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Absolutely! Rather than paying different interest rates for each of your different loans, a debt consolidation loan ties all of these together into one, new interest rate. This rate is usually lower than what you were paying overall before, meaning you could save thousands each year! As well as this, a consolidated loan is much easier to keep on top of since there is only 1 repayment to manage. Also, the new loan is on your terms, so if you would like to make larger monthly repayments and have a short repayment period or vice versa then you can. There is far more leniency and control with a debt consolidation loan.

The initial enquiry and application for debt consolidation with Just Budget does not affect your credit rating.
While a hard credit enquiry may be applied at the point of receiving finance (this will be clearly communicated to you in advance), debt consolidation actually generally leads to an improved credit score. There are 3 main reasons for this:

1. Easier to manage repayments
2. By saving money on interest, you should have spare money to put aside to help you along the way if and when you need it.
3. Your credit utilisation ratio will be excellent because all of your credit card debts are paid off in full at the point of entering into a debt consolidation loan.

a. Put simply, your credit utilisation ratio (otherwise known as credit utilisation rate) is the % of debt that you currently owe, compared to your total debt. A credit utilisation ratio of 30% or lower is considered good and can improve your credit score.
b. E.g. you have a 100000 credit limit on your credit card, of which you are using 40000 of. The formula is: Total Credit Debt / Total Credit Limit…
c. (40000 / 1,00,000) x 100 = 40%
d. With a debt consolidation loan, your credit utilisation rate will be 0% because all of your credit cards will be paid off.

Debt consolidation is a fantastic opportunity. With greater control of your debts and reduced rates, you will be able to build a strong financial future for yourself in no time.

After your debt consolidation plan commences, you will no longer need to pay your original creditors. This means no more multiple, confusing payments at different times each month and no more harassing calls.
Instead, your entire debt will be rolled into one manageable package with 1 repayment schedule on your terms. This saves you time and makes life easier as you will only have 1 creditor to pay going forwards rather than multiple.

Yes!
You can consolidate a wide range of debt, including credit cards.
After your credit cards have been consolidated, you will only have to manage 1 recurring payment on your terms, rather than having to juggle multiple credit cards which can be very confusing.

• Lower or frozen interest rates
• Only 1 repayment to manage
• Only 1 repayment schedule
• No more harassing calls from creditors
• New loan terms agreed by you giving you greater control
• Loan repayment length decided by you and how much you would like to repay each month.

The Consolidation loan offered by our Lending Partners through Debt Consolidation Program, can only be used to pay off the current debt you owe. The Consolidation loan would be used to pay off all eligible loans like personal loans, credit card debts, consumer loans, payday loans, and unsecured education loans.

Debt Consolidation Program is designed to offer you a monthly reduction of 10-30%* on your loan obligation or EMI on the eligible accounts.

Credit cards can carry an APR (effective interest rate) of up to 48%. When you make the minimum due payment on your credit card, it covers all the interest and charges on your card while covering a very small fraction of the principal. This means making minimum payments is neither the quickest nor the cheapest way to becoming debt free. Debt Consolidation Program can lower the EMIs on your personal loans by either reducing the APR or by extending the tenure so give you monthly relief on your debt obligations.

No, it may actually improve your score due to the instant repayment of your unsecured loan accounts.

In case you have a low credit score you may not qualify for Debt Consolidation Program. A low or falling credit score might be the result of missing a few monthly payments. If your debt has grown past your capability to make monthly payments, the right Debt Consolidation Program for you might be Debt consolidated Program

Usually, the pre-approval can happen immediately while the actual approval may take up to 72 working hours.

Yes. Debt Consolidation Program helps you reduce your monthly EMIs by either lowering your interest or increasing your repayment tenure.