The beauty of a personal loan is that you can control your debt just like controlling water coming out of a tap. You might find the reference odd, but let me explain. When do you apply for a personal loan? When there is a dearth of cash – to get married, to fund an international trip, pay for medical bills, to buy a second-hand car or to get your house revamped? Am I right? And how do you get a personal loan? Through your income and credit score. So basically, your chance of getting a personal loan is dependent on you. But there are times when we take the borrowing a bit too far. Credit card bills and secured loan EMIs limit your spendthrift ways towards designer watches, new smartphones and your uncontrolled shopping spree. When you get into debt, it gets difficult to experience life without stress. The best solution then would be to consolidate, or abridge, all your debt as one. This will reduce your burden and your complications. You can consolidate your debt by availing a personal loan to clear-off other individual ones. Let’s understand more about personal loan and loan for debt consolidation.
Personal Loan to Consolidate Debt
A personal loan is mostly availed to meet personal financial needs. It stands out as a reliable and quick option – owing to the time duration between application approval and funds disbursement. A personal loan, is a type of unsecured loan that, does not require a mortgage or collateral. It is availed solely based on your credit score and your income. A personal loan arms you with the financial aid you need to tackle your debt burdens. The advantage of making use of a personal loan to consolidate your debt is that a personal loan does not involve any collateral. No collateral ensures less paperwork. This makes it much faster to avail a personal loan. It is this speed of disbursement that has made personal loan such a favorite among our borrowers. We have borrowers who are paying EMIs for a number of purposes such as house repair, medical expenses, gadget purchase, travel, wedding, etc.
Loan Singh’s digital lending platform has managed to snip the hassle from traditional lending practices that involve lengthy paperwork, delays and offline repayment modes. At Loan Singh, you can apply for a personal loan at your place and at a time of your convenience. A few clicks and some information is enough for Loan Singh to ascertain if you are credit worthy, or not. With the help of your PAN card and 6 months bank statement, you get the loan disbursed to your account within 36 hours.
3 Questions to Ask Yourself about a Loan for Debt Consolidation
Once you realize you are in debt and it needs to be cleared ASAP, ask yourself the following questions before taking a loan for debt consolidation
Is debt consolidation the right option to clear my debt?
Debt consolidation is the best way to be debt free. Yes, you will still be in debt thanks to the personal loan EMIs. But, you can bring a change in yourself to improve your finances and get your life back on track. Everybody does not get a second chance in life. You may have been a shopaholic and been spending thousands a week, we understand that it can be changed. Bring in a sense of disciple to pay the only EMI you have to pay and clear the debt consolidation loan as per tenure. Be in control of your expenses and set up auto debits or give a standing instruction to your bank to ensure prompt repayments.
Which are the ways to consolidate debt?
There are 2 ways by which you can consolidate debt. One is by preparing a debt management plan, i.e. hiring a credit counseling agency to negotiate your debt on your behalf. Now let’s face it friends, would this in any way reduce your stress or burden? The debt will still be there right? All that the counselors will tell you would be how much to pay each creditor based on your ability to save.
Second, is to apply for a personal loan at Loan Singh. Ofcourse you can afford to pay for one loan instead of being drowned in debt. But remember to be prompt while paying the EMIs to Loan Singh. Building a good repayment history not only leaves you with a good standing with Loan Singh, but also improves your credit score.
How to get a debt consolidation Loan?
The process to apply for a debt consolidation loan is simple. You apply for a debt consolidation loan via Loan Singh’s website. The process to get an easy and quick loan with Loan Singh is mentioned below:
Get Started Page – Select ‘PERSONAL LOAN’ from the dropdown and enter the loan amount with the desired repayment tenure.
Registration page – Add your contact number, personal email ID and corporate email ID
Social Authorization – Connect your Facebook, Google+ and LinkedIn profiles for discounted rates
Profile Page – Fill in your name, gender, father’s name, number of dependents and PAN Details. We use your PAN Card Number to check your Credit Score and as a KYC document.
Address Page – Choose your type of residence; mention your street address, city, state and pin code.
Job Profile Page – Mention your current designation, total work experience, company name, highest qualification, last institution attended and monthly salary.
Financials page – Upload your latest 6 months bank statement either from your computer, GMail account or net-banking account directly.
Auto Debit Page – Provide permissions to your bank name, account number and IFSC code so that Loan Singh can auto debit the EMI amount from your account every month. This way you don’t need to set reminders or miss out on any loan EMI repayments.