Make 2020 the year you are debt free with a debt consolidation loan!
The new Year. Frankly, it’s weird. It’s time to reflect on the ups and downs of the past 12 months, set some resolutions for the next 12 months, and try to embrace the cheesy old, new year, new you feeling!
Although it can often feel more like the new year, old you. And if you have personal loan debt over your head from 2019, a more accurate feeling might be new year, old debt.
This is where a debt consolidation loan comes in. With this type of loan, you can consolidate all your debts into one, including credit card debt, store card debt, and personal loan debt.
You’ll only have one repayment date to remember instead of five, so you’re less likely to incur late fees and if you’re in credit card debt, you could qualify for the discount rate. lower interest that usually accompanies a debt consolidation loan.
Here are some debt consolidation loans you might want to check out in January:
Symple Loans – Personal Loan
- Variable rates starting at 5.75% per annum (6.89%^ comparison rate)
- Consolidate up to $50,000 in debt
- Additional repayments allowed and no penalties for early repayments
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With the debt consolidation loan from online lender Symple Loans, you can consolidate up to $50,000 in debt and enjoy interest rates from 5.75% per annum (comparative rate 6.89% ^). The loan comes with an application fee and monthly service charge, but if you crunch the numbers and decide on a lower interest rate and the ease of having only one repayment date to remember negates this is worth checking out.
Harmoney – Unsecured Personal Loan
- Fixed rates starting at 6.99% per annum (7.69%^ comparison rate)
- Borrow up to $70,000
- Additional repayments allowed and no penalties for early repayments
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The Harmoney Unsecured Debt Consolidation Loan is quick and easy to apply online and you can rack up debts ranging from as little as $2,000 to $70,000. Plus, since this is an unsecured loan, you won’t have to put your assets as collateral and you could qualify for an interest rate as low as 6.99% (7% comparison rate). .69%^). The loan also offers the ability to make additional repayments and prepayments without incurring penalty fees, which means you might even be able to pay off your consolidated debt before the end of the year!
Plenti – Unsecured Personal Loan
- Variable interest rates from 6.89% per annum (8.89%^ comparison rate)
- No monthly service fees
- Additional refunds allowed
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If you’re struggling to keep up with your credit card and personal loan repayments, you’ll be pleased to know that you can use RateSetter’s unsecured personal loan to consolidate up to $45,000 in debt. There are no monthly service charges with this loan and interest rates start at 6.89% per annum (8.89% comparison rate ^^). Plus, you can make additional repayments on top of your standard repayments and there are no penalties for early repayment, so you might even be able to clear your consolidated debt sooner rather than later.
OurMoneyMarket – Low Rate Personal Loan
- Fixed rates start from 8.00% per annum (8.21%^ comparison rate)
- Borrow a maximum of $50,000
- Ease of redrawing
With OurMoneyMarket’s low rate personal loan, you can consolidate up to $50,000 of debt into one, so you never have to remember to make multiple payments throughout the month. On top of that, you have the ability to make additional repayments, so you might be done with the loan sooner than you think. And if you manage to prepay it all, you won’t be hit with a prepayment penalty!
Latitude – Low Rate Personal Loan
- Fixed interest rate of 9.99% per annum (comparative rate of 11.22%^)
- Borrow from $20,000
- Flexible repayment options
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If you have a fairly large amount of debt to pay, say over $20,000, you may want to consider Latitude’s low rate personal loan. This loan is only available to homeowners or applicants who have a mortgage and has a fixed interest rate of 9.99% per annum (comparison rate of 11.22%^). So you need to know what to expect with each weekly, fortnightly or monthly repayment. Also, if you repay your loan in the second half of your loan term, you won’t be hit with an early termination fee ($300 fee applies if you want to repay in the first half of your loan term). ready). So if you want to put all your debts in one place and enjoy a lower interest rate, this might be a loan to add to your list of potential debt consolidation loans.
How to smartly manage your debt consolidation loan
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• Check that you are not subscribing to high hidden fees. Some loans come with an application fee and possibly a monthly service fee. But when you’re trying to pay off debt, the trick is to make sure you don’t end up with monthly service charges you can’t afford or application fees that put a huge dent in your bank account. .
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• Ditch your credit cards. Letting go of your plastic may be the best thing you can do to start taking control of your debt. This means closing your old accounts so that you don’t have to worry about paying your annual credit card fees or be tempted to buy anything on credit while you try to banish your debt.
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• Make sure you get all additional features. If you want the chance to pay off your loan as soon as possible, it might be worth making sure you get extra features – as long as you use them. These include the ability to make additional repayments, flexible repayment dates, and the ability to make early repayments without incurring penalty fees.
Now that you have all the tips and tools to start banishing your debt, why not make 2020 the year you take control of your finances. Plus, you can find even more debt consolidation loans compared by Mozo on our debt consolidation loans comparison page.
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DISCLAIMER: The comparison rate combines the lender’s interest rate, fees and charges into one rate to show the true cost of a personal loan. The comparison rates shown are calculated on the basis of a loan of $30,000 with a term of 5 years or a loan of $10,000 with a term of 3 years as indicated, on the basis of monthly principal and interest repayments, on a secured basis for secured and unsecured loans. basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and durations will result in different comparison rates. Costs such as withdrawal fees or prepayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may affect the cost of the loan.
^ See Mozo Experts Choice Personal Loan Awards information
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