Debt Consolidation Loans

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What Is A Debt Consolidation Loan?

Having multiple debts at once can really bring you down financially. Combining these into one Debt Consolidation Loan means you have one payment to make instead of multiple payments and is easier to manage. Better still, a Debt Consolidation Loan often has a repayment less than all of the other debts put together. You save money.

If you have multiple loans at the moment we strongly suggest you call us to discuss a Debt Consolidation Loan. We will be upfront and honest. We will let you know if you are eligible, and if so, what your likely savings per month could be.

Is A Debt Consolidation Loan The Same As A Personal Loan?

In most cases, a Debt Consolidation Loan will come in the form of a Personal Loan. Different lender have different names for Debt Consolidation Loans and different criteria for securing one.

What Are The Rules Around A Debt Consolidation Loan?

Generally speaking, when most lenders asses a Debt Consolidation Loan they will want to see your current loans paid on time. Your current loans need to be within the terms and conditions of the contract you have with the Bank. This includes not having overdrawn accounts or late payments.

Ironically, the whole purpose of a Debt Consolidation Loan is to relieve you of the financial burden of multiple debts. These debts may be difficult to meet at the moment and you may be struggling to meet your current commitments as they are.

What If My Current Loans Are Not In Order?

In considering a Debt Consolidation Loan we strongly suggest you call one of our LoanBay Lending Specialists. They have many years Banking experience and will be able to tell you over the phone if it is worth submitting a Debt Consolidation Loan application. We will work with you to get on track, and increase how much money is left over each week.

We understand that financial stress is one of the worst types of stress to have. We absolutely love being able to help customers structure their finances in a way that benefit them and not the Banks. We are compassionate, honest and straight up. If we can help save you money with a Debt Consolidation Loan, we would love to.

What If You Can’t Help Me Get A Debt Consolidation Loan?

If you are currently not eligible for a Debt Consolidation Loan we will give you some tips to help you. These are aimed at getting you in a position where we can assist down the track. We may need to work together for several months to get your current accounts in order before submitting a Debt Consolidation Loan application. There is no cost for this service. We feel that this part of our business is our ethical responsibility to help.

My Current Loans Are All Being Paid On Time

If your current loans are all being paid on time and there are no overdrawing, we may be able to help. When we speak over the phone, our LoanBay Lending Specialist will ask some questions about your income and expenses. You don’t need to know the exact details over the phone. We can edit the Debt Consolidation Loan as we go. When you speak with us, we will let you know if we think your Debt Consolidation Loan application would be approved. If we think it won’t, we will not submit an application until you are ready

Does My Credit Rating Matter?

Part of the Debt Consolidation Loan application process is that the Bank will do a credit check on you. Your credit report shows any loans you have applied for over the last several years. If you have applied for lots of loans in the recent past, we strongly suggest you don’t apply anywhere else, and you call us immediately to discuss this.

If a Bank sees lots of credit enquiries on your credit report, they may assume that you are being declined everywhere and will not want to provide you a Debt Consolidation Loan.

How Does A Debt Consolidation Loan Work?

When you call us, let us know what current loans you have. We will include these in your Debt Consolidation Loan application. If approved, these debts will be repaid by the Bank on the same day as your Debt Consolidation Loan is funded. We organise all this on your behalf. You don’t have to do anything.

Why Choose LoanBay?

Our team have been working in finance for the big Banks for decades. We are sick of seeing good people getting into financial difficulties because of multiple debts. In many cases, you are stuck just paying the interest on these loans and never actually repay the loan itself. You get stuck in the bad credit cycle.

Our LoanBay Lending Specialists act ethically. We are honest, helpful and straight to the point. We are particularly passionate about Debt Consolidation Loans because we can help you get out of your rut. We will help you in any way we can improve your financial wellbeing. We see this as a moral obligation and not just a job.

Call us on 1300 11 70 30 to speak with a LoanBay Lending Specialist about a Debt Consolidation Loan.

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Contact Information

  • Level 7, 120 Queen Street Melbourne, Vic, 3000
  • 1300 11 70 30
  • enquiries@loanbay.com.au