Are you suffering from the problem of not being able to make repayments on old mutual debt consolidation loan? If yes then do not worry as you are not the only one who is suffering from this problem. Now with the introduction of the new loan, things have become simple. It is no more difficult to make repayment of old loans.
Old Mutual Debt Consolidation is now offering new debt management services for people suffering from bad credit history. There are various reasons why individuals to consolidate their debts. Some of them are: to avoid the surcharges on the interest rates that they pay every month; lower monthly repayments, interest rates are fixed for the duration of the loan whereas old mutual debt consolidation Loans offer a flexible repayment period with flexible interest rates. One such scheme is provided by Old Mutual Up to the limit of R 120,000 with tenure range from a few months to five years.
Old Mutual Debt Consolidation is a financial institution, which offers loans at a lower rate of interest. This is possible https://best-loans.co.za/amount-loan/15000/ because of the presence of fixed interest rates. With this facility of old mutual loans there will be lesser chances of an increase in the amount. This will result in the saving of both money and time. When individual consolidate old loans at lower monthly payments then they get the freedom to spend and make things happen. This will help them to move towards a better financial status.
To apply for any of the three schemes provided by Old Mutual Debt Consolidation, an individual is required to fill up an online loan application form. After submission of the form, an estimate of the loan amount will be given to you can choose any scheme according to your convenience. You can contact the loan advisor of the institution through email or phone. The advisor will provide you details about the benefits of each scheme and the advantages of opting for them. After getting all the required information from them, you can easily select a suitable option.
Old Mutual Debt Consolidation loans are of both types (secured and unsecured). The secured ones are offered at lower interest rates. In case of the unsecured ones, you may repay some amount as down payment. This option is better if you do not want any risk involved with the repayment of the loan amount. You will have to pay a monthly payment, which is lower than the monthly payments of other plans. These monthly payments are at lower rates of interests.
If you repay the loan in a single payment, then it will be of greater value. However, this type of plan is suitable only for those individuals who can pay off the entire debt amount in a single repayment. In such cases, the consolidation loan allows you to reduce your monthly payments to a considerable extent. You should be able to save up enough money so that you can make regular repayments without straining your budget.
You should ensure that you get a debt consolidation quote that is at a reasonable rate of interest. If possible, you should compare the different offers of different lenders. If you get hold of a good offer, you should proceed further and apply for the loan. You should remember that the lender will charge a higher interest rate. This is because the amount is obtained on a monthly basis.
You should be careful while choosing the particular lender, whom you will approach for the loan services. You should go through the terms and conditions carefully. It would be advisable if you consult a financial advisor. They will help you understand the benefits that you will derive from the debt consolidation. They can also give you suggestions about the different personal loans that you can avail without any difficulty. This way, you can manage your finances in an effective manner.