Do you have too many debt repayments to look after? Are the continuous notices requesting payment stressing you out? If so, it might be worth taking out a debt consolidation loan.
With a debt consolidation loan, you no longer have several monthly repayments to make – you just have one loan with one payment each month to cover your debts. Many people find that consolidating all their debts into one easy repayment is much easier to manage. By restructuring your overall debt, you may find that you can reduce your overall interest rate.
A debt consolidation loan can help to relieve some of pressure if you have significant outstanding debt building up. Here are some of the key advantages of taking out a debt consolidation loan with Chill Money.
Taking Control of Your Finances
Reduce your stress and take back control of your finances with a debt consolidation loan. Bring all your debt repayments together into one loan and you will find it easier to take back control of your finances. By rolling all your debts into one loan can help you to save time and help to reduce stress.
Lower Interest Rate
may be able to save quite a bit of money from lower interest payments. Many people struggling to get out of debt will often have a number of different lending products – be they high interest loans, overdrafts or credit card debt. Debt repayments can sometimes be difficult to manage and spiral out of control, with different/high interest rates on some types of borrowing. With a debt consolidation loan, you may see your overall interest rate or monthly payments falling which will help you to save money over the duration of your loan or make your monthly repayments more affordable.
No More Collection Calls
A key benefit of taking out a debt consolidation loan is that you don’t have to take any more collection calls. Often when individuals fall behind on debt repayments, the creditor will turn over their account to a collection agency. The phone begins to ring more as the collection agency tries to call in the debt. The calls can cause a lot of worry and concern. However, with a debt consolidation loan, the power is put back into your hands to pay of the outstanding loan in just one payment every month.
Improve Your Credit Score
Did you know that late repayments can negatively affect your credit score with the Irish Credit Bureau. Every late payment hurts your credit rating – which could make it difficult to take out a loan or mortgage in the future. With a debt consolidation loan, you can clear off your outstanding debts and start the process of building up your credit score again.
Less Stress To Address
Without a doubt, one key advantage of consolidating your debt into one account is the relief that it brings. Being chased for repayments from different creditors can take a toll and can be very difficult to deal with. With a debt consolidation loan from Chill Money, you can focus on the things that truly matter.
Applying for a loan with Chill Money is very straightforward. Just put your details into our online calculator and you should have a decision within minutes. No stressful bank appointments, no burdensome paperwork. Whether you’re using a laptop, tablet or phone, you can see if you’re eligible for a personal loan today and in just a few clicks, you could turn your out-of-control debts into a manageable repayment plan.