A debt consolidation loan is perfect if you’re feeling dragged down by many different bills, scattered through the entire month from many different sources. This will combine all your various payments into one single monthly payment, simplifying your finances, and more importantly, your life
Why consolidate your debt
Make your life easier: combine your debts into a single loan!
Simplify your finances
Merge all your different payments into one single payment
Pay off other debts
Get rid of your higher interest debts, we pay them off directly
Secure your future
Your monthly payment will always remain the same
This DOES NOT affect your credit score
Finjoy Debt Consolidation vs. Credit Cards
Credit cards can be helpful, but they can also cause problems if you don’t pay your balance on time. See some examples:
| Credit Card | Debt Consolidation | |
|---|---|---|
| Interest rate | Often variable, it can increase | Locked in. It will not go up |
| Monthly payment | Can fluctuate and go up | Fixed. It will not go up |
| Paying off the debt | Making minimum payments means it will take longer to repay your debt. In some cases, many years longer than a personal loan. | You know upfront when your debt will be paid off |
| Effect on your credit | High credit card balance increases credit utilization ratio – the percentage of your credit you're using. This can damage your credit. | If used to bring down the credit utilization ratio on your credit cards, it can improve your credit |
Did you know that a debt consolidation can make it easier to qualify for a mortgage?
| Credit Card | Debt Consolidation | |
|---|---|---|
| Interest rate | Often variable, it can increase | Locked in. It will not go up |
| Monthly payment | Can fluctuate and go up | Fixed. It will not go up |
| Paying off the debt | Making minimum payments means it will take longer to repay your debt. In some cases, many years longer than a personal loan. | You know upfront when your debt will be paid off |
| Effect on your credit | High credit card balance increases credit utilization ratio – the percentage of your credit you're using. This can damage your credit. | If used to bring down the credit utilization ratio on your credit cards, it can improve your credit |
Did you know that a debt consolidation can make it easier to qualify for a mortgage?
How it works
The process is simple and it takes only a few minutes to complete
Choose your loan amount
Apply online in minutes
Get approved
