Consolidating Personal Loans

Do you have multiple personal loans and find it difficult to manage the repayments? If so, you may benefit from consolidating them.

Although there are many advantages to debt consolidation, it isn’t going to be the best solution for everyone.

You’ll need to seek the help of a qualified finance broker, like Sharyn from Finance Finance Finance, to determine what’s right for you.

In this blog we briefly discuss the advantages and disadvantages of debt consolidation, and how our professional, independent finance brokerage firm helped one client consolidate his loans.

Benefits of Debt Consolidation

1. When you’ve combined your loans, managing debt is easier as there’s only one repayment to make (rather than several in a month).
2. Can be easier to manage your cash flow and takes the pressure off with only one set amount being deducted.
3. All debt consolidation loans are fixed interest rate. This gives you the opportunity to pay off your debt faster.  You can also make extra payments over time.
4. Having many personal loans e.g. credit cards etc can stop a person from buying new home.
5. The personal loans companies we use when consolidating debt, have no establishment fees, no monthly account keeping fees and no early termination fees.

Disadvantages of Debt Consolidation Loans

Some disadvantages of debt consolidation include:

• If you opt for a longer-term loan you may end up paying more in interest.
• You may be slugged additional fees when closing existing loans.
• The lender may charge fees to secure your loan against existing assets, so it’s important to check/have your qualified finance broker do the homework

Consolidating Personal Loans for Sunshine Coast Client

Our highly skilled finance broker was recently approached by a 26-year-old Sunshine Coast resident who wanted to refinance his current motor vehicle loan, motor bike loan and credit cards to reduce his debt.

For our client, we decided that the best solution was to consolidate all of his loans. This resulted in:

One loan that reduced his repayments and interest rate also gave him the ability to close down his credit cards.

This is what he said about working with Finance Finance Finance:

“Sharyn helped me with my car loan a couple of years ago, so when it was time to refinance my car loan and other cards I called her up again for the same friendly, efficient and hassle-free experience as the first time around. Now I’m paying less per week, at a much better rate, after consolidating my debts than I was just for the one car loan. Could not recommend a better broker to deal with. Sharyn is the best 👌🏻”

Joshua H. 

Talk to our Finance Broker about Debt Consolidation Personal Loans

Would you like to find out more about refinancing your loans or consolidating your debts?

View our blog here, or talk to Finance Finance Finance today by calling 1800 230 872.