Debt Consolidation Loans

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What is a debt consolidation loan?

Debt consolidation is a process of combining all your existing loans into one large loan. These loans aim at helping borrowers who are juggling with multiple debts and are unable to keep up with repayments. When you combine all your current loans into one large loan, you have left with one loan to pay off called a debt consolidation loan.

You borrow enough money to pay off all of your current debts, so you owe money to only one lender. Debt consolidation loans in Ireland will help you pay less money in interest because you will be paying down the debt over an extended period.

There are two types of consolidation loans: secured and unsecured. Online lenders usually provide unsecured consolidation loans. As the name suggests, you do not need to put down security. However, there are a few circumstances when a lender can ask you to secure the loan against any asset like your home, car or any other valuable assets.

If you are struggling to repay your debts, you can apply for consolidation loans with CreditsFastCash. We will let you borrow money without asking you to put collateral. Here is how our consolidations loan different from other online lenders:

Competitive Rates Flexible Instalments No Extra Cost to Pay
You will get them at competitive interest rates despite your bad credit rating. The instalment amount can go down if you face a financial emergency in the middle like losing job. You will not bear an additional cost if you repay early and want to end loan prior.

How do debt consolidation loans work?

Applying for a debt consolidation loan is like applying for a personal loan. You need to put in the application online, and then the lender will look over your credit report and affordability.

If the lender suspects your affordability, they may ask you to put security to minimise their risk associated with lending you money. However, not all lenders have this clause. They will immediately reject your application. If you qualify for the loan, you will pay down the debt in fixed monthly instalments.

What are the benefits of debt consolidation loans?

You can use a debt consolidation loan to pay off a range of loans like credit cards, personal loans, overdrafts, and store card credit. Consolidating all of your current loans will help you avail yourself of following advantages:

  • Lower monthly repayments

Compared to outstanding debts accruing interest, you will pay down lower monthly instalment because you are to pay off the debt over an extended period.

  • Lower interest

One of the best benefits of these loans is you can save a lot of money in interest. As you borrow money, you immediately pay off all outstanding dues, which means you no longer have to pay interest penalties and late payment fees. Now you have a new fresh loan with lower APR than credit cards and personal loans.

  • Improved credit score

When you have a credit card bill, it does not boost your credit score even if you pay it back within the grace period. Short-term loans usually do not contribute much to improve your credit rating, but you are to pay down the consolidation loans for bad credit over a couple of months. If you pay off the debt on time, it will show that you have been committed to your financial obligation despite fluctuation in your financial condition.

What Precautions Do You Need to Follow with debt consolidation loans?

Although consolidation loans have some benefits, it does not mean that you will bury your head in the sand while applying for it. There are some circumstances when these loans may not be an ideal choice for you. It is essential to figure out if you can keep up with repayments and it actually gives some benefits to you. A consolidation loan does not make a sense when:

  • You cannot afford new loan payments.
  • You do not clear all your outstanding dues.
  • You end up paying much more interest overall.

Before applying for a consolidation loan, you should carefully analyse what you can prevent you from keeping up with repayments in future. Financial emergencies can crop down the road. For instance, you can lose your job. Make sure that you have some arrangements to pay down the debt even when you are in a tight spot.

What are the alternatives to debt consolidation loans?

You may not be able to qualify for debt consolidation loans under some circumstances. In this particular scenario, you should seek a debt management plan.

A debt management company will engineer a meeting with your lenders about how debts will be repaid and will charge you some fees in exchange.

A debt management plan can be a better option than consolidation loans because the debt management company can convince them to accept lower than the actual due.

At CreditsFastCash, you do not need to worry about the loan approval because we are known for the guaranteed loan acceptance on almost all the applications.

Why is it beneficial to choose CreditsFastCash for consolidating debts?

CreditsFastCash is the right place for applying for the best loans for debt consolidation. Here is why:

  • We accept bad credit applications. You can still qualify for the loan if you prove your affordability.
  • Our interest rates for consolidation loans are lower than mainstream lenders.
  • We provide financial guidance to people seeking to consolidate debts.
  • Unlike other lenders, our policy is not subject to hidden fees and surprises.

Apply now and get debt consolidation loans at competitive interest rates from CreditsFastCash.

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