Debt consolidation is a process by which an individual or a business owner takes up several loans and combines them into one huge loan to avoid paying high-interest rates and keeping track of the liabilities more easily. The debt consolidation loan is the result of what is achieved after combining the loans. The process of consolidation does not help you to solve your debt problems, but it makes it a bit relieving to see to it that the monthly repayments are less, the interest is a bit lower, and further than that, one can organize the debt more objectively.
In Singapore, several moneylenders help in such processes to ensure that the risk of default is managed to a minimum. One of the Singapore Licensed Moneylenders is the Avis Credit Singapore Legal Moneylender, which is well known for reliability, effectiveness and timely feedback when it comes to money lending.
Besides, Avis Moneylender process entails fast approval of the loans, whether short term or long term and this is evidenced by the number of clientele that keeps coming back for new loans, top-ups, debt consolidation, among other loans. The company ensures that business is done as per the regulation set by the government to avoid withdrawal of their license and remain competitive in the Industry.
How does Avis Credit process the debt Consolidation loan?
As we have said before, the debt consolidation is a process of combining several loans, Avis Credit takes note that even as the process starts, the main aim will be to pay off the existing loans from other companies. Not much is expected as a take home. The borrower is required to submit all the loans that are in service so that Avis can be able to check on your ability to repay before any approval is done.
Once approved, then the company gets in touch directly with the original money lending institutions to which you owe and lets them know the intention of your paying off of their loans. We get the final loan balances for confirmation and process the check in the name of the institution being paid the money. When the loans are paid, one receives a notification of clearance of the same in writing so that any proceeds will now be directed to Avis credit for loan repayment.
This is an excellent process by which the individual will raise their credit scores and reduce the loan interest rates and, with time, manage their finances marginally too help in other financial obligations.
Reasons as to why Debt Consolidation is of Importance.
Several reasons are underlying the debt consolidation, which every borrower should keep in mind and weigh out the options that speak out strongly towards consolidating the loans.
- When looking for lower interest rate debts.
One thing that borrower issues while having many loans is calculating the amount of interest they pay every month. But if you consider that some companies like Avis Credit, we offer competitive interest rates around Singapore that no other moneylender can compete with us. Therefore if lowering the interest rates with the moneylender you are operating with might become a hard task to do, then combining them and buying them off to Avis Credit would be the best idea and stand to enjoy lower interest rates, and in the end, earn yourself a good score.
- Avoid juggling with many credit institutions.
At times, working with many institutions may be a stressful affair altogether, and one may fail to track the actual repayment days of all of them, In the end, this may lower the credit score, because of failure to pay in time. But with one consolidated loan, there is nothing to worry about how these loans will be tracked, and chances of default are close to none.
- Improving the loan repayment terms.
Many credit companies could be having their priorities first, forgetting about the borrower. But if you want to improve on the loan repayment terms, then consolidating the loans is worth considering. If we take an instance of taking a longer loan repayment term with Avis Credit and compare it with other institutions, it’s possible to find that you have lost a lot of money trying to balance your repayments, yet the efforts become futile. Nevertheless, choosing one company to work with will help improve your repayment terms, offer financial advice, and add other lucrative perks that you can negotiate their terms if your money is not scattered all over.
Reasons to consolidate your loan with Avis Credit Singapore Moneylender.
Avis Credit Pte is a company that has its unique means of meeting your financial goals. When it comes to debt consolidation, our able financial experts will take you through each step and allow you to understand their processes before making a final decision.
This is to see to it that your financial obligations come to pass easily and professionally.
Some of the factors we advise include;
- Advising the borrower to borrow only when in need- After the debt consolidation, you need not start building a new line up of financial institutions for more loans. It will not have made any sense to make the first consolidation.
- Have a solid repayment plan- Any time you think about borrowing a loan consolidation, put up a plan that will not disappoint. Stick to it, and within a short time, you will feel a relief of the debt burden.
These are some of the many bits of advice that we help our customers with so that their goals are achieved. Consolidating debt can only be effective if the borrower is disciplined and committed to seeing his debts decrease over time. With Avis Credit PTS ltd, you can never be on the wrong side. We are a professional and reliable moneylender in Singapore who has been in operations since 2011, and we will not disappoint.
If you have been thinking of consolidating your loan, try us today, and your financial problems will be sorted.