Have you overspent and got too many short-term debts?
It’s easy to get into debt when things are going well, but as the cost of living crisis hits it becomes harder to get rid of those debts.
Often we find it is easy to consolidate those debts into a single loan, but you need to still make sure that its affordable debt consolidation otherwise it’s just jumping from one debt to another debt and that is unlikely to achieve much.
In recent weeks we have seen a lot of people looking to tidy up their debts, and we’re seeing some good results too.
What’s Affordable Debt Consolidation?
Being realistic, no debt is really “good” debt but some is definitely “bad”.
The concept of debt consolidation should be to put yourself into a better position to pay those debts off. That means making sure that any debt consolidation loan is going to be better than what you have, and you need to be able to pay extra when you can too.
Credit cards are particularly bad for many people, and if you only pay the minimum then you are likely to still be paying the debt off in 5-years and often even in 10-years. When it takes this long it will be costing you plenty.
So, why not look at a debt consolidation loan?
It costs nothing to apply, and of course you only accept the loan offer if it’s going to be better than what you have now.
As we know some debts can be REALLY expensive!
- Your credit card interest rates can often be close to 20% and more
- Some store cards are even more expensive, with some like the GEM Visa offering some interest free terms but then they charge 27.99%
- Personal loans vary a lot, but many charge those high interest rates too.
- Plus the bank overdrafts charge high interest on any outstanding balances owed.
“example”
We recently helped a couple consolidate that debt that they had, and reduce their repayments from about $215 a week to $96 per week. They had a personal loan with their bank and were being charged 18.95%, they had two credit cards both on 20.25% and a Q-Card at 27.99% so it made a lot more sense to consolidate these debts into a new personal loan. Because of their situation and with some initial work to get the loan application right we were able to get them a loan at 9.90%.
It Costs Nothing To Do An Application
It doesn’t take much to do an application for a debt consolidatrion loan.
Our processes are all online and very quick and simple too. Of course we do have “real” people that will review your application and that helps ensure that any loans are as good as they can be, whereas when you use some of the fully automated process you can end up with an expensive loan.
You can apply for a smarter loan and we can get you an approval so you can see how much cheaper your lending can be.
Our Smarter Process
When we were researching the way people were applying for loans we discovered that we needed to adopt a smarter way of doing the loan applications to ensure that we get better success for the borrowers. This lead to use starting up this new brand known as Smarter Loans.
Many of the finance companies that provide personal loans will price the loans based on the profile of the borrower. This profile includes a number of factors to determine what interest rate they will charge and if your application is not accurate then you could end up paying more than you need to.
We use a lot of automation to make the process as simple as possible, but we have also added a manual review process that ensures that we can amend the applications when needed and this allows us to present them to our lenders better and ultimately get a better result for you.
Our process is smarter than most as we have linked automation to include a manual review.
It’s always about trying to get the best loan for you.
