If
you own multiple credit cards, you might be in debt. You can avail a debt consolidation loan from
peerto peer lending companies to get over credit card debt.
Sudeep
is an IT professional, owning three credit cards with different credit limits.
Every month, his salary goes towards the payment of credit card bills, apart
from home loan EMI and monthly household expenses. Most often, he fails to
track the payment cycles of the credit cards and misses the payment within the
due date. As a result, his credit cards are charged to exorbitant interest
rates and late payment fee. He is neck deep in credit card debt. What he needs
is a debt
consolidation loan to make his life simpler.
What is a debt consolidation loan?
A debt consolidation loan is
a fresh way out to refinance or clear out multiple loans with one single loan.
In simple words, it means consolidating all your existing debts into one
payment.
Why you need a debt consolidation
loan?
- It
can help you to pay off all your debts at a low cost.
- It
can save you from keeping track of multiple cards, bills, EMIs and
different payment cycles.
- It
can improve your credit score in the long run.
Where can you avail a debt
consolidation loan?
Several
banks and financial institutions offer a debt consolidation loan. However,
given your poor credit history and failure to make timely credit card payments,
they may not be willing to give you a loan. Even if they lend you money, it
would be at a very high interest rate and with stringent guidelines.
But,
don’t be disappointed. The peer to peer
lending companies in India will offer you a debt consolidation
loan, no matter what your credit score, income or amount of debt is through p2p lenders.
What are the benefits of applying
for this loan on a peer to peer personal loan? Easy processing
- Flexible
interest rates based on an internal credit rating process
- A
large database of personal money lenders in india
- Transparent
transactions, no hidden fee
- Quick
transfer of funded loans
- Easy
repayment through pre-determined EMIs
What is the process of applying
for this loan on a best p2p lending sitesfor investors? You have to fill up an Instant Personal Loan application
form, pay a nominal registration fee and submit your KYC documents. A few peerto peer sites companies in India such as LenDenClub will approve your
request within 18 hours. Post the approval, you can immediately start borrowing
from instant personal loan online lenders registered with the
portal.
A debt consolidation loan availed
through a peer to peer lending marketplace can put all your multiple
credit card management worries to rest.
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