Personal loans are a sought after product due to its ability to fund various expenses. While for some it may be marriage expenses, others might need it for miscellaneous expenses such as fixing a car or repainting the garage. But a very useful feature of a personal loan is the ability to consolidate debts.
Debt has a sneaky of way of snowballing and soon, the constant worry of making payments will start to seep into other aspects of a borrower’s life. Keeping track of various loan payments is also a hassle. Personal loans for debt consolidation combine the various balances into one single bill that has to be paid on a monthly basis. Even the interest rate charged will be new. If the interest rate of the personal loan for consolidation is lower than the previous interest rates being paid, then personal loans for debt consolidation is a viable solution.
Benefits of debt consolidation include bundling up various payments into one single bill and having only one payment to make. Fixed rates of interest also allow borrowers to set aside the required EMI amount for a few months in advance as well. Below are a few popular personal loans that can be used for debt consolidation.