HomeApply Now!FAQContact



About Debt Suitable For Consolidation

Payday Loans and Cash Advances as well as Direct Deposit Loans are great candidates for debt consolidation due the fees associated with such types of cash loans. Not all debt is suitable for consolidation. In order to get any advantage from debt consolidation your outstanding debt must have a higher interest rate than the rate of the new loan. Thus, by consolidating you are reducing the amount of money you spend on interests every year. If the repayment schedule is similar or shorter, then you would be saving money in the long run too.
Pay day loans, cash advance loans, unsecured loans, credit cards, store cards, etc. are the kind of debt that is suitable for consolidation. These financial products carry high interest rates. Credit cards can charge up to 20% or more and the rates charged for pay day loans and cash advance loans can reach huge heights.
But home loans, home equity loans, subsidizes business and student loans, government loans and such unlike payday loans, cash advance, paycheck advance or other types of online loans are not suitable for debt consolidation due to the fact that they carry low rates. The only reason why anyone would want to consolidate for a higher rate is to obtain lower and affordable monthly payments by extending the loan repayment program.







Home|Apply Now!|FAQ|Fees|How It Works|Privacy|Legal|Contact

Copyright © Global Cash Loan, 2007. All Rights Reserved.