Special COVID-19 Message: a debt consolidation loan is just one of many ways we can help reorganize your finances during these difficult times. If you’re experiencing financial hardship and are looking for some guidance and support, don’t hesitate: give us a call or send us a message. Together, we’ll make a plan to get you through this.
Managing multiple lines of credit can be tricky. In stressful times like these, when there’s a lot of financial uncertainty, it can be even harder. One way to gain some control is to simply get a better understanding of your refinancing options. Here’s a closer look at one of those options: the debt consolidation loan.
What are debt consolidation loans?
Debt consolidation loans are loans that you can take out from your local bank or credit union to help you pay off multiple open accounts. They’ll pay off all open accounts and give you a loan to pay back. You then make the payments according to their repayment period and the interest rate you’re eligible for. As long as you continue to make on-time payments, the pros of this type of loan are limitless, and you’ll be back up on your feet financially in no time.
When and why would I need a debt consolidation loan?
If you have multiple credit cards or accounts open with multiple interest rates, a debt consolidation loan could be your first step towards reorganizing your finances. Many people find it harder to manage multiple accounts, and varying interest rates mean some accounts will grow faster over time. Consolidating all debt is a great way to minimize the financial impact of all open accounts without making a lump sum payment upfront.
How can they help?
There are numerous ways to refinance and pay off debt, depending on your financial needs. A debt consolidation loan can help you rest easy knowing that you’ll be receiving the following benefits immediately after taking one out:
- Prevent Credit Dips & Accrued Interest
If you have multiple accounts open, it can become difficult to manage them all without missing payments. Opening a debt consolidation loan can help prevent any credit dips from missed payments. With on-time payments, you also won’t be gathering any unnecessary fees or interest.
- Keep It All in One Place
As mentioned above, debt consolidation is an optimal way to manage various open accounts. Instead of dealing with multiple payment due dates, weighing various interest rates, and managing a multitude of payments, all of your debt will be viewable in one account. You’ll only have one interest rate, term length, and pay period to worry about.
- Get One Low-Interest Rate
Debt consolidation loans are a great way to refinance existing debt since the interest rates are usually significantly lower than credit card rates. You’ll end up paying far less in loan payments than credit card payments with tacked-on interest and fees.
How do I get started?
Ready to consolidate your debt into place? With rates as low as 10.49%* until April 30th, lessening the financial burden of your debt has never been easier than with our debt consolidation loan promotion. To learn a little more about repayment options and interest rates, give us a ring or reach out via email today!
Experiencing financial hardship? Let’s talk.
Right now is a tremendously tricky time. Above all else, we want to help you and your family stay financially stable. If you’re experiencing financial hardship, don’t hesitate: give us a call or send us a message. Together, we’ll make a plan to get you through this difficult time.