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Personal Loans for Debt Consolidation | MoneyMe

If you are burdened under several debts and are struggling to juggle the repayments and due dates, it may be worth taking out personal loans for debt consolidation to help you manage your finances better. By consolidating your debts you can get a better idea of your financial situation and can stay on top of your finances, not to mention it can also save you money. If you are feeling overwhelmed trying to manage your cash flow and different credit cards, personal loans for debt consolidation could be your answer.

What is a debt consolidation loan?

Put simply, a debt consolidation loan is a loan that rolls all your smaller debts into one. By taking out a personal loan to cover all your existing debts such as your credit card debt, instead of dealing with multiple repayments with different due dates and interest rates, you’ll only have to deal with one debt. Personal loans for debt consolidation allow you to bring all your debts together under one personal loan.

Is getting a debt consolidation loan a good idea?

Though every person’s situation is different, in many situations getting a debt consolidation loan can be a great idea to save you both time and money. For starters, it means you are less likely to skip a repayment as you will only have one monthly repayment to pay each month (or however often your payment loan terms are) so it will be easier to remember one regular repayment. In most cases, by consolidating your debts, you will probably end up paying less in loan repayments for this single loan than if you kept paying off all your debts separately. This is because instead of paying multiple loans with higher interest rates, you’ll be paying one loan that is likely to have a better rate. Plus, you would only need to pay one annual fee on your account.

Who offers debt consolidation loans?

Many banks and other financial institutions offer debt consolidation loans so you’ll need to compare what the different providers offer and find the product that best suits your financial situation. From secured or unsecured personal loans, or fixed rates or variable rates, there are many types of personal loans available. Rather than taking out personal loans for debt consolidation with your current bank, it might be a good time to switch providers, especially because there are now many online credit providers to choose from too, such as MoneyMe.

MoneyMe provides a convenient and faster way to get personal loans for debt consolidation. With their advanced technology platform, MoneyMe can provide you with approval in a matter of minutes. If you are looking for easy loans with low rates and a quick online application process, taking out a MoneyMe personal loan online can be a great way to consolidate your debt. MoneyMe has an Australian Credit Licence and, with many happy customers all around Australia, it is a great choice when it comes to online loans. 

How much can I borrow for a debt consolidation loan?

By getting a debt consolidation loan you are trying to manage your loan repayments better, so you’ll want to only borrow as much money as you need. Each lender will have different borrowing limits, different minimum payment requirements and they’ll also need to consider your current situation and credit history. Once you’ve worked out how much money you can borrow, you’ll also want to work out how much your debt consolidation loan repayments are likely to be.

 For example, with MoneyMe’s personal loans online, depending on your personal circumstances you can borrow up to $50,000 with a minimum of $2,100. To help work out exactly how much you can borrow, MoneyMe provides you with a free personal loan repayment calculator tool. This easy-to-use tool allows you to quickly calculate how much money you can borrow when you take out personal loans for debt consolidation. This is helpful when budgeting so you can check if the personal loan you want to take out is suitable for your specific financial situation. The personal loan repayment calculator allows you to select the loan amount that you want to borrow and your preferred loan repayment period. You can then get an idea of your debt consolidation loan repayments. 

What interest rates will I have to pay on debt consolidation loans?

Once you’ve worked out your debt consolidation loan repayments, you’ll also need to factor in any charges. Most personal loans for debt consolidation will have fees such as an application fee or establishment fee, as well as dishonour fees and overdue fees. There may be other fees and charges involved too so you’ll need to read the fine print carefully before going ahead with your loan. If you decide to get your personal loan through MoneyMe, we’ll let you know what your rates and fees will be upfront so there will be no surprises along the way! And if you want to make an early repayment on your loan, MoneyMe doesn’t charge any early payment or early termination fees.

Is it easy to qualify for a debt consolidation loan?

Every bank and financial provider have different criteria for determining who qualifies for a debt consolidation loan and who doesn’t. At MoneyMe, to apply for personal express loans, firstly you need to be an Australian resident, over 18 and employed in Australia. MoneyMe’s lending criteria takes into account several factors before deciding the loan amount we’re able to lend you. These include your income and expected living costs, as well as your MoneyMe loan rating. As part of our assessment process, we will carry out a credit check. You’ll be pleased to know that we don’t automatically disqualify anyone who has a bad mark on their credit file, as we recognise you may have a good reason for this, or your situation may now have improved.  

At MoneyMe we take responsible lending seriously, so before you qualify for a loan, we’ll need to make sure we can confirm your identity and that you will be able to comfortably pay back the loan. There are some circumstances including if you are bankrupt, have a poor credit history or are in a debt agreement where we won’t approve your personal loan. You may be thinking, ‘What happens if my application gets rejected?’ The good news is, you can apply for a personal loan again at a later date and we’ll be happy to take another look, especially if you have improved your circumstances. In some cases, you may need to consider re-budgeting and cutting down on expenses where you can.

How do I apply for personal loans for debt consolidation?

If you’ve decided that consolidating your debts into one personal loan would make your life easier, applying for MoneyMe instant loans is quick and easy. Simply let us know how much money you’d like to borrow and what your ideal repayment period is. You’ll then need to provide us with your personal information, bank account details and a valid email address. Gone are the days of mountains of paperwork! Once you’ve completed these details, you should receive the decision about your same day loans in minutes. And once approved, depending on what bank you are with or if you apply during business hours, you could have access to your money on the same day that you apply for it. 

As MoneyMe is 100% online, there are no branches to visit, however, our support team is available to assist you 7 days a week. You can call us on 1300 072 042, email us at hello@moneyme.com.au or send us a message via LiveChat. If you are looking for fast, reliable personal loans for debt consolidation with no hidden fees or long wait times, then you’ve come to the right place. Apply now and the days of juggling multiple debts and due dates can become a thing of the past.

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