Sometimes we may incur multiple kinds of loans due to daily expenditures or over the course of doing business. Loans from credit cards, homeowner loans, equity loans, business credit loans etc., Each one of them probably belongs a to different company with their own terms and rates. If this is the case, you're better off consolidating your loans.
A consolidation loan is usually obtained for the purpose of reducing the amount of the payments of bills from multiple loans owed by consolidating the bills into one loan payment. The customer pays off several bills with the proceeds from one loan and is left with one consolidated monthly payment. A consolidated loan may offer a lower monthly payment but usually at a longer repayment period. Also called debt consolidation.
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