At Speedy Loans, we understand how unpredictable life can be and how quickly a stable financial situation can take a turn for the worst, leaving consumers struggling to maintain their financial responsibilities. Speedy Loans offers safe and trusted Consolidation Loans to help South African consumers ease the financial burdens in their life.
A consolidation loan involves consolidating your debt into one lump sum amount and taking out one loan to pay off that amount. Having one lump sum payment ensures that every creditor receives what is owed to them in full before the amount can escalate due to increasing interest rates. Consolidating your debt means that you will only be charged one interest rate from one creditor; this is important as varying interest rates from various creditors has likely added unnecessary fees to your monthly payments.
Another benefit of a consolidation loan is the unlikelihood of missing a monthly instalment to just one creditor; this has the added advantage of ensuring a positive credit rating and helping you avoid becoming blacklisted. Although consolidating your debt under a single creditor is unquestionably financially beneficial, please note that a consolidation loan payback period may be longer. However, this will ultimately result in a lower monthly instalment for you.
From a single interest rate to avoiding the risks and legal repercussions of unsuccessfully juggling multiple creditors, the benefits of consolidating your debt are undeniable. If you would like more information on how Speedy Loans can help you consolidate your debt, please contact our expert team via phone or email. They're ready to answer all your questions and help you get started.