Organise your finances using a personal loan

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Organise Your Finances Using a Personal Loan

Using a personal loan is a great way to get your finances in order and put yourself on the path to a brighter financial future. By consolidating your existing debts into one you can save yourself a significant sum of money, get debt free quicker, and reduce the stress dealing with your personal finances brings into your life.

What is Debt Consolidation?

Debt consolidation allows you to pay off your existing debts now, and clear your debts by making just one periodic repayment instead of several.

This can be useful whether you’re looking to consolidate existing personal loans, credit cards, or a combination of different credit accounts. Choosing debt consolidation is particularly useful if you’re looking to clear credit card balances, as you’ll have an “end date” for your loan rather than continuously seeing interest fees added to your balance thanks to revolving credit arrangements.

Whether you are struggling to manage your debts, or find it stressful planning for numerous creditors to take repayment on various dates, debt consolidation may be a suitable finance solution for you.

Is Debt Consolidation an Option for You?

There are numerous factors you must consider to decide if debt consolidation is an option for you. We will explore these now, and recommend you do the same before beginning to explore and apply for a debt consolidation loan.

What is Your Current Debt Situation?

How much money do you currently owe? How much interest is being added to credit card balances? If you continue repaying your credit cards as you are at present, how long will it take you to become debt free? If you choose to repay any existing loans early, will you have any fees to pay? How much are your combined regular repayments towards all your existing debts?

The idea here is to understand how much you owe now, how long it will take you to repay your debts, and how much you will ultimately have paid once interest has been added to revolving credit accounts.

Not only will this give you a clearer picture of your current debt situation, it will enable you to be very clear on how consolidating debt may reduce your overall repayments and you can begin working on a savings plan. 

What are Your Debt Consolidation Options?

Now you have the numbers you need, you can start to consider your debt consolidation options. To discover whether a debt consolidation loan from NOW FINANCE will enable you to reduce your regular repayment amounts and get debt free quicker, click here to check your score and get your interest rate, then use our personal loan calculator to work out your regular repayment amount based on what you need to borrow and your repayment period.

Once you have this information, you can decide whether a NOW FINANCE debt consolidation loan is for you. If you have any questions or queries, please feel free to call us on 1300 275 669.

Before Applying for Your Debt Consolidation Loan

We recommend you do the following before applying for a debt consolidation loan with NOW FINANCE.

  • Check NOW FINANCE eligibility criteria to ensure you are able to apply for a debt consolidation loan
  • Ensure you will be able to keep up the repayments on your debt consolidation loan
  • Check your credit file to ensure all the information held is correct
  • Be sure that you can commit to not applying for or opening any further credit accounts until your debt consolidation loan is paid off in full. Debt consolidation should not be used as a means of making it easier to get into additional debt.

If you apply for a debt consolidation loan with NOW FINANCE, we will pay your loan direct to your existing creditors, saving you the stress of contacting them yourself and enabling you to get on with your life without the stress of worrying about making multiple payments.

Discover your interest rate now and start the process of organising your finance with a debt consolidation loan.

Disclaimer:  This article contains general comments and recommendations only. This article has been prepared without taking account of your objectives, financial situation or needs.  Before taking any action you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs. If this article relates to the acquisition, or possible acquisition, of a particular credit product you should obtain and consider the relevant disclosure documents before applying for the product.

Approved customers only. Terms, conditions, fees and charges apply. All applications are subject to NOW FINANCE’s lending and approval criteria. Settlement times may vary depending on circumstances. Loan repayment terms range from 18 months to 7 years. Interest rates range from 7.45% p.a. (9.07% p.a. comparison rate) to 16.95% p.a. (18.53% p.a. comparison rate).

*Comparison rates are based on a loan of $30,000 over 5 years.

WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

EXAMPLE: An unsecured personal loan of $30,000 borrowed for 5 years with the interest rate of 7.45% p.a. (9.07% p.a. comparison rate), would estimate to a minimum total amount payable of $37,741.60 via the weekly payment option (including a $495 establishment fee and $13 per month administration fee). Rates are subject to change.

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