June15 , 2024

    Yes, You Do Need Another Loan: A Debt Consolidation Loan


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    Life happens. Jobs disappear, vehicles stop running, hospital stays come out of left field, and the house springs a leak. The finances are in a muddle, and your mind is completely blank regarding how to pay for it. We get it.

    The experts at Symple Lending and other experts understand that responsible credit card usage increases credit health. However, when the hospital stays and other unfortunate things happen, the credit card is the first to pay for it all. Pretty soon, they’re maxed out, with nowhere to turn if a new catastrophe happens.

    This is Where Lending Experts Will Help

    On top of a pile of credit card debt, mortgages, and student loans, most people don’t want to consider another loan. Alternatively, when you need an Excel spreadsheet to track the money, then this debt consolidation loan was meant for you. 

    How Do Debt Consolidation Loans Work?

    Consolidation is pulling varied things into one place and then dealing with that one place. In finance, student loans, mortgages, credit card debt, and other financial things are brought together under one loan (the consolidation loan). Then one loan is used to pay off the others. All that’s left is to pay off the consolidation loan.

    Benefits of Debt Consolidation Loans

    Lending pros are a powerful force for your financial health. This is how a debt consolidation loan can help you:

        • Streamlined is good. When all your financial obligations are located in one place, nothing falls through the cracks to cause future trouble. Additionally, seeing the light at the end of the debt-free tunnel is satisfying.

        • Quick. Speed is important because loans have a finite repayment date. Credit cards don’t. Thus, your loan is repaid faster and your credit looks better. 

        • Less is more. Debt consolidation loans are spread over a longer period of time than credit card repayments. The amount of repayment decreases, leaving you with more money to handle everyday life.

        • Quicker payoff. If your consolidation loan’s amount is less than your credit card payments, then using some of the money to pay down the principal will pay off your loan quicker. That looks lovely to credit bureaux.

        • Interest rates matter. Credit card interest is higher than most loans. Consolidating it with other debt might mean interest is lower than some of the debt but higher on credit card debt. In any case, you’re still saving money, so go with that.

        • Better credit scores. A focused repayment process, like the one that lending experts will give you, will simplify your finances. This looks way better to the credit folks than a long list of debt. Timely repayment will make your credit score rise.

    Final Thoughts

    We understand that life happens. It’s usually serious enough to wonder how you’ll pay for it. Symple Lending and similar companies offer financial products that will help you handle life when it happens. Call us or drop in today to learn more about it.