A debt consolidation loan is a personal loan that can be used to pay off multiple existing debts. By consolidating multiple bills into one affordable monthly payment, it becomes easier to manage your debt. The primary aim of a consolidation loan is to lower the interest rate applied to the balance. This allows you to pay off the debt more efficiently, ultimately saving time and money.
*Loan terms from 12 to 60 months. APR: 11.99% - 34.99%.
Example: the total cost of borrowing 1000$at 14.99% for 12 months is
1,161.47$ (weekly payment of 20.74$). DaveCredit does not charge any
administration fees on personal loans.*
After Samantha moved out of her parents' house, she found herself struggling to manage multiple loans and credit card debts. Fortunately, a friend introduced her to DaveCredit, a financial institution that specializes in debt consolidation loans. The team at DaveCredit explained the consolidation process to Samantha, which involved combining all of her outstanding loans and credit card balances into a single loan with a lower interest rate. Samantha agreed to the consolidation and was pleased to receive news of her loan approval within a few days.
With her new loan, Samantha was able to pay off all of her outstanding debts and credit card balances, resulting in a single, more manageable monthly payment. This provided her with some breathing room in her budget and enabled her to start saving again. Samantha was grateful to DaveCredit for simplifying the process and making it easy to understand, and finally, she had a clear plan in place to pay off her debt entirely.
*This story is based on typical real-life situations from our clientele.
