A debt consolidation loan is a type of loan that allows you to combine multiple debts into a single loan. This results in just one monthly payment to manage, generally at a lower interest rate than the average of your current debts.
The debt consolidation loan can be an effective solution to simplify your finances and reduce your debt. However, it is important to carefully compare offers and make sure this solution is suited to your situation.
By consolidating multiple debts into a single loan, you can obtain a lower overall interest rate, which results in a lower monthly payment.
Example:
Suppose you have three debts:
• Credit Card 1: $5,000 at 18% interest, monthly payment of $150
• Credit Card 2: $28,000 at 15% interest, monthly payment of $597
• Personal Loan: $10,000 at 12% interest, monthly payment of $100
Your current monthly payment is $847.
By consolidating these debts into a single $43,000 loan at an interest rate of 12%, your monthly payment would drop to $430 per month, saving you $417 monthly, which represents $5,004 in annual savings.
Instead of juggling multiple bills and due dates, you will only have one monthly payment to manage. This can help you better track your expenses and avoid late payments.
Consolidating your debts can also improve your credit score. Creditors look at the number of your debts and your credit utilization ratio (debt ratio) to determine your score.
By consolidating your debts, you reduce the number of open accounts and your debt ratio, which can have a positive impact on your credit score.
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To obtain a simple private consolidation loan, the borrower must first contact us. Altura Capital will review the equity and propose different solutions to the borrower, taking into account the savings on the debts they wish to repay, minus the new loan. The borrower can then choose the most advantageous solution for them.
Approval for a private mortgage financing application is very quick and, above all, very simple. Submitting an application in less than five minutes using our secure online form allows you to receive a same-day response.
Your repayment capacity is a top priority for us. That’s why we offer payment terms that allow you to reduce your monthly installments or even pay the full interest of the loan in advance.
We specialize in private mortgage refinancing, private financing, and capital financing loans, in order to identify the real needs of our clients. We provide valuable advice to help improve your credit score, which is essential.
You receive your money in your account QUICKLY. Here you WILL HAVE a better credit bureau record for sure, and with over 3,000 completed files, you are in the right place.
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