Debt Consolidation Loan
Things you should know before getting a debt consolidation loan
It is a common feat for working adults to have multiple loans and bills from different sources. It can get tricky to keep track of the different due dates, interest rates and payment terms especially if you are already struggling to keep your finances in check.
Debt consolidation loan
A good debt consolidation loan is a form of personal debt refinancing plan, which aims to help a borrower combine all of his/her bills and loans into one single debt. The best part of a debt consolidation loan is the convenience it brings when you combine all your loans and pay them off in a consolidated payment each month.
If you have multiple loans from things such as cars, housing, education and even vacation, a debt consolidation loan can effectively help you combine them and minimize the monthly payment while lowering the interest rates too.
Benefits of consolidating your debts
If you qualify for a personal loan and are looking for a comprehensive solution to combine your debts, these are some of the following benefits you can enjoy.
You should know that credit cards usually have a much higher interest rate compared to other financial loans out there. One benefit of consolidating your loans is that it will help get you a lower interest rate, thus allowing you to enjoy greater savings over a period of time.
You should know that credit cards usually have a much higher interest rate compared to other financial loans out there. One benefit of consolidating your loans is that it will help get you a lower interest rate, thus allowing you to enjoy greater savings over a period of time.
The advantage of having a flexible repayment period is that it allows you to repay your loan within your means over a fixed period of time. This would help you focus on paying your bills on time without having to worry about impending deadlines.
With lower interest rates and a flexible repayment period, you would then be able to pay your bills on time and will definitely improve your credit score. Having multiple loans can hurt your credit score but a consolidated loan that is paid on time can help rebuild your credit score over time.
With all of the benefits stated above, you can say goodbye to multiple loans with different payment terms and interest rates that can stress anyone out. The key to adulting is to be smart with your finances and what better way to achieve this than to combine all your loans into a single bill?
Never underestimate the power of switching to a consolidated debt loan, as it will go a long way in helping you achieve a peace of mind when paying off your bills. This will help you stay focused on paying off your debts on time without missing any more bills and incurring unnecessary interest rates as a result. All you have to do is focus on getting your bills consolidated and paying them on time.
Applying for a consolidated loan
- You are at least 21 years of age
- You are a Singaporean / Permanent Resident / EP or S-Pass Holder
- You are able to provide a proof of employment and income
- You have a minimum monthly income of S$1,600
Ready to apply for a consolidated loan? Click here to apply and be one step closer to clearing your debts with ease today.
