can also learn the difference between personal and business loans.

Small Personal Loans

Why a Small Personal Loan?

ccording to the survey of a reputable banking institution, 54% of small personal loans online are taken to consolidate credit card debts. It’s fair to say that this type of a loan is not difficult to get. Keep in mind that personal loans are high cost, but they will boost your credit score significantly.

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Debt Consolidation

Why Debt Consolidation?

Debt consolidation loans have a few main advantages. The company responsible for your debt consolidation usually has a large experience or  even contacts to settle the debt on your behalf. It’s worth saying that it is a high-risk loan. You’ll need to pay monthly installments to the lender for a set period of time.

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It is a perfect fit if:

If you need to get an immediate access to funding to receive a lower interest rate than you have on your existing debt. Also, if you want to get rid of your debt much faster. With this type of a small online loan provided through Personal Money Service you can reduce your monthly payments as well. You remain in control of your debt.

It is a perfect fit if:

If you need to pay off many debts. For instance, you may have huge medical bills or high-interest rate credit cards. It is also a perfect fit if you do not want to deal with many creditors, but rather deal with one company responsible for the many debts combined into one.


While the minimum of documentation is required to get approved by a lender, you get the flexibility of use and quick availability. Also, personal loans are multipurpose. Consider an unsecured personal loan to have your assets protected.


With best debt consolidation program you will have multiple payments taken into one. Plus, you will get a lower interest rate and lower monthly payments. This will help to stabilize finance and get back on your feet.


Both options are good if you want to forget about your debt problems as fast as possible. But you need to check with an expert financial counselor what loan is the best for your particular financial situation. If you do not have this opportunity, simply submit a personal loan or a debt consolidation loan application and we will guide you to the right choice.

For what it’s worth, you will never have to worry about the debts if you choose one of the loan options today. Stay on top of your finance with Personal Money Service Company!