About Debt Consolidation Loan

Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt but occasionally refers to a country’s fiscal approach to corporate debt or Government debt. Advania Group’s Debt Consolidation package allows you to secure a lower overall interest rate to the entire debt load and provide the convenience of servicing only one loan.

When you consolidate your debt with Advania Group you can save money on interest, enjoy a flexible loan amount, choose your own pay-back terms, and more. The benefits you receive depend on what you want to accomplish and how you want to accomplish it, but no matter which debt consolidation solution you choose, you can be more in control of your finances.

Make a list of all your current debt. Check all outstanding balances, interest rates and any penalties for paying off the debt early.

Use our loan calculator to find the right debt consolidation loan for you based on your current debt calculation.

Instead of paying multiple lenders each month, save time by paying off your debt with one convenient monthly payment.

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Debt Consolidation Loan Products

Home Equity Line of Credit

A flexible option that lets you draw only the money you need from the line you’re approved for. And since it is secured by the equity in your home, you’ll enjoy a lower interest rate and possible tax savings

LightStream Debt Consolidation Loan

A quick, convenient online loan option that doesn’t require collateral and gives you access to funds as soon as today.

This loan option can be used for credit card and loan debt consolidation.

Personal Lines of Credit

Secured and unsecured lines of credit that let you draw money when you need it most, only accrue interest on money you use and don’t require you to use your home as collateral ($100,000 in investable assets required for approval).

Personal Credit Cards

A debt consolidation option that offers competitive interest rates, no-fee balance transfers in the first 60 days and comes with additional perks like cash back on qualifying purchases

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Features of Debt Consolidation Loan

Single Monthly Payment

Avoid the hassle of managing multiple credit card bills every month. Combining all debt into one loan reduces your total monthly bills into one single payment, making it easier to plan your finances

Fixed Interest Rate

Missing just one loan monthly payment could damage your credit score and add interest to your monthly payment. With a loan through Advania Group Private Money Lenders, your interest rate is fixed. You’ll know exactly what your monthly payments are.

Improve your credit score

When you pay off your credit card debt with a Debt Consolidation loan, you will often receive a boost to your credit score, so long as you don’t start using your cards again.

Saving Money

Start saving with a lower interest rate through our no-fee unsecured debt consolidation loan.

Debt Consolidation Loan - Eligibility

Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a debt consolidation loan.

Age

The applicant should be at least 18 years at the time of applying for the loan, and should be no older than 75 years at the time of loan maturity.

Income

Minimum Net Monthly Income: $200

Credit Rating

Applicant should have a bank account with Advania Group.

Frequently Ask Questions

There are many different forms of relief for debt that go by the name debt consolidation and all of them have their particular quotes and their own pros. Most commonly, though, when someone says “debt consolidation,” they’re referring to a debt consolidation loan.

With a debt consolidation loan, you work with a lender to take out a personal loan that is large enough for you to pay off all of your various debts at once. Once you pay all of those debts off, then the only debt payment you have to worry about is paying off the loan. In other words, you’ve consolidated your debt.

Debt consolidation is an attractive way to manage and get out of debt for individuals who owe a lot of debt to multiple different creditors. That’s because, in general, it makes that debt much easier to manage. Instead of making multiple different payments with different interest rates and minimums to a bunch of different creditors, you just have to keep track of a single payment. That makes it easier to keep track of your debt and makes you much less likely to miss a payment and fall behind.

Though there are more forms of debt consolidation than just debt consolidation loans, they all share this quality: a single monthly payment instead of multiple payments each month.

Even if you do owe money to multiple different creditors, debt consolidation might not be right for you. Here are some basic pros and cons to help to guide your decision.

Pros

Debt consolidation helps you to stand back and take a breath. By consolidating all of your payments into one, you’ll have a much easier time managing your finances and strategizing how you’ll get out of debt.

Debt consolidation can also help to save you a lot of money in the short term and the long term. In the short term, you might end up paying less each month than you did with multiple different minimum payments, keeping more money in your pocket. In the long term, you might get a more forgiving interest rate and pay less interest over time as well.

Debt consolidation can also help you to see a light at the end of the tunnel when it comes to your debt. When you’re juggling a bunch of minimum payments, it can feel like you’re not making any progress towards becoming debt-free. With debt consolidation, as long as you keep up with your payments, you’ll have a clear path towards eliminating your debt.

Cons

Debt consolidation, especially debt consolidation loans, can be hard to get if you have bad credit. Potential lenders look to your credit score to determine if you’re safe to lend to, and if they don’t like what they see, they won’t approve your loan application and you’ll be back to square one. Since faltering credit scores are often tied to missed debt payments, a lot of people who could really benefit from debt consolidation end up with bad credit and don’t qualify for decent loans.

Debt consolidation is also a means to an end, not a solution by itself. All you’re doing is making your current debt easier to deal with. If you can’t get your financial house in order and stop using credit, you’ll just end up in the exact same position you are now: heavily indebted to multiple different creditors.

Debt consolidation loans can come in two different varieties: unsecured loans and secured loans.

With unsecured loans, the lender is lending to you based on your creditworthiness. They take a look at your credit score and financial history and determine that you’re a good investment for them to take on, so they offer you a decent loan package with a high degree of certainty that you’ll be able to pay it back.

With secured loans, the lender isn’t quite so certain. Perhaps your credit history isn’t perfect or they see something in your financial picture that gives them reason to doubt that you’ll be able to pay off your loan in a timely manner. So they ask you to “secure” the loan by putting up a piece of collateral, like your car or your home. If you can’t keep up with your payments, they’ll take the collateral instead. It’s security that they’ll at least get something out of the deal.

While secured loans can often have lower interest rates than unsecured loans, they’re riskier due to the collateral requirements. If you can’t keep up with your payments for whatever reason, you could end up much worse off than you were before.

Yes, debt consolidation often saves people quite a bit of money. While it’s not guaranteed that you’ll save money, it does happen pretty often.

On one hand, you could save money on your monthly payments. Consolidating all of your debt into one payment will make for a fairly hefty sum, but it still might be less than the sum total of your monthly minimum payments. Plus, you’ll be making much quicker progress towards actually paying off your debt.

On the other hand, debt consolidation packages often have more forgiving interest rates than some credit cards. This lower interest rate means you’ll accrue less total interest every month on the debt that you owe, meaning you’ll pay less in interest over time while you’re paying down your debt.

All of this means that you’ll actually hang on to more of your income than you were before you consolidated your debt.

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Now you can apply for a Loan consolidation Loan online, All you need to do is provide your details below.



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