Joint Loans for Debt Consolidation
What is a debt consolidation loan?
If you’ve got more than one debt hanging over your head, you’re not alone – it’s common for people to have balances on multiple credit cards, store cards or personal loans.
Debt isn’t all bad, but it can turn sour if you have so many repayments to keep on top of that you miss payments. A debt consolidation loan solves this problem by combining all of your debts into one manageable monthly payment. Simple!
What is a joint loan?
If you have partner, close family member or friend who is happy to apply for a loan with you, it could be the best way to solve the problem of a poor credit score.
By combining your situations, credit history, income and circumstances, you’ll stand a better chance of gaining a debt consolidation loan if other lenders have refused to give you them in your sole name.
Applications are assessed on both your credit scores and incomes. If accepted, you will then be required to sign the agreement together.
How could a join debt consolidation loan help me?
There are three main benefits to taking out a joint debt consolidation loan – beyond the fact you’ll stand the best chance of being accepted if you have poor credit.
Firstly, you’ll enjoy a fixed interest rate for the period of the loan – no changes. Ever.
Secondly, you’ll only have one monthly payment to take into account. That won’t change either, and it’ll be taken on the same day of each month.
Lastly, you’ll avoid the risks of a missed payment, which is easy to encounter when you have several debts with their own repayments and dates for collection. And that means you won’t fall into arrears!