Do you have many loans and are struggling to manage them? Do you often miss repayments for some of your loans? Or do you wish you could avoid making multiple payments for your loans?
A debt consolidation loan is nothing but a loan which can consolidate all your existing loans into one single loan.You may have many different loans like personal loans, credit card debt, education loan, etc from different lenders, which require you to keep a track of different payment schedules. This may result in missing payments.
In these cases, a single debt consolidation loan may be availed which will help you close down all the existing loans and take on a single loan. This way, it gets easier for you to manage your debt.
In these cases, a single debt consolidation loan may be availed which will help you close down all the existing loans and take on a single debt.
This way it gets easier for you to manage and maintain your debt.
A debt consolidation loan can prove to be extremely beneficial due to a variety of reasons. Some of the important ones being:
A personal loan meets the requirement of a debt consolidation loan and is easier to avail than most other loans like a home loan or a vehicle loan.
A debt consolidation can be availed without furnishing any collateral or security. This makes it convenient for anyone to avail the loan without worrying about collateral.
A debt consolidation loan amount that is suited to your requirements can easily be availed under a debt consolidation loan. There is no undue pressure to choose any particular loan amount.
Fast debt consolidation personal loans are now available in a timeframe as short as 2 hrs from leading fintech lenders like Money View. So now you need not wait any more to set your finances in order.
Managing multiple loan repayments may be difficult resulting in missing payments which could affect your credit score. Going in for a debt consolidation loan can help you avoid all of these pitfalls.
By opting for a debt consolidation loan, you would be closing many of your other loans, which may help boost your credit score, as you would be effectively reducing the number of outstanding loans against your name.
Certain banks take over your existing debt by paying off your existing debts. There are other lenders who allow a personal loan which can be used as a debt consolidation loan.
Hence, a debt consolidation loan can be availed from banks, non-banking financial institutions or any fintech lenders.
Money View is a leading online personal loan lender from which you can easily avail a loan for debt consolidation either on the loan app or on the website within a timeframe of 2 business hours.
A personal loan/debt consolidation loan from a bank or a Non-Banking Financial Institution can be applied by visiting their branch. The usual procedure of submitting a physical application and other supporting documents by visiting the branch will have to be followed.
On the other hand, a personal loan for debt consolidation from Money View can be availed without a hassle right on your phone or laptop from the comfort of your home or office. It involves just 4 simple steps and can be completed in no time.
Find out the maximum loan amount you’re eligible for online in 2 minutes
Choose a custom loan amount and a repayment period that suits your financial needs
Provide your personal details and upload the necessary documents, all on the app or website
Get the loan amount disbursed to your account in 2 hours of approval
Debt consolidation can relieve you of many unnecessary debt related issues. However, many individuals have a question on their minds, “Can I get a debt consolidation loan?
As with any loans, debt consolidation personal loans also come with their own set of eligibility conditions. They could be:
A good credit score is a mandatory requirement for availing any sort of credit, be it a loan or a credit card. Debt consolidation loans are unsecured in nature, hence will require a high level of creditworthiness for an applicant to make the cut for a debt consolidation loan. The exact level of credit score required is subject to conditions set by the respective lenders.
Lenders may also set a minimum income requirement to be able to avail of a personal loan for debt consolidation. When you are in need for a loan to consolidate your debt, a lender who allows loans at a low minimum income requirement like Money View may be good. The minimum income requirement there is 13500.
Certain lenders may place minimum years of salaried employment as one of the eligibility conditions to avail of a personal loan for debt consolidation.
Your city or town of residence may also bear importance when you apply for a loan. For Eg: Certain fintech lenders allow loans only to inhabitants of a particular cities/towns.
While there can be many conditions to be eligible for a debt consolidation loan, the eligibility conditions for a Money View easy personal loan for debt consolidation is extremely transparent and simple. The basic eligibility conditions being:
Debt consolidation may work for you if you are having issues making multiple loans repayments and keeping a track of them. By going in for a debt consolidation loan, you could reduce the number of outstanding loans and easily manage one loan EMI.
However, there are a few points to keep in mind if you are looking to consolidate your loans into one:
An individual may end up with a bad credit score due to a number of reasons and may still be struggling to manage multiple debts. A debt consolidation loan may be extremely helpful for such individuals. But will a debt consolidation loan be available for those with bad credit scores?
There isn’t a clear answer to this question.
Debt consolidation loans to an individual with a bad credit score may be subject to lender discretion. Many lenders do not specify the exact credit score required to meet the eligibility criteria for a loan. Hence it becomes difficult to know in advance if you should apply for a particular loan for debt consolidation.
However, Money View clearly specifies its credit score requirement which makes it possible for the applicants to know in advance if they are eligible for Money View personal loan for debt consolidation.
Money View requires its applicants to have a minimum CIBIL score of 650 or Experian score of 750 to be able to apply for its personal loan. In addition to the bureau credit score, Money View uses its in-house credit score model to assess the creditworthiness of its applicants.
Are you looking to consolidate your existing loans into one single loan? Do you want to simplify your debt management? Apply for a personal loan for debt consolidation today from Money View either on the loan app or on the website.
Write to us at loans@moneyview.in or call us at 080 4569 2002 if you need any assistance in applying for a debt consolidation loan or have any queries on the same.
