Best Debt Consolidation Loans

Absolutely! Consolidating your debt into a single, purpose-made debt consolidation loan is a great way to refinance and save yourself money on interest payments and possibly other finance fees. The purpose of a consolidation loan is to borrow the money you need to pay out all of your existing debt at the same time, essentially halting fees like compounding interest and late payment fees in their tracks. There are lots of reasons why a consolidation loan might work for you and help you save money, however, and they’re not just related to debt relief. 

Refinancing is a great way to check that your moneylender really is giving you the best deal possible on personal loans like car loans and medical loans. All types of finance are offered with lending fees and interest. Interest is offered as a per annum percentage of the total loan value and is calculated monthly. Your repayment amounts each month or fortnight includes the principal amount that you borrowed plus an interest payment. A fixed-rate personal loan means that the interest rate you are offered remains the same for the life of the loan. You know how much your finance will cost you at the time you receive your loan offer, and you know exactly how much your loan repayments will be and when they are direct debited. The interest portion of your repayment is calculated at the time you receive your loan, and your repayments are calculated so that they remain the same throughout the loan term. Paying out your loan balance before the scheduled loan term ends means that you can save on interest payments.

If you have personal finance at the moment at a high interest rate, then refinancing with a lower cost loan can save you money. Simply apply for a new loan for the total amount owing on your existing loan – plus any additional money you need for incidental expenses or for covering the cost of other debts – and then pay out your existing loan balance in full. You then repay your new loan amount at the new lower fee.

How does debt consolidation manage financial risks?

Debt consolidation loans offered by OneDebt are fixed-rate unsecured personal loans. You are paid a lump sum cash loan amount at the start of your loan and then you repay it with regular, fixed repayments. This is one of the best debt consolidation loans because it is a fixed-rate loan, so you know the total cost of your finance upfront, and you retain control of your creditors, your financial risks and how you disperse your funds. For example, some debt relief services pay your creditors for you and close out your accounts on your behalf. We don’t. When you apply and are approved for your desired loan amount, you receive the cash sum directly to your bank account. You then manage your debts and creditors in the best way that suits you. Pay off existing balances and close your accounts and or pay off your debts and choose which creditors you would like to retain.

Getting a debt consolidation loan from OneDebt is fast and easy. To be eligible to apply, you must be at least 18 years old, currently employed, and a resident in Australia.

We offer customers a wholly online application process that takes you less than 5 minutes to complete and submit. Customers who apply during our business hours typically receive a response in minutes. Your approval notification will include your loan amount and your lending terms and conditions, as well as any applicable fees. If you are happy with the loan offer that we have made you then simply digitally sign your online contract. Once signed, we transfer your cash to you immediately. For some customers, depending on who you bank with, this means that the money they applied for arrives in their bank account the same day that they applied.

As a wholly online lender, we service all of Australia offering same day loans in Sydney, Brisbane, Melbourne, Perth and more. Applications take you less than 5 minutes and you could have the money you need in your account within 24 hours.

Apply online today and discover how the best consolidation loans can help you get back in front of your finances and save you money in the long run. Apply now.