• Register
  • Login
Finance Talk
Write for Us
  • Home
  • Business
  • Finance
  • Insurance
  • Investment
  • Automotive
  • Legal
  • Technology
  • More
    • Credit Card
    • eCommerce
    • Loan
    • Mortgage
    • Real Estate
    • Retirement
    • TAX
    • Travel
    • Cryptocurrency
    • Marketing
No Result
View All Result
Finance Talk
No Result
View All Result
Home Finance

6 Ways to Debt Consolidation Loan Can Help You Repay Your Debts Fast

When you have many accounts such as credit cards, home loans, and more active, it can drown you in hefty EMIs.

June 26, 2020
in Finance
Reading Time: 3 min
0
6 Ways to Debt Consolidation Loan Can Help You Repay Your Debts Fast

When you have many accounts such as credit cards, home loans, and more active, it can drown you in hefty EMIs.

You may also have to deal with mounting interest rates. You may look for easy ways to pay off all debts and may even use all your savings to do that. Nonetheless, there is a better option than you may go for!

Many leading financial companies offer personal loans at an attractive rate of interest that you may use for the purpose of debt consolidation. Yes, you can use the loan amount to repay all your existing loans to pay only one EMI and interest in a month.

If you are unsure how to use the debt consolidation loan, then you should go through this article to know more. Read on!

 

1) Enjoy considerably lower debt consolidation loan interest rates

 

Personal debt consolidation loan comes with a reasonable rate of interest than a majority of credit card options.

Hence, utilizing a personal loan amount for consolidating your debt can also lower the amount that you pay as interest. You can opt for a debt consolidation loan and pay just one loan payment instead of 4-5.

 

2) Make a single payment each month

 

One of the significant debt consolidation loan benefits is that you only need to make only one payment. As a result, you don’t need to keep track of multiple debt accounts, and paying one EMI in a month could help you keep track of all bill payments.

 

3) Plan your monthly payment with quicker debt pay-off

 

Debt consolidation loan also lets you pay off your loan in a short span with only one payment per month along with a fixed interest rate. If you decide to consolidate debts by using a credit card, then you won’t be out of the debt as paying minimum balance won’t help.

Personal debt consolidation loan has 1-5 years as the tenor, which means you can easily plan your loan pay-out and monthly EMIs. Once you pay as agreed, your entire consolidated credit would be paid in full by month-end.

 

4) Raise your Flexi loan limit

 

If you are availing a personal debt consolidation loan and able to repay it within a time frame, then you may enjoy perks to boost your loan limits. If you can handle them properly, nothing can beat personal loans as an effective model to improve your loan limit later.

Many lenders also allow Flexi loan benefits, which means you can pay only interest as the monthly payment on the utilized amount and nothing extra. It also means that you can adjust the remaining amount after the end of the loan tenor.

 

5) Get money in your bank in 24 hours

 

Another debt consolidation loan benefit is that lenders understand that you are availing it for urgent proposes. Hence, they don’t take time in approving applications.

Thus, you can enjoy instant approvals along with money in your bank account in only 24 hours. It can help you utilize the loan amount for the consolidation of your debts super fast.

 

6) Avail of a higher loan amount to suit your needs

 

Most of the known banks and non-banking finance companies (NBFCs) provide you with a higher loan amount to suit your needs. Based on your CIBIL Score and other eligibility factors, you can get up to Rs.25 lakh as the debt consolidation loan.

You can also utilize loan calculators to know how much of an amount you will get. Loan calculators are available on a lender’s website that you can use free of cost.

No matter what purpose you are availing of the debt consolidation loan, it can easily help you reach your goals. It can help you eliminate debts quickly and bring you back on the right track.

Tags: consolidation loanDebtDebt ConsolidationDebt Consolidation loan
Share79Tweet50
Previous Post

Are challenger Banks or High Street Banks Better for Businesses?

Next Post

How Custom Financial Software Can Improve Your Business

Related Posts

Top 10 Personal Banking Tips
Finance

Top 10 Personal Banking Tips

January 13, 2021
When Should You Consider Financial Planning?
Finance

When Should You Consider Financial Planning?

December 4, 2020
Stripe vs Square: Which One is Better?
Business

Stripe vs Square: Which One is Better?

November 28, 2020
8 Trends You Need to Know for B2B Growth in 2021
Finance

8 Trends You Need to Know for B2B Growth in 2021

November 28, 2020
Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Simple Tips That Help Extend the Lifespan of Your Car’s Tires

Simple Tips That Help Extend the Lifespan of Your Car’s Tires

January 26, 2021
6 Tips to Make Your Automotive Franchise a Success

6 Tips to Make Your Automotive Franchise a Success

January 22, 2021
Benefits of Mobile Car Detailing

Benefits of Mobile Car Detailing

January 22, 2021
Data-driven technology: Important For Indian Business To Grow

Data-driven technology: Important For Indian Business To Grow

January 22, 2021
How Restaurant Business will Look Like in the Post COVID Era

How Restaurant Business will Look Like in the Post COVID Era

January 22, 2021
3 Professionals You Need to Talk to When You Start Seriously Planning for Retirement

3 Professionals You Need to Talk to When You Start Seriously Planning for Retirement

January 21, 2021
Finance Talk

FinanceTalk a business financial blog that outlines solutions for people who are looking to resolve their tax, loans, banking, retirement, mortgage, credit and other personal finance issues.

Categories

  • Automotive
  • Business
  • Credit Card
  • Cryptocurrency
  • eCommerce
  • Finance
  • Insurance
  • Investment
  • Legal
  • Loan
  • Marketing
  • Real Estate
  • Retirement
  • TAX
  • Technology
  • Uncategorized
  • Business Magazine
  • ForTech
  • Write For us
  • Contact us

© 2019 Finance Talk - Latest Ideas about Business Finance - All Rights Reserved.

No Result
View All Result
  • Home
  • Business
  • Finance
  • Insurance
  • Investment
  • Automotive
  • Legal
  • Technology
  • More
    • Credit Card
    • eCommerce
    • Loan
    • Mortgage
    • Real Estate
    • Retirement
    • TAX
    • Travel
    • Cryptocurrency
    • Marketing

© 2019 Finance Talk - Latest Ideas about Business Finance - All Rights Reserved.