11 January 2021
5 benefits to consolidating your loans
If you have several debts that you are repaying it is time to consolidate them in to one loan, one repayment. Having multiple repayments can place a large financial burden on you, from having outstanding loans (car or holiday loans), to credit card repayments to overdrafts it is more difficult to save for that special something.
There is a very simple and cost-effective solution to this, combine all your loans and debts in to one loan. Take control of your monthly debts, which will in turn lead to lower interest rates and lower repayments. As a primary school teacher. It is time to take back control of your finances.
1. Lower Repayments
When there are several repayments coming out of your fortnightly salary it is easy to get to lose track of when and how much the amount will be. With a consolidation loan you will be in control of the amount. The one loan, one repayment will be an amount that is both affordable and on a date of your choosing. This will see a reduction in the total amount of repayments that you have currently.
2. Lower Interest Rates
There are a lot of debts and loans that have high interest rates but Comhar Linn INTO Credit Union offer a very competitive rate in comparison. With the consolidation loan there will be a lesser amount paid towards the interest therefore the contribution going towards the loan amount will be higher.
3. Improve your Credit Score
Speaking of credit scores, another benefit of debt consolidation is that it can give your score a nice boost. If you consolidate by taking out a personal loan, it’s likely that you will see an increase in your score in only a few months.
4. Pay it Off Faster
It’s not uncommon for credit card balances to have years to go before being fully paid off. After all, credit cards are earning interest on what you owe, so lenders don’t care if it takes you 5 years to pay off your debt or 20. A benefit of debt consolidation is that the consolidation process takes multiple factors into consideration when establishing the length of the loan, such as income, credit score, and how much you owe in order to come up with a sensible payback plan. For this very reason, debt consolidation loans have a shorter payback period.
5. Stress free and Simple Process
Without a doubt, one key advantage of consolidating your debt into one account is the relief that it brings. At Comhar Linn will reduce your financial stress by provide guidance and a straightforward process.
Once you are a member of the INTO or the RTAI yourself and your family members are eligible to become members of the Credit Union. All you have to do is to get in touch with us and a member of the loan team will be available to answer any questions that you have to guide you through the process. A loan can be approved within 24 hours (T&C’s apply).
Check out Comhar Linn's Consolidation Loan. Our loan allows you to combine multiple loans into one loan with one repayment! At Comhar Linn we are here for our members!