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Debt Consolidation
Consolidate all your existing loans into one and manage your instalments in one weekly, fortnightly or monthly payment with EFT Capital.
Debt consolidation combines multiple debts into a single payment. It can work for consolidation for bad credit and also if your debt isn’t too much and you have good credit and a plan to keep debt in check.
Turn your multiple debt repayments into one, straightforward monthly bill with EFT Capital. We can help you combine your existing loan into a single, manageable repayment system. With debt consolidation, you can keep your debt in check, maintain your credit score, and stay on top of your game.
If you’re considering debt consolidation, then you need the expert team at EFT Capital. As reputable loan providers and financial experts, we understand the importance of flexibility and an easy to follow service when it comes to money matters.
Get in touch with our team today to find out more about our trustworthy debt consolidation in Australia.
What Is Debt Consolidation?
Debt consolidation refers to a form of refinancing where you take out one larger loan that encompasses all of your smaller, individual ones. You use this larger loan to pay off all your existing debt and turn your once complicated repayment system into a manageable monthly plan.
If debt consolidation sounds like the answer to your financial stress, then you’re not alone. According to the Reserve Bank of Australia (RBA), the average Australian household’s debt was around 189 times larger than their disposable income as of 2019, meaning it’s more challenging than ever to pay off those existing debts.
So, debt consolidation continues to grow as a feasible and flexible solution.
When Should I Opt For Debt Consolidation?
There are several circumstances where debt consolidation may offer the best solution for you. With EFT, we look for applicants with a total debt that is below 40% of their gross income, not including your mortgage repayments.
Along was this, you’ll need to demonstrate that your income is consistent and regular enough to meet your loan repayments and that you have a comprehensive plan to prevent your debt from increasing again.
Our experts can assist you in this process, helping you know the best time to opt for debt consolidation.
When Shouldn’t I Use Debt Consolidation?
It’s important to remember the debt consolidation isn’t a one-stop solution for all of your financial problems. A debt payoff method may be more suitable, especially if your debt is small and you’re able to pay it off within 6 to 12 months at your current repayment pace.
Equally, debt relief may be a better option if your debt repayments total more than 50% of your income. This option is likely to serve your needs better if you’re struggling to pay off your debts, even with reduced payments.
For more advice specific to your circumstances, give us a call today!
Debt Consolidation Loans with EFT Capital
At EFT, we offer a range of debt consolidation loans that meet your repayment needs. If your loan amount is between $2 000 and $10 000, we offer a loan term of 6 months to 3 years with unsecured and secured options.
If your loan amount is between $10 000 and $20 000, we only offer a secured option across the same loan term of 6 months to 3 years.
Contact us today to find out more about the loans we have to offer.
| Loan amount | Secured options | Loan term |
|---|---|---|
| $2000 – $5000 | Unsecured or secured | 6 months to 3 years |
| $5000 – $20 000 | Secured only | 6 months to 3 years |
Apply For Debt Consolidation Online
Submit an application online. Apply Now
Upload all your supportive documents to your application or you can email it directly to us: application@eftcapital.com.au
Documents Needed: 2 payslips, bank statement upload, copy of driver’s license or passport, medicare card and a utility bill.
Our loan specialist will review your application and contact you to discuss.
If approved, loans terms will be provided and contract issued.
Client to sign contract electronically or manually.
Funds transfers to your bank account.