Why should you take a Debt Consolidation Loan?


Are multiple debts troubling you? Tracking the EMI payments of all the loans can be really difficult right? Even if you miss one single payment, the fines are huge. Ultimately, it will impact your CIBIL score, making you face loan rejections every time you apply for personal loans in the future. Avoiding such troubles is very easy if you take a Debt Consolidation Loan and pay off all your debts at once.
There are many NBFCs like FlexSalary which provide Debt Consolidation Loans in India with a lower rate of interest. You can choose a lender and there you go, you have uncomplicated your finances. Now, you will just have one single loan EMI to manage every month, reducing so much hassle of missing the EMI payments and thereby have a good CIBIL score.


Loan

Why take a personal loan for Debt Consolidation?
People typically take a personal loan for debt consolidation when they have credit card debt, education loan, or huge medical bills. It is the best solution to clear all the debts at once. Besides, there are many advantages of taking a personal loan for debt consolidation and we have listed a few below:
Single EMI payment:
Tracking multiple EMI is extremely difficult. If you miss payments for any of your EMIs, your relationship with that lender with show a severe impact. So, avoiding such troubles is extremely necessary and it can be done by consolidating your debts taking a personal loan. Now, you just have one single EMI payment each month, making your repayments a lot easier.
Lower Rate of Interest:
You might have noticed that interest rates for personal loans are a bit less compared to all the other interest rates which you are paying as of now. So, borrowing a personal loan for consolidating your debts is undeniably a workable option that one should consider. Just compare the personal loan interest rates by many lenders before taking a personal loan for debt consolidation. Also, it would be great if you check various other factors besides the rate of interest such as loan approval time, payback terms, etc. and make a decision on the lender.
Fixed Repayment Tenure:
Typically, lenders offer a loan tenure of up to 3 Years or up to 5 years for personal loans. Ensure that you go for a lender where the tenure is open-ended. Get a confirmation from the lender about how much you should be paying each month as it will aid in the keen planning of your finances and pay the loan amount without any fuss.
Reasons to choose Online Debt Consolidation Loans:
     Easy loan application
     Instant online approval
     Instant funds in your bank (within 24 hours.)
     Loans up to 2 lakhs
     No collateral required
     Unmatched interest rates
     Flexible loan tenure
     No fixed EMIs
Takeaway:
Consolidating so many debts with just one debt is a great idea to manage your finances and your burden will be decreased to a great extent. So, go for a personal loan and consolidate all your debts easily and effectively.