Choose Short-term Personal Loans as an Alternative to Debt Consolidation Loans

Many consumers think that applying for debt consolidation loans are their only option for financial emergencies such as hospitalization, house or car repairs, and other similar situations. But did you know that short-term, unsecured personal loans can also help with existing debt?

It’s not uncommon for people to find themselves dealing with multiple debts, such as those from student loans, mortgage, credit cards, car payments, and many others, which can make debt management very complicated. One way to simplify the situation is by taking out a debt consolidation loan.

A debt consolidation loan involves taking out a single, more favorable loan to pay off several creditors. This option would enable debtors to merge multiple debts so that they only have to service a single loan, making payments easier to manage. It’s also possible to use the loan to pay off some debts faster or with smaller payments, depending on the length of the existing loan terms.

Debt consolidation loans can be attractive solutions to multiple debts since they often have lower interest rates and/or lower monthly payments. However, its loan terms are usually much longer, which can result in paying way more in interest over the life of the loan.

Unbeknownst to some, short-term personal loans can also be used as an alternative to debt consolidation loans. These short term loans can function similar to a debt consolidation loan in that they can be used to service several outstanding debts quickly. The main difference is that some unsecured loans, such as the short-term personal loans we offer here at Elevations Loans, can be paid off immediately and without any pre-payment penalties, thereby preventing you from paying more in interest. We also allow our customers to make extra monthly payments to quickly pay off their loans.

These types of short-term loans are also very easy to acquire. Your applications can be completed on our website in just a few minutes. Upon completing the application process, the cash needed can be received in less than 24 hours.

Our unsecured loans could help you achieve financial freedom as long as they are used wisely. Debts with higher loan rates must be prioritized with higher monthly payments, while minimum payments should be made for the rest. This can make it easier to get rid of debts that are more difficult to manage, while also saving money in the long run.

For more information about our short-term loans, check out our FAQ page or call us at 1-800-478-6230.