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People who have taken multiple loans often find it difficult to manage them and as a result incur penalties for late payment.
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Clear all your loans at once with a debt
consolidation loan Securing a Debt Consolidation Loan
1/2/2015
GOLDEN CREDIT (S) PTE LTD
Angelia Darren
Goldencredit.com.sg
Clear all your loans at once with a debt consolidation loan
People who have taken multiple loans often find it difficult to manage them and as a result
incur penalties for late payment. A debt consolidation loan can solve this problem and make
debt management easier.
It is not uncommon to be in debt these days. Almost every person we see around has taken
some personal loans in Singapore for a variety of reasons. Home loans, for example, are the
most common types, followed by car loans, education loans, and medical loans. Then there are
people who loans from finance institutions for personal use for any particular reason. Due to all
of this, sometimes people find themselves burdened with multiple loans from different sources.
When there are multiple debts to be paid off, managing payments and installments can become
difficult. You have to ensure that you are making payments to each one of your creditors
regularly or face penalties for late payment. Even though the combined loan amount may seem
manageable, repaying it back in pieces requires careful financial planning.
Debt Consolidation Loan
Debt consolidation loans are very useful for those who are finding it difficult to manage all of
their loans and debts. A debt consolidation loan can be used to pay off all other debts, and then
continue to pay off the consolidation loan only. This way, there is only on debt to pay back, and
not two, three or more.
When a person takes several loans, his or her credit rating can take a hit, thus affecting the
person’s credibility in the eyes of financers. This can be avoided by taking a debt consolidation
loan and making sure that the credit rating remains unaffected.
Securing a Debt Consolidation Loan
One can easily take a debt consolidation loan from any of the financial services that provide
such an option to customers. It is not difficult to secure such a loan, and can be taken to clear
off all your existing debts in a single step. The interest rates are also on the lower side when
you borrow against your property, which might probably be your home. Also, you get a longer
period of time to repay this loan, so there is sufficient breathing space if you plan your finances
accordingly.
Tips
When securing a consolidation loan, or any other loan, check if your lender allows early
repayment of loans, and if so, then under what the terms. You can never know when you might
be in a position where it becomes possible for you to repay your loans early and save a lot of
interest. There is nothing early about being debt-free!
For more info: http://goldencredit.com.sg/legal-money-lender.html
GOLDEN CREDIT (S) PTE LTD
License No: 60/2013
Registration No: 201003296C
Address: 1 Tras Link #02-05 (Orchid Hotel) S’078867
Tanjong Pagar MRT exit A
Or give us a call @: 62241300
Fax No: 65436368
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