Could Debt Consolidation Help You?

A debt consolidation loan can take away so much stress in your life and simplify your whole debt repayment system. It can be a great way to take the first step towards financial freedom, giving you more control over where your money is going and in the long term, giving you more money to put towards the things that really matter to you. If you’ve never heard of a debt consolidation loan before, or aren’t sure if it’s right for you, the concept is very simple. 

When you owe money to a multitude of lenders, whether that’s for a car loan and credit card debt, or a medical loan and smaller personal loans, the terms are often variable. Some charge more interest than others, and some will have different repayment plans. A debt consolidation loan can help you streamline the repayment process. You would apply for the loan, and if you’re approved, the funds will be used to pay off the outstanding balances you owe elsewhere, and you’ll only need to make repayments to one lender – like Rapid Loans. There are a lot of benefits to this – so let’s dive in and have a look at why you might want to explore debt consolidation. 

A lifestyle choice

Debt can creep up on you, and it’s not something that anyone enjoys hanging over them. When you owe money for your education, car, or a major dental procedure, the repayments can put a damper on your lifestyle freedom, and living the life you choose is something you shouldn’t have to compromise on. Instead of making repayments to multiple creditors with multiple fees, a debt consolidation allows you to roll it all into one. This means one set of repayments and one set of fixed fees. 

Plenty of people don’t have an issue with budgeting, but debt can put a strain on even the most financially savvy. When you consolidate your debt, it can often make it easier to calculate how much you’ll owe each week or month, how long until things are paid off, and when you’ll be able to start working towards bigger financial goals – like saving for a home or a big overseas trip for example. 

No more missed payments

If your personal loans are spread across multiple lenders, with different payment dates, terms, and interest fees, it can be a lot of life admin when it comes to keeping on top of them. Missed payments can adversely affect your credit score, which is something that debt consolidation can help tackle. When you only owe the balance of your debt to one lender, there’s a clear outline for how much you owe, when you need to pay it, and how long you’ll be making repayments for. 

Another benefit if you get approved for a loan from Rapid? There are no early repayment fees, meaning if you get that pay rise and want to get ahead of your debt, you’re more than welcome to – no strings attached. Here at Rapid Loans, we understand that everyone is unique, and we tailor your loan to your individual circumstances. 

Peace of mind

Financial freedom is great, but while you’re on the journey there, having less stress about any money you owe is pretty fantastic too. Stressing about money, worrying about whether you can make repayments (or remembering when they’re due) can be tiring. When you take out a loan that simplifies what you owe and where your repayments are going, that’s a whole lot less mental burden – one that our team at Rapid Loans is always thrilled to help everyday Australians with. Having a fixed loan term with fixed repayments means that you have an exact date to look forward to when that debt will be gone. If you stay on top of everything, keep those repayments rolling in on time, you can set your watch to the day you’re debt free! 

If a debt consolidation loan sounds like the right option for you, learn more about how it works, and start your application process in just a few minutes online right here with Rapid Loans. Call our dedicated team on 1300 727 431 for more information on how we could help you on your way to financial freedom. 

This is purely an opinion piece and should not be used as a sole source of guidance. Responsible lending criteria applies. Australian Credit Licence Number 388847.