Consolidating debt into one loan
Banks and credit unions look at the credit score before approving the loan application for an unsecured personal loan (no collateral required), which can be used to consolidate debts.
This offers the advantage, on the one hand, to simplify your budget and get better visibility since you have only one credit.
Before you apply, we encourage you to carefully consider whether consolidating your existing debt is the right choice for you.
Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.
Signing up for a loan means that the lender settles all outstanding debts by leaving a single loan to be paid over an agreed period, at the agreed interest rate.
Choosing a reliable lender is important to avoid unfavourable terms.