Joint Debt Consolidation Loans
A joint debt consolidation loan can help you bring all of your bad debt together into one payment and one loan with one monthly payment. If tackling your bad debt is something that you’d like to do as a household, with your spouse, partner or close family member, you can combine all debts in one place and then simply make shared monthly payments.
If you’ve got more than one debt hanging over your head, you’re not alone.
It is extremely 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!
We offer the best consolidation loans 2020 to tackle your finance hassle smoothly.
What is a joint loan?
If you have a 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.
A joint debt consolidation loan means that you can join forces with your partner, spouse, close family member or friends and take on your bad debts together. By combining your income, debts and credit scores, you may have a better chance at reducing your bad debts and improving your credit ratings.
You can apply for a debt consolidation loan with a joint application, which may offer you a better opportunity of being accepted if you’ve had trouble in the past. If your application is accepted, you will sign and enter into 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!
Joint Debt Consolidation Loans Benefits
1. It’s Simple To Manage
Rather than having to track the payments that leave both your own and your partner’s bank account each month, you can benefit from making one payment each month. This ensures that neither yourself nor your partner misses a debt payment.
2. Building A Future Together
If you and your partner plan to be together for the long term, you’ll naturally want to work together to get yourselves in the healthiest financial position possible to help you build a strong future together. A joint loan ensures that you can help each other out at difficult times, and not one partner is solely liable.
3. Fixed Payment Schedule
If you take out a joint debt consolidation loan with a reputable company, such as Debt Consolidation Loans, you can benefit from a fixed payment schedule. This means that the interest rates will be fixed, and you won’t be hit with any additional surprise costs that may worsen your financial situation.
4. Rebuild Your Credit Score
Should you plan on applying for a mortgage, paying off your debts with your partner can help you rebuild your credit score quickly, so you qualify for the best mortgage agreement possible.