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How to Know If You Require a Consolidated Loan?

To know if you require a consolidated loan, you need to have insights into your finances. Even more so, you need to be able to identify the signs of financial trouble to effectively manage your debt and prevent more serious problems from occurring down the road. Here are some signs to watch out for:

  • Only capable of meeting the minimum payment requirement
  • Paying off one credit card with another, or using your line of credit to pay it
  • Frequent late payments, or skipping payments to pay off other bills
  • Financing your debts with your credit card
  • Utilizing your overdraft and going over your limits on your credit card or line of credit
  • Broke on payday
  • Asking family or friend for a personal loan
  • Annoying calls from creditors and collection agencies
  • Having other essential service cutoff for non-payment (telephone, electricity, etc.)

These are all warning signs and with them comes financial stress. Our professional can assist you by assessing your situation and informing you about your debt relief options.

Debt Relief Options

There are a number of different debt relief options out there, so finding the right solution can be challenging. You need to know about each option available to you in order to make an informed decision. Since there are so many Debt Control Self-Help Methods, you need to learn about how to develop a debt payment plan before you seek professional help from an expert. Use financial tools and debt calculators to form a good understanding of your current finances.

Small Business Debts

Business owners and management teams face many challenges and there could be periods when the business finances aren’t particularly stable, causing debts to accumulate. To avoid insolvency, the business debts will need to be restructured. Work with our commercial mortgage agents by booking a consultation, if your business is facing any of the following financial issues:

  • Increased inventory suddenly
  • A quick rise in debt to equity
  • Accounting records that aren’t up-to-date
  • Collection notices from creditors seeking remedies
  • Denial for a loan request or a reduce line of credit
  • Notice from your bank that your account has been moved to a “special loans” division

AKAL Mortgages professionals will work with you closely to form a good understanding of both the financial and operational needs of your business. We can help you to avoid insolvency or bankruptcy, by matching our solutions with your business’s financial needs.

Debt Management FAQs

How do I qualify for debt consolidation?

In order to qualify to consolidate your debt, you need to ensure that you have income from a job, as you need to be able to repay the loan. When qualifying for a debt consolidation loan, your total debt, available credit, payment history, and credit score will be under scrutiny. A bank many turn you down if there are issues with any of these qualifying factors. Thanks goodness for alternatives offered by AKAL Mortgages.

What are the advantages to a debt consolidation loan?

Lower your monthly payments and one monthly payment at a lowered interest rate, instead of multiple, are two advantages of a debt consolidation loan. Find out if you qualify by speaking to one of our agents. If you don’t qualify, then also learn more about the other debt relief options we have available to you.

What if I can’t deal with my debts on my own?

As you’ve probably already learned, life can be unexpected, and low paying jobs can prevent you from being able to manage debt by yourself. Therefore, having a budget doesn’t necessarily mean that you’ll be able to free up the cash you need to deal with your debts. You will want to consider speaking to a financial professional about debt consolidation. However, if you don’t qualify for debt consolidation, then you’ll need to seek help from a not-for-profit credit counselor.

Use our TotalLiveChat feature below to get answers to your most frequently asked questions. Let our Mississauga and Brampton mortgage brokers help you get your debt consolidated so that you can get back on track again with your finances.

You can book a free consultation here on our website, or call us at (416) 621-1300.

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