Managing existing debts with ongoing monthly payments is challenging. Constant buzzes and payment reminders from creditors are stressful. Moreover, the situation gets serious under low-income circumstances. You may fall behind on debt payments, leading to loan default. Our streamlined debt consolidation loan is the perfect solution here.
We at Comparemyloan help individuals merge different debts into a single payment. It simplifies payment and grants you much-needed peace. You don’t need to deal with creditors for payments. Instead, reach out to us. We provide an affordable loan schedule for streamlining debts.
Representative Example: If you borrow €10000 for 60 months at an interest rate of 6.6%, your monthly repayment will be €195.24. Precisely, you pay €11,714.40 as a total amount.
Note- This is just an example of how your payments may look. The actual quote may vary according to the specific terms and affordability.
We listen, improvise, and provide an adequate solution. It eases the deal for you and simplifies finances.
You can reach out to us even when you lack a decent credit history or a credit score. You must prove your affordability to qualify. You may consolidate only those debts that you struggle to repay. It helps achieve life goals without the baggage of past financial mistakes.
A loan for consolidating debts is a financial facility that helps you merge different pending payments into a single monthly instalment. For example, if you have overdrafts, rent, and credit cards that you struggle to pay, clear these with a payment. It is better than making 3 different payments monthly. It reduces the number of bill payments and interest costs you pay.
What are the most popular ways to consolidate debts?
You can consolidate using a secured or unsecured loan. The terms may vary according to affordability, credit score, and employment history. It also depends on your residential history, debts to consolidate, and the loan type. You may get lower interest rates with secured loans. Alternatively, interest rates stay competitive but fixed over an unsecured loan.
How do I pick the right loan option?
If you lack a good credit score and need affordable terms, a secured loan may be an ideal option. Alternatively, if you can manage loan repayments with your current income, consider an unsecured debt consolidation loan in Ireland. Moreover, you must provide collateral of a higher value than the amount you need. Otherwise, you may struggle to qualify.
One of the major advantages of consolidating debts is saving money on interest costs. By merging payments into a single loan, a significant amount can be saved on interest. Similarly, missing loan payments could lead to high interest costs and penalties. It may make the loan costly.
Here are other benefits and risks associated with consolidation loans:
| Benefits | Risks |
|---|---|
| It eliminates the hassle of dealing with different creditors for unique payments. | You may struggle to get comparatively low interest rates with a poor credit history. |
| It helps you streamline debt payments and make way for other life goals. It could be getting a mortgage, a home improvement loan, or a car loan. | Most moneylenders charge an upfront fee that may increase the loan costs. |
| Paying debts in collections helps you improve your credit rating. It puts you in a better financial position. | Non-repayment or defaulting on the loan may lead to asset seizure in secured loans for debt consolidation. |
The strategy may differ according to personal finances, monthly liabilities, and income. Therefore, no two individuals can repay the loan using the same strategy. However, considering some aspects may help you clear the dues timely:
Furthermore, you are already aware of the possible risks of these loans. Still, you can optimise the impact of these loans. Always compare your options by searching for “debt consolidation loans near me” in the Irish marketplace. You can even use a loan calculator to understand the estimated amount you can afford. Secondly, pay some debts and report delinquencies before applying for the loan.
It improves your chances of getting an affordable loan. Lastly, avoid partnering with someone who asks for upfront payment on the loan. It may not be legal at times. You may not find any hidden or upfront costs when you connect with us. Instead, we offer a transparent fee structure for you to analyse.
- Is debt refinancing a good strategy to opt for?
Yes, it can be, but only in specific circumstances. Debt consolidation helps if you are unable to pay multiple debts due to high-interest costs. Alternatively, you can refinance a loan if it's just a debt, such as a car loan with high interest and monthly payments that are hampering your financial well-being. It helps you fetch a lower interest rate than what you currently pay.
In such an arrangement, you get a different agreement with reduced monthly payments and total loan costs. It automatically helps you save money and manage your finances better.
You may consolidate your pending bills despite a bad credit history. However, always analyse whether the loan may help you reduce the total amount payable. Otherwise, it would not be helpful for you.
This is because the basic purpose of debt consolidation is to reduce the total debt cost. Paying more than what you owe will only affect your credit score further. Therefore, if you feel that you can save money to consolidate debt, proceed further. Here is how to get a debt consolidation loan with bad credit:
Who may qualify for debt consolidation loans for bad credit?
Knowing the basic criteria to qualify may help you get the right loan. Don’t worry about rejection, as we provide easy-to-get debt consolidation loans to customers. We understand it is challenging to get a loan with a poor credit history. Hence, we modify our lending structure to suit your needs. Here is what it may look like:
Which debts can I consolidate with a low credit score?
Yes, you can utilise debt consolidation loans to merge different payments. It could be credit cards, quick loans, rent, utility bills, etc. However, it should be those which have been pending for a long time, and you cannot pay. Generally, it is better to consider and consolidate the debts with costly interest rates and terms.
Does knowing basic loan costs hurt my credit score?
No, checking the approximate loan costs does not impact your credit score. Don’t apply directly; instead, pre-qualify first. It helps you get a basic quote to have an idea. With us, you may get a debt consolidation loan with no credit check upfront. We provide one after analysing the basic information that you provide with the application form. It does not hamper your credit score.
How much should I borrow to qualify?
You may get a lower amount in comparison to debt consolidation loans for fair credit scores. It is due to the reliability and affordability. It is the reason you must identify and borrow only the affordable amount to repay. Sometimes, it could be less than what you need.
To get a required or high payout, you must prove your affordability. There are generally 4 ways to do so: credit score, income, guarantor, and collateral. You lack a decent credit rating. Therefore, the other 3 basic conditions may help you. Let’s understand it in your way:
Good and stable income
You must have a good income from verified sources to afford the loan payments. Individuals with an employment history of over a year may qualify. Self-employed, part-time earners (with good income), employed may get one by meeting the specific earning standard. You must provide a legal income source.
Guarantor’s presence
If you lack a consistent income source or earn an insufficient one that does not meet qualification standards, don’t worry. You may still get a high amount by providing a guarantor. A guarantor should be a homeowner with recurring income, stable finances, and credit score. He should be someone who can help you when you cannot pay the dues.
Provide collateral
If you lack a credit score, income, and a guarantor, then you must provide collateral to qualify for a larger amount. It may mean entering a secured loan. In this, the asset secures the risk associated with non-repayment. Hence, you may get a higher amount at low interest rates. Consider only if you can repay the dues. Otherwise, you may lose it to the respective money lender.
Don’t compromise on your dreams by getting entangled in debt. Drop the baggage and regain control over your finances with Comparemyloan. What’s more? You can simplify your finances from the comfort of your own home. No lengthy documentation or loan processing. Say Goodbye to the tough times and hello to your dreams! Reach out today!