To help you better understand your options we have put together some FAQs to help answer many of your questions. If your question is not answered below please contact us so we can answer it for you.
What is a debt consolidation loan?
A debt consolidation loan is a way of bringing some or all your loans together. By rolling your debts into one – credit card, store card, home loan, etc. – you can manage them better.
Who can apply for a debt consolidation loan?
Anyone can apply, but it is important to choose the right lender and make sure your situation is explained to the lender in a way that they will support. Not all lenders or not all situations are a good fit for a debt consolidation loan and unnecessary credit enquiries can hinder further attempts for a successful outcome. Best to obtain advice before proceeding.
What types of debt can I consolidate into a loan?
Most debts can be consolidated, however only some lenders will consider business debt and fewer will consider tax debt, although there are solution providers.
Are the interest rates on debt consolidation loans higher?
Generally, they are comparable.
What is a refinance loan?
Generally, these are just a normal home or investment loan, although not all lenders will be supportive, particularly for releasing larger amount of cash to your savings account, so it will be important to choose the right lender for your situation.
Need more information?
For more information on Debt Consolidation or Refinance Loans, contact us.