123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Business >> View Article

Multiple Loans Can Be Combined Into Single Loan By Debt Consolidation

By Author: Necessity to apply for a loan arises when a person
Total Articles: 233

Necessity to apply for a loan arises when a person is in short of funds. For this loan amount issued to a person, firm issuing loan will calculate interest that need to be paid every month. Difference between loan amount and getting money for interest is that generally loan amount comes with less interest rate than the money that is bought just for interest. Also in loan, some amount will be reduced from the capital each and every month. While getting money for interest, only interest will be accounted every month. It may seem to a person that loan is the best policy for arranging money. But actual fact is that getting loan is a difficult process. A property or asset need to be mortgaged to the firm issuing loan. Although it may not seem to be a mortgage, it is treated as a surety for the loan amount. Tenure for payment of interest amount for student loan may be somewhere between 5 to 30 years depending on the amount bought as loan. Banks are offering many attractive schemes for getting loan in between the period that one loan is active. It is so because nobody can know the turn of events in life. Money requirement may arise any time. In such a case, there are options for arranging another loan.

This new loan will also come with interests that need to be paid monthly. In case when a person finds it difficult to manage with various loans, all pending loans can be combined together as a single loan. In this process of debt consolidation, not all the loans can be consolidated. There are certain rules and regulations available. However, there is less or no restriction available for combining student loans. Student Loan Consolidation aims to combine all the individual loans into a single loan. This loan amount, when combined may seem to be high. But the interest that this process of debt consolidation yields will be lesser than paying the loan individually. After combining loans, the resultant loan amount will be of constant interest rate that needs to be paid till the entire loan amount is over. Personal loans can also be consolidated with that of student loan. But there may not be a guarantee that they can be clubbed. It depends mainly on the discipline a person maintained in the payment of interest of previous loan.

Total Views: 50Word Count: 398See All articles From Author

Business Articles

1. Information About The Materials That Used In Electric Bike
Author: Larry Bushart

2. Virtual Office In Switzerland – Breaking The Conventional Idea Of Office Space
Author: Mr Dimitri Rusca

3. An Idea About The Rising Damp Treatment
Author: George Dean

4. An End-to-end Retail Management Solution For Small/medium Retail Business
Author: Adam Smith

5. Virtual Office In Geneva – What Are The Advantages Of Having One
Author: Mr Dimitri Rusca

6. Get Excellent Cleaning Of Tiles With Tiling Work Dubai
Author: mrtechDubai

7. About The Digital Marketing Solution Providers And Local Marketing Services At Cyber Flavors
Author: Unknown Member

8. Bike & Bicycle Shelters- Order For Installations
Author: lockitsafeuk

9. Servo Voltage Stabilizer - What It Is And Why Is It So Important?
Author: R. D. Electric Works

10. Living With Mould In Your Home
Author: Fred Lydick

11. Different Types Of Water Pumps And Their Uses
Author: Gbenga Kukler

12. Laser Cutting
Author: Emily Stone

13. Why Don’t More Agencies Have In-house Translators?
Author: Shreya Gupta

14. Arturo Fuente Gran Reserva
Author: Arturo Fuente Gran Reserva

15. L'entrepreneur Denis Vincent Et Son Histoire Génial De Succès
Author: Denis Vincent

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: