Debt can run away with you if you don’t keep a tight rein on it. If you find yourself in a position where multiple loans are destroying your financial wellbeing and peace of mind, not to mention leaving you with less and less money to spend, then a consolidation loan could be the best option for you.
Taking one large, long-term loan to pay off all your smaller debts is called debt consolidation. If you consolidate your debts, you will have one monthly payment, rather than many. It makes it easier to keep track of your payments while you clear your debt. And it can be cheaper if the consolidated loan has a lower interest rate than the combined rates on all the other loans. Your interest rate will be based on your credit score, income and other financial details.
When you go the debt consolidation loan route, negotiate with your other creditors (you can do it yourself or Bayport can do so on your behalf). In return for settling your outstanding debt immediately, your creditors are likely to agree to a lower settlement amount. If this is the case, your consolidation loan can end up being smaller than the combined amounts of all the loans it settles. As a result, your cash flow will improve immediately and, over time, so will your credit score.
Once you have done some financial planning and have decided to apply for a consolidation loan to manage and settle your debt, the next step is choosing your credit provider. Only companies who are registered financial services providers should be on your shortlist.
If you choose Bayport, here’s what our consolidation loan offers:
With Bayport, you can consolidate your existing loans and apply for a new personal loan all at the same time and on one platform.
You need these documents to apply;
You can apply in a number of ways:
If your application is successful and you qualify for a consolidation loan, make sure you understand the loan terms, have a plan to pay it back and get your spending under control so you don’t end up deeper in debt. If the conditions are right, a debt consolidation loan is an excellent debt settlement tool and way to improve your financial wellness.
For more information on personal loans, visit https://www.bayportsa.com/products-services/personal-loans-online/Go back