Juggling a lot of little debts can become a real hassle – especially when you miss a payment! We can help you to consolidate your debts into one easier to manage repayment, freeing you up to focus on what’s important.
How it works
A debt consolidation loan is an excellent way to take control of your finances if you have a number of different repayment requirements. To put it simply, you can take out one loan to pay off all your multiple outstanding debts. That way, you only have to make one regular repayment, so there is only one interest rate and one loan term. Once your application is approved with us here at The Lending Room, you’ll get fast access to your money and a repayment plan that suits your needs. You can choose to make weekly, fortnightly or monthly repayments – whichever suits you best.
What debts can I consolidate?
All types of debt can be consolidated – generally, personal or car loans, store cards and credit cards. We wouldn’t recommend you consolidate a debt that is not interest bearing however.
Savings from lower interest
If you pay a range of interest rates, a debt consolidation loan can save thousands of dollars over the life of your loans.
*For example: If you have a credit card balance of $5,000 at 25% p.a., a personal loan of $7,500 at 18% p.a. and a store card balance of $5,000 at 25% p.a., you can apply for a debt consolidation loan which will come with a single interest rate lower than what you currently pay. This helps you pay the total debt off faster and pay less interest overall.
*Standard lending criteria and loan terms apply.
Debt Consolidation Options with The Lending Room
tailored to suit you
The ideal consolidated loans are the ones that are tailored to suit you – and that’s what you’ll get with our Lending Room financial specialists.
flexible repayment options
You can choose our flexible repayment options to make direct debit repayments, monthly, weekly or fortnightly making repayments easy and painless. If you set up an automatic transfer on your payday, you’ll never have to worry about upcoming payments again.
tailored interest rate
You’ll also get a tailored interest rate depending on things like your financial situation and credit history – all we need is a bit of info about your circumstances, income and expenses.