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Debt consolidation is a way to refinance a debt. A person can take out a new loan or line of credit that is large enough to pay off their loans. Her outstanding debts are then repaid and she begins to repay the new loan or line of credit, which usually have a lower rate or a simpler payment schedule. Paying off your debts is a great way to get your finances back on track and rebuild your credit.
What is a debt consolidation loan? It’s like a standard personal loan, but the money is used to pay off the debts. Since all debts are repaid, they are consolidated or “consolidated” into a new loan.
A debt consolidation loan can be used to pay off credit card debts, pay late bills, auto loans and more. When you repay your debts through a consolidation loan, you only need to repay the new loan. Your payment schedule is thus simpler and the interest charges are lower, especially if you had late payments for your old debts.
How does Fairstone Financial’s debt consolidation work? It’s simple :
- Ask for an online loan quote to find out how much money you can borrow. It will only take a few minutes and it will not affect your credit score.
- If the bid is right for you, a Fairstone Loan Specialist will contact you. He will recommend a loan solution and a payment plan tailored to your needs and budget.
- Visit your branch to complete the loan application process and get your debt consolidation loan today!
Why do people ask for a debt consolidation loan?
People are asking for a consolidation loan for several reasons:
- A debt consolidation loan consolidates bills and debts to make a single payment. It is, therefore, easier to manage the repayment of debts.
- A simplified payment schedule allows you to repay your debt faster and, therefore, save on interest charges
- An easy-to-manage payment schedule will allow you to make timely payments, demonstrating good repayment habits on your part.
- Over time, a positive payment history will help you rebuild your credit.
What is the best way to consolidate your debts?
The best way to consolidate your debts depends on your goals. Would you like to have a simplified payment schedule? Then choose the monthly payments, since they involve only one payment per month and therefore only one date to remember. Would you like to pay off your debts faster? Choose installments every two weeks and a shorter loan term.
The goal of a debt consolidation is to free you from your debts. It is therefore important to keep control of your new loan. Regardless of your payment schedule or the length of your loan, consider setting up automatic payments. The money will be withdrawn from your account on the day of your choice. With automatic payments, you no longer have to worry about forgotten or late payments. So you stay on track and repay your consolidation loan on time.
Should I take out a debt consolidation loan?
If you have multiple bills and unpaid debts, debt consolidation may be the right solution for you. Debt consolidation is especially handy if it is difficult for you to track your payments. If you are thinking of getting a debt consolidation loan, try Fairstone Financial’s free debt consolidation calculator. Our calculator lets you see how much you can save by paying and consolidating your bills with one payment.
How does a debt consolidation loan work?
To get a debt consolidation loan, first fill out a form (you’ll find it here – it’s easy and it will not affect your credit score) to see if you qualify. You may have a choice between a secured or unsecured debt consolidation loan. To obtain a secured personal loan, you must own. This loan allows you to access more money at a lower interest rate. An unsecured loan allows you to get your money faster because the execution process is faster. Having decided between a secured loan and an unsecured loan and having been approved, you can take the loan money and repay your outstanding debts. Once your debts are repaid, you will only have to make payments on your consolidation loan.
Do you want to apply for a consolidation loan? Learn more about how a debt consolidation loan can simplify your life.
Try our free loan submission! In just a few minutes, you will receive an online loan quote that will tell you how much you are entitled to and the amount of your potential payments. No obligation and no impact on your credit score.