Before applying for a personal loan to consolidate your debts, make sure you have an idea of your preferred loan amount and loan duration. To determine them, you may use an online loan calculator so you’ll get a clearer picture of how your monthly repayments would look like. A loan calculator is a free online tool usually found in your prospective lender’s website where you can select a loan amount (how much?) and a loan term (for how long?). You can play with these two variables until you come up with your desired rate and the monthly repayment amount that suits your finances.
With a personal loan calculator, you’ll get an on-the-spot computation of your expected monthly repayment, as well as the total charges and total
repayments. It may also indicate the interest rate and comparison rate of the loan, which are equally important when you’re doing your research for the best personal loan for you.
But what is the difference between interest rate and comparison rate? The interest rate is the rate at which you are charged for borrowing the money, while the comparison rate is designed so you can easily compare the true cost of a fixed rate loan. The comparison rate is calculated by combining the interest rate of the loan along with the other fees and charges that come with the loan. This may include the establishment fee, monthly account fees, and early repayment fees.
Unsecured personal loans for debt consolidation
An unsecured personal loan from OneDebt works by offering you a single lump-sum loan to help you pay off all your existing loans and debts. If you are juggling multiple debts and repayments in a month, the debt consolidation loan from OneDebt can help lower the interest rate, monthly repayments, and the overall cost of your short term loans or same day loans over time.
With OneDebt, you can avoid the hassle of dealing with multiple repayments – whether it’s paying for your line of credit, holiday loans,
wedding loans or even renovation loans – so you can focus on paying off your debt faster.
We take into account various factors to determine how much you can borrow and the interest rate and fees that go with your online cash loans. These include your income, credit history, debt obligations and living expenses. This way, you’ll get a loan amount and terms that you can comfortably repay.
How long do debt consolidation loans take to process?
OneDebt is powered by a proprietary AI-based loan management platform that assesses thousands of social and financial touchpoints real-time, allowing you to get an outcome within minutes. The application process is fast, user-friendly and fully online, and you get to complete and submit your online application form via your desktop or mobile.
If you are applying for OneDebt’s debt consolidation loan during business hours, depending on who you bank with, your funds could be transferred immediately to your account once approved. Otherwise, you’ll get your
money the next business day.
The go-to solution for your debt consolidation needs is finally here: OneDebt makes loan application and repayments simple, fast and hassle-free.