Unsecured loans may only apply to unsecured debts, such as credit cards and medical bills.
The proceeds from secured loans may be applied to a broader range of obligations, including mortgages and auto loans.
Dealing with debt can be a frustrating, emotionally taxing experience.
Whether you carry high credit card balances, persistent medical debt, or a crippling mortgage, your financial obligations can interfere with your ability to live a balanced life.
It’s important to understand the drawbacks and consider all your alternatives before deciding if a debt consolidation loan is right for you.
A debt consolidation loan pays off your existing debts and combines those balances into a single monthly bill with a new interest rate.
· Avoid overdrawing your account to show you’re able to manage your finances effectively. This shows us you’re more likely to manage making regular loan repayments too. Understand your credit report Your credit history may affect how much you can borrow as well as your chances of approval.
Check how much you can borrow Use our Borrowing Calculator to get an idea of how much you may be able to borrow. Build a good account history with us · Got a NAB account? Open a transaction account and pay your salary into it to start your transaction history.Credit counseling services provide various resources to help solve your money problems.From starting a budget to educational programs on money management, counselors discuss your entire financial situation and help you develop a personalized plan. Whom do I contact if I have questions about consolidation?There is no cap on the interest rate of a Direct Consolidation Loan.