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What types of debts can I consolidate?
There are a number of different debts you can consolidate with a Plenti debt consolidation loan. Some of these might include:
- credit cards
- personal loans
- store cards
- overdrafts
- car loans
- lines of credit
What are the fees with a debt consolidation loan?
Debt consolidation loans can have several types of fees that impact your total borrowing costs. Upfront fees, which can be a flat amount, a tiered fee based on the borrowed amount, or a percentage of the loan, are charged at the start and may be added to the total loan amount, meaning you could pay interest on these fees as well. Ongoing or monthly fees, also known as account keeping fees, can accumulate over the life of the loan without contributing to the principal repayment. While some loan providers charge early repayment fees if you pay off your loan sooner than expected, Plenti Debt Consolidation Loans have $0 monthly fees and $0 early repayment fees. To minimise costs, it's crucial to carefully review the loan terms, compare rates, and be aware of any hidden fees before committing to a lender.
How much can I borrow with a debt consolidation loan?
Plenti typically provides between $5000 - $50,000 for its debt consolidation loans.
How quickly will I get approved for a debt consolidation loan?
Plenti typically approves debt consolidation loans within 1-2 days. Once all necessary documents are received, approval can occur in 8 business hours. After approval, funds can be drawn down in as little as 24 hours.
Will a debt consolidation loan impact my credit score?
How could debt consolidation help my credit score?
Debt consolidation can be a beneficial first step if you’re struggling to manage multiple debts. By combining your debts into a single loan, you simplify your finances with just one payment to budget for, making it easier to avoid missed payments. Consistent and timely repayments on your consolidation loan can help build a positive credit history, potentially leading to improvements in your credit score over time.
How could debt consolidation harm my credit score?
While debt consolidation can aid in managing your debts, it also comes with risks. The repayment period might extend longer than your original debts, leading to higher total interest costs. Missing repayments on your consolidated loan can negatively affect your credit score. Additionally, if you accumulate new debts after consolidation, such as loans or credit card balances, this can hinder your financial progress.
While debt consolidation can provide helpful relief and potentially improve your credit score over time, it is essential to weigh the potential benefits against the short-term risks.
Is a debt consolidation loan a good idea?
A debt consolidation loan can be a good idea for those looking to simplify their finances and manage debt payments more effectively. However, it may not be suitable for everyone. If you're prone to accumulating new debt or have concerns about credit utilisation, it might be better to address underlying financial habits first. Always consider your financial situation and options carefully before proceeding.