How Consolidating All Existing Debts into a Personal Loan Can Ease Your Pain

Personal loan for debt consolidation

Reasons to avoid Relying on Credit Cards

  • The Adding Stress — Peace of mind is of prime importance than buying a product which might not affect if the purchase will not be done. It would be irrational to loose one’s mind over something to increase someone’s business, something which is not really needed.
  • Hampers Credit Score — Unpaid credit cards bills severely damages the credit score of one person. It hampers significantly when one tries to avail the home loan in future. Many a times, a defaulter is denied the disbursal of loans.

Here’s why one should consider availing Personal Loans to consolidate all the debts.

  • Lower Interest Rates-Personal loan charges are much less compared to the interest rates paid for credit cards combining. It becomes a wise decision to go for personal loans and pay off debts and dues.
  • Easy Tracking Of EMIS — Repayment done through EMIS needs a track. Missing on even one adversely affects the credit score thereby affecting one’s bad reputation. This in turn creates difficulty in availing any kind of loan in future.
  • Fixed Tenure — Usually 1–5 years is the tenure for repaying personal loan. Within this period, the borrower is required to pay the loan amount. When one is aware of EMI deduction every month, the planning to repay the loan gets in process.

Why One should Consider Availing Personal Laon for Debt Consolidation

  • Online Application — You can apply for Personal Loan from the comfort of your home. It also gives one the advantage of comparing from various lenders before one decides which one to go for.
  • No Collateral/Security- Unlikely to other loans, no security is needed to submit. This makes availing Personal Loans much easier.
  • Flexibility — From 1–5 yr one can choose the tenure for repayment of the Loan. As per one’s payment ability, it gives the flexibility to the borrower to choose according to the ability for repayment.
  • Quick Disbursal — Once all papers are in place, the amount applied for is approved by the lender. The transfer is made to the borrowers account.
  • Prepayment facility — Making prepayment helps you pay off debts in advance than the fixed tenure. However one has to pay a nominal fee while prepaying the amount.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Ajit Samal

Ajit Samal

5 Followers

I am the guy with more dreams that aims my target and chase in the Indian financial markets and more conscious in stock market moments