Frequently Asked Questions

Please select from our list of Questions below to display the Answer. We will continually add to our list of Questions in an effort to keep you informed and up to date!

- What should you ask before accepting a debt consolidation loan?

There are certain aspects you need to verify before finalizing on a debt consolidation loan.

The interest rate on the loan: In most cases it is much less than your credit card rates. A high interest rate will prevent you from paying the consolidation loan off.
Payments on the loan: The payment should be lower than the amount you were paying before the consolidation.
Whether it has a negative effect on your credit rating: Have a sound knowledge of the loan procedures before you sign the loan. Avoid lenders who are not clear on this issue.

Steps to follow while applying for a debt consolidation loan

Take a realistic look at the total amount of debt you owe.
Work out exactly how much you want to borrow with your debt consolidation loan.
Next work out a monthly budget with income and expenditure and make sure you include an amount for emergencies.
Analyze your affordability limits very carefully. In case you fail to pay your debt problems does not improve.