All You Need To Know About Consolidation Loans

02 August 2012 13:00 - Lucy Williams

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All You Need To Know About Consolidation Loans

Thousands of people in Canada struggle with debt and managing their finances. If you are under financial strain and facing mountains of debt you will know that itís not a great situation to be in. When you are struggling to pay urgent bills or even make repayments on other loans a consolidation loan can help you. A consolidation loan is designed to help people in debt by consolidating your debts into one lump sum making it easier to handle and deal with preventing you getting into further financial difficulties.

 A consolidation loan is in fact where another loan is taken out to deal with existing debts. Your debts will be organised into a lump sum which is then paid in monthly instalments and to just one creditor. Most consolidation loans have a low APR rate which is an extra benefit however this varies between companies so it is important to double check this.

There are some risks involved with taking out a consolidation loan as in some cases your home may be secured against the loan as collateral and in the event that you canít afford to make repayments you stand to lose your home. Additionally a consolidation loan can further affect your credit rating if you fail to repay the lender which in turn will affect your ability to get loans elsewhere in the future. It is essential to carry out thorough research so that you know if a consolidation loan is the appropriate way to deal with your debt and that itís the best option for you.

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