Consolidating debt procedures
The Credit Union provides quality service to our members by offering lower costs on financial services and providing all members with the same services and the same rates.If the Credit Union is unable to approve a loan, members are entitled to and will receive an explanation of the reasons why the loan cannot be approved.So using a personal loan to consolidate debt is simply one option you have out of several.Choosing this option over the others is usually a matter of preference weighed against with your credit score and financial situation.By consolidating your credit card debts into one simple loan, you’ll reduce interest expenses and have the extra cash when needed.
But rather than trying to pay off the minimum amount for each debt, a debt consolidation loan could reduce your debt to one manageable monthly payment.
The approval of an application is dependent upon the following criteria: ability to pay, credit history, collateral, and purpose.
When applying for a loan, please have the following available: The willingness of a member to repay the Credit Union is observed by past performance on SECU loans and other credit obligations.
You will still have to pay back all the monies owed, but with loan consolidation you may be able to reduce your monthly outgoings, pay a lower rate of interest, or be able to spread the costs out over a longer time period.
If you are careful about managing your spending, debt consolidation loans can help by: You may find yourself getting into debt for a longer period than needed, so it ‘s important to weigh up all the alternatives you could take to reduce your debts or help pay off your existing ones.