How you may benefit
See if debt consolidation is right for you with three easy steps
Should you consider debt consolidation?
Paying off multiple debts with a new loan and a single payment monthly may help you:
- Lower your overall monthly expenses and increase your cash flow
- Reduce stress with fewer bills to juggle each month
- Reach savings goals more quickly with any extra cash you save
Consolidate debt one step at a time
1. Take inventory of your debt
- Make a list of each loan and credit card balance, including the interest rate and monthly payment amount
- Calculate the totals for both outstanding balances and monthly payments
- Check your credit score to see where you stand
2. Explore your debt consolidation options
When finding the right loan, try to get the lowest interest rate possible. You’ll want to explore both secured and unsecured options.
Your credit history and credit score are key factors in determining your interest rate and the amount you may be able to borrow.
Using your car or other belongings as collateral may help you qualify for a loan and may result in a lower interest rate than an unsecured rate.
3. Know before you borrow
If you decide debt consolidation is right for you, keep the following in mind:
- Debt consolidation isn’t debt elimination. You’re restructuring your debt, not eliminating it – it’s a good first step, but you will need to manage your future debt better.
- Consider the total cost of borrowing. A loan with a longer term may have a lower monthly payment, but it can also significantly increase how much you pay over the life of the loan if you don’t become more disciplined in your spending habits.
- Avoid future debt. Use good credit habits and create a budget to help control future spending.
We have a very quick loan application process. Typically you apply online in less than five minutes using our application form. Then we review your application and come back to you with anything we need, like proof of income etc. Together we agree on the terms to the loan, then the funds are paid to your account straight away. All this can happen in just a few hours.
That’s right, most of our loans are processed the same day and with Internet banking being so efficient as it is, many of our clients receive their funds within just a few hours after applying.
At Auckland Loans, helping people clean up their debt is what we do. All you have to do is apply online: