Combine your debts into one low repayment.
Debt consolidation loans Adelaide are available at National Finance Choice SA for people living in Adelaide and all over South Australia.
Consolidation loans is a term used for a personal loan, where 2 or more loans or debts including credit cards are combined; or ‘consolidated’ into one loan. The purpose is to simplify your accounts by having fewer loan repayments, with the added benefit of also lowering your monthly repayment amount.
Debt consolidation loans are an example of unsecured personal loans, but lenders may take security over the loan if one of the loans that is combined is for an item that can be registered; for example, a used car, boat or motorbike.
Lenders will be willing to look at combining personal loans and credit cards into one single loan if all the repayments have been made on time for a period of at least 6 months, with statements verifying this. If the applicant has a steady savings history, this will go a long way towards the lenders decision granting approval.
Due to the nature of consolidation loans, lenders will generally not have as much equity or security as they would in the case of secured personal loans, so the interest rate will often be higher, but can be taken over a 7 year period making the loan repayments each month lower.
If you feel you would love to free up some cash, or would like to simplify your accounts, collect your statements, then talk to a finance broker Adelaide has at National Finance Choice SA today. You can apply online and we will get back to you A.S.A.P. to discuss your finance goals.