Getting a debt consolidation loan is the perfect way to take control of your finances, allowing you to roll multiple other loans or debts into one easy to manage repayment scheme. Rather than being overwhelmed by separate monthly or weekly payments, debt consolidation lets you combine all of them while extending the overall timeframe of your repayments, keeping them affordable, and placing them all under the same interest rate. Here at MoneyShop, we aim to approve your application and get you access to your finances as fast as possible. Thanks to our online debt consolidation application process, you can apply any time, any day. We know you’re busy, so we get back to you as soon as we can.
You might be wondering how combining several debts can lead to smaller repayments and better interest rates. For starters, only having one repayment date to keep track of means you’re much less likely to miss it, and you can avoid incurring extra costs for late payments. It also saves you the trouble of managing multiple interest rates and fee plans if you have several credit cards. Debt consolidation has proven a valuable tool for those looking to get out of debt, too. By establishing a clear finish line, borrowers are able to focus on paying off costs without being swamped by the details.
A debt consolidation loan essentially adds up all your existing loans, pays all of them off completely, and then creates a single, new loan for the amount used to clear the previous debts. This is how it can replace many repayments with one—now you’re only paying off one loan! Ultimately, it’s important to remember that it is the same amount of debt, just combined, and so it isn’t necessarily a solution for cancelling debt. On the other hand, even though it might seem intimidating, it’s the same amount of debt as before. In some cases, it can work out cheaper in the long run, as you’re likely to pay less in fees and enjoy a fixed interest rate.
Ready to take on an easy debt consolidation loan with MoneyShop? Get in touch with our team today to see what options we have for you or apply online!