The Power of Loan Consolidation
Take control of your debt and achieve financial freedom
Debt consolidation is the process of taking out a single larger loan to settle multiple smaller debts. It combines all your current debts into one, which means that you only need to pay one, often more affordable, monthly payment over a specified period.
A consolidation loan is just one of many debt consolidation options available to those looking to take charge of their money.
To qualify for loan consolidation, you need to have a reasonable credit rating because you will need to qualify for a loan from a registered credit providers such as a bank. You also need to be able to afford the loan. Even though the consolidated loan repayment may be lower than your current group of debts, because it is repaid over a longer term, you must still be able to afford the monthly repayment.
Speak to one of our Financial Assessor, for a personal financial plan or to better understand the options available to you.
Benefits of Loan Consolidation
- It combines your all your debt repayments into one affordable monthly amount.
- The total monthly repayment is often less than the combined repayments of many smaller debts or loans.
- It is less likely that you will miss a payment as there is only one, which makes maintaining a healthy credit score easier.
How to get back on track with your finances
