Quick Guide to Consolidating Your Debt with Salary Finance
If your debts feel like too much to handle, debt consolidation could be your answer. By taking out a lower rate loan to pay off your existing more expensive debts, you could pay less in interest and reduce stress.
Here’s a step-by-step guide on how Salary Finance makes it simple:
Check Your Eligibility
The first step is to check if you're eligible for a Salary Finance loan through your employer. Visit the Salary Finance website, where you can easily type in your employer's name to find out which products are available to you as an employee benefit.
Apply for the Loan
Once you've confirmed you're eligible, you can apply for a loan through the easy online application process. It's quick and simple to fill out. When applying, be sure to check the APR being offered. If the APR is lower than the rates on your existing debts, debt consolidation may be a good option for you. If you're approved, the loan amount will be transferred directly into your bank account, usually within 24 hours.
Pay Off Your Existing Debts (Debt Consolidation)
The next step is to use the loan to pay off your existing debts, such as credit cards or personal loans. This process is known as debt consolidation. By using a lower-cost loan to settle your more expensive debts, you can make your life a little easier by only having one loan to manage, and potentially save money on interest.
Track Your Loan Through the Salary Finance Dashboard
Once your debts are paid off, use the Salary Finance dashboard to track your loan balance and monthly repayments, which are automatically deducted from your salary. It’s a simple way to stay on top of your loan and monitor your progress.
Put Extra Savings Towards Your Future
Consolidating your debts could free up extra cash each month. Rather than staying stuck in a cycle of debt, you could use that money to build savings for the future and achieve your money goals. With Salary Finance - Save, you can set up automatic contributions directly from your salary, making it hassle-free to grow your savings over time. Find out if your employer offers Save here.
Debt consolidation could be the first step toward getting your finances back on track. With Salary Finance, you have the tools to make the process easier and reduce financial stress.