If you are facing multiple loan payments and credit card bills, you are not alone. Today, a lot of people are burdened with debts and it is not a good thing as it can be quite stressful.
Debt consolidation may be your way out when you need to lower your monthly payments on your credit cards and other loans. Moreover, it will help you improve your credit rating and avoid defaults.
Key Bank is a leading bank headquartered in the Key Tower in Cleveland, Ohio, and it can help you get rid of your debts.
Based on total deposits, Key Bank is the 22nd largest bank in the U.S., as of 2913. The bank offers personal loans and personal lines of credit that you can get to consolidate your debts.
If you have a good to excellent credit score, you will easily qualify for an unsecured personal loan from Key Bank, which is ideal for debt consolidation. Being an unsecured loan, there is no collateral requirement and you may even get a competitive rate that will make the whole difference.
Understand what debt consolidation is?
Debt consolidation is simply combining all your smaller loans and payments into one larger loan, generally having a longer term and lower interest rate.
The primary concept is to avoid making multiple monthly payments and lower the total payments by writing a single check for a single loan.
In this way, you will not have to pay the interest for the individual loans and only pay the interest on the larger loan.
You will be able to save some money when you get an affordable rate on your consolidation loan and you can use the money for some other expenses.
Is debt consolidation right for you?
An important question you should ask yourself before considering debt consolidation is whether it is the right option for you.
Debt consolidation serves its purpose only when your monthly payment on the consolidation loan is less than the total of the monthly payments you make on your smaller loans.
On the other hand, the interest rate on the new loan must be lower than the average interest rates of your existing individual loans. Only then you will be able to lower your monthly payment and save some money.
How KeyBank can help you consolidate your debts?
Key Bank personal loans come with certain advantages that make it a good option to consolidate your debts.
The best thing is the competitive interest rates and the fast and easy approval process.
The bank even offers same day approval if you are able to complete your application with all your credit and banking details. Once approved, you can get the loan amount in your Bank account and start making payments to your other loans.
The bank also provides debt consolidation calculator on its official website and you can use it to compare your current payments with the future payment of your consolidation loan.
Enter details about your existing loans and the consolidation loan, and compare the monthly payments to see how much you will be able to save with your new loan.