EXPLAINER | What is a debt consolidation loan? | Business

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A debt consolidation loan should cost you less in interest than what you are paying on your individual loans. Providers of these loans may either pay off your existing debts or give you the cash to do so. | News24_Business

For more financial news, A debt consolidation loan is a loan used to combine or consolidate a number of debts. In other words, you take out one loan to pay off many different accounts or loans.

Before you take out a debt consolidation loan, work out the total amount you will repay over the term of the consolidated loan and compare that to the sum of the total repayments on each individual loan over their terms. Using a consolidation loan to settle these forms of debt can make sense if you get a good interest rate on the consolidation loan. However, you must be careful not to extend the period over which you pay off what you owe.The other advantage of a debt consolidation loan is that you will go from paying multiple creditors a monthly admin fee to paying only one creditor a monthly admin fee, which can also translate into a big saving over time and help make your repayment more manageable.

 

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