A. A debt consolidation loan is a personal loan, that could help you to consolidate your credit cards, personal loans or any other debts into one single personal loan.
A. Debt consolidation is a smart way to manage your finances in an easier way. You may want to debt consolidate to:
A. G&C Mutual Bank sets a minimum term of 1 year to a maximum of 5 years to repay your debt consolidation loan. The shorter the term of the loan, the quicker you will be in control of your finances.
A. Secured loans are those loans that are protected by an asset or collateral of some sort. The item purchased, such as a home or a car, can be used as collateral. We will hold the deed or title until the loan has been paid in full, including interest and all applicable fees. Secured loans usually offer lower rates, higher borrowing limits and longer repayment terms than unsecured loans.
On the other hand, with an unsecured loan you are not required to use your personal assets as a security against the loan. Lenders take more of a risk by making such a loan, with no property or assets to recover in case of default, which is why the interest rates are considerably higher. Unsecured loans might be used for student loans, for small personal loans or for borrowing money to carry out minor household repairs and for small personal loans.
Any advice or information provided on this site is general advice only, and does not take into account your personal objectives, financial situation or needs. Before acting on any general advice you should consider its appropriateness given your personal circumstances. You should consider the Terms and Conditions for a product before acting on any advice to acquire it. Please consult with a financial adviser for personal financial advice.