You’re not alone if you find yourself in debt. With the present economy, a large number of people are facing multiple debts. If you are one of them, then you should start looking for ways to pay off your debts as fast as you can before it starts affecting your credit record.
Your debts may be in the form of credit cards or other individual loans. Whatever may be the case, an effective way to cut down your debts is to consolidate them with one of the debt relief solutions.
How Fifth Third can help you with Debt Consolidation?
If you are looking for some kind of debt relief program from Fifth Third Bank, you should know that the bank does not actually offer debt consolidation loans; however, they provide several other loans that you can use to consolidate your debts.
By consolidating your multiple debts, you can:
- avoid making high monthly payments and the late fees that may add up quickly.
- save some money with the lower interest rate on your consolidation loan.
- combine your multiple loans into a single loan and pay off your debts quicker.
How secured and unsecured loan are better for you?
Fifth Third Bank offers a variety of loans and lines of credit that you can use to pay off your debts.
Home Equity Loan
The bank offers Equity Flexline that allows you to use your home’s equity to access funds at a low rate. It is a revolving line of credit secured by your home’s equity.
As you keep paying the loan balance, the funds become available to borrow again. Either use the funds to consolidate your debts, make home repair, or purchase furniture, it’s totally up to you.
You can also get a home equity loan, which is an amortizing mortgage loan that you can borrow against your home’s equity. You are free to use the loan amount to consolidate debt or spend for general purposes.
Getting a personal loan at low rate is another good option to get rid of your high-interest debts. Bank offers both secured and unsecured personal installment loans with fixed as well as variable rates.
If you have something to place as collateral, you may even get lower rates, which will finally allow you to save a great deal of money. You can use the loan amount to consolidate bills or meet unexpected expenses.
The bank offers competitive rates even if you are thinking to apply for an unsecured loan.
A personal line of credit is another option to get fast access to fund anytime you need it. You can get an unsecured line of credit where you can borrow up to but nor exceeding your pre-approved credit limit.
Depending on your credit rating, your credit line will be determined, and you may qualify for flexible payment terms consisting of interest-only payments. Using the loan amount, consolidate your debts and save some money on the interest rates.
Use the Calculator for More Insight
Before applying for any type of consolidation loan, you must check whether the monthly payment and the interest rate on the new loan will be lower than the rates and payments you are making on your existing loans.
You can use the debt consolidation calculator offered by Fifth Third Bank to find out the difference.
All you need to do is enter the information regarding amount owed on your existing individual loans and credit cards, monthly payment amounts, months left, and interest rate to make your calculation.