Do you have multiple personal loans, student loans, or other loans that you’re having a difficult time juggling and keeping on track for repayment?
Maybe having several due dates per month, varying interest rates, late fees, and collection calls is getting you frustrated? Why not consider a refinance personal loan to get things back in order?
What Is A Refinance Personal Loan?
A refinance personal loan is any personal loan that consolidates two or more other loans into one. This can mean multiple personal loans, student loans, payday loans, or almost any other type of loan. Which types of loans, and how many, can be consolidated or refinanced will vary from lender to lender, but there are generally a lot of benefits to making this move.
If you are having trouble keeping up on your monthly payments for certain loans, but you have a steady, verifiable income – you can likely get approved for refinancing. A hurt credit score will not necessarily bar you from approval, though it might affect the terms of the new consolidated loan.
What Are The Benefits Of Refinancing?
There are many important benefits to refinance personal loans. Refinancing gives you a fresh start with a lower monthly payment. You will find it easier to keep up with your payments and avoid delinquency, which can hurt your credit score. You should also find it easier to make all payments on time and avoid late fees.
Also, you can often get an APR that is equal to or lower than the average APR of your previous online loans. You gain more time to repay, and in many cases, there are no prepayment fees for paying the loan off early.
Refinancing will typically switch you to a new lender and give you a chance to adjust your installment loan terms to your current situation. After all, your current loan terms may reflect a situation that existed at the time you took the loans out but not be affordable and practical for you today.
Why Refinance With Personal Loans?
Personal loans have many advantages over other loan options, and this holds true in the realm of refinance personal loans as well. First of all, you need no collateral for approval since your verifiable income IS your “collateral.” You don’t have to risk equity out of your home or risk your car as with home equity loans or car title loans.
Second, bad credit personal loans let you repay in regular monthly installments over a period of months or years. And because personal loans are often offered through non-bank lenders, the terms are typically much more flexible so you can adjust them to your financial needs and financial.
Third, personal installment loans may have lower rates than other fast cash loans and than many credit cards. Fourth and finally, the application process is fast and simple. You just fill out a few online forms and click “Submit.” Approval is nearly guaranteed (regardless of bad credit with many lenders). It takes only minutes to apply and seconds to get the approval notice.
How Can I Find A Good Refinance Loan?
There are a flood of refinancing ads floating around out there online, and everyone claims that theirs is the very best offer. Well, obviously everyone can’t be telling the truth!
How do you find the time to plow through all the financial details of each personal loan no credit check refinancing offer and carefully compare them one by one? And if you use a review site, how do you know the site isn’t biased or that it includes all the best candidates in the reviews?
That’s where Bonsai Finance comes in. By using our loan search tools and getting timely advice from our expert staff, you can quickly narrow down your options till you find your number one refinance personal loan! Here are some other articles you might find helpful:
Your guide to payday loans no credit check
Installment loans: does paying off a loan early affect your credit score?
Give credit where credit is due: How bad credit loans affect your credit score
How unsecured personal loans help cope with financial crises