Can I Get a Debt Consolidation Loan With Low Credit Score? - Loan Trivia


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Wednesday 28 August 2019

Can I Get a Debt Consolidation Loan With Low Credit Score?

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When you are in need of urgent funds, you may sometimes end-up borrowing amount against high-interest charges. However, repaying the amount, in the long run, can become difficult. It can even have a huge impact on your monthly budget since a large chunk would be paid as interest. 

To save you from such a situation, an easy alternative is a debt consolidation loan. These loans can allow you to settle your existing high-interest borrowing for a low-interest one. If you are still confused about how a debt consolidation loan can be beneficial, then continue reading. 

1. Affordable EMIs 

When you consider a debt consolidation loan, the first advantage that you receive is of more affordable EMIs. Since you switch for a less expensive loan, you will be able to reduce the amount of EMI that you pay every month. It will lead to more flexibility when it comes to your financial situation. Moreover, the debt consolidation loan eligibility criteria are simple to understand, which makes the process even more useful. you can calculate your loan EMI using a personal loan EMI calculator. 

2. Save On Interest 

The entire purpose of borrowing a debt consolidation loan is to switch for a low-interest option. Therefore, the most common advantage that you would receive is saving on your interest. For example, if you are paying Rs.1,00,000 every year as interest and you switch it for a loan that would require paying Rs.80,000 instead, then you save Rs.20,000 with each financial year. It adds up as years pass, and the maturity closes in on you. 

3. Quick Repayment 

When you start saving on your interest with the help of a debt consolidation loan, you can repay the loan quickly as well. In other words, you will have more money at the end of each month. Hence, you can opt for a prepayment option. You can find out more about this through the information on debt consolidation loan online. 

4. Building Your Savings 

The last benefit of a debt consolidation loan is that you will be able to build back your savings. Since the interest rate is lower than earlier, you can easily put the additional amount in your savings account. It will help you in case of emergencies, especially if you are consistent. Moreover, it will even keep you from having to borrower other financial services in the future. 

What Can Be Used As a Debt Consolidation Loan? 

One of the best financing services that you can use as a debt consolidation loan is a personal loan. This particular service is easy to borrow, which makes it convenient. Apart from this, personal loans can provide you with a varying degree of the interest rate. Therefore, finding one which is lower than your current loan is also possible. 

Apart from this, a personal loan does not require you to follow a lengthy verification process. Hence, acquiring a loan within a day or two is not that uncommon. On the other hand, the documentation required for the same is simple and straightforward. 

Bajaj Finserv provides pre-approved offers for financing services of different types. The list includes everything from a personal loan, home loan, to business loan

By utilizing their pre-approved offers, you can make the transaction hassle-free, as well as, less time-consuming. 

If you wish to view your pre-approved loan offers, then you can simply submit your contact number and name.
Must Read: Is It Right to Use Personal Loan to Pay off Student Debt?

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