Sometimes, you can make overwhelming debts more manageable by taking out a debt consolidation loan. These loans roll all your existing debts into one loan with a lower interest rate.
This gives you fewer bills to keep track of and a more manageable monthly payment. Interest rates on debt consolidation loans range from 5 to 25 APR. On top of that, these loans often include an origination fee of 1 to 6 of your total debt. Debt Settlement. Debt settlement companies negotiate with your creditors on your behalf. Their goal is to get lenders to settle for a lump-sum payment thats less than what you actually owe. You pay off this settlement by putting aside a fixed sum into an account each month, just as standard chartered bank personal loan requirements do with a DMP.
Tenor Period. Tenor period is also one of the important factors which play an important role in determining the interest rate. If the tenor period is less the interest rate will be high and if the tenor is long then the interest rate will be low. This is simply a case of vice-versa. Credit Rating. Each and every lender or financial institution checks your credit score when you apply for a loan.
The credit score always reflects your present as well as past financial borrowing history and your repayments as well.
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