Debt can be overwhelming and intimidating, but you don’t have to let it control your life. With the right debt consolidation plan, you can combine all your debts into one single monthly payment with a lower interest rate and better take charge of your finances. But between the sea of options available, how do you differentiate which plan is the most financially savvy and best aligns with your needs? A good place to start is by using a debt consolidation plan calculator. Lendela’s debt consolidation plan calculator takes the guesswork out of crunching numbers manually and allows you to easily compare debt repayments plans so that you can make the most informed decision and set yourself on a well-planned path to financial stability.
How It Works
A debt consolidation loan calculator is an online financial tool that helps accurately calculate the amount of time it takes for you to complete the payoff through a debt consolidation plan, taking into account all your current outstanding loans and debt. You can also get an estimate how much you save by consolidating your debt.
To use Lendela’s Debt Consolidation Loan Calculator, all you have to do is plug in your current debts and interest rate of the debt consolidation plan, and the calculator will help you figure out how long it will take to clear your debt.
Why You Should Use a Personal Loan Calculator
What is a debt consolidation loan?
A debt consolidation loan is a type of personal loan that can help borrowers consolidate multiple debts into a single, more manageable loan. It is an effective solution for people who struggle with multiple different debts at various interest rates; the new loan typically has one interest rate and payment, which makes it significantly easier to keep track of payments. Additionally, debt consolidation can enable borrowers to reduce their overall monthly payment since it frequently involves extending the term of the loan, resulting in lower monthly payments. Read more about debt consolidation in Singapore in our guide here.
Benefits of a debt consolidation loan calculator
Easily Compare Different Loan Options
Perhaps the biggest benefit of a debt consolidation loan calculator is that it allows individuals to quickly compare various debt consolidation loans and determine which one would work best for their individual situation. With a few simple clicks, users can see how each option stacks up against each other and make an informed decision about which one is right for them without doing any complex math or analysis themselves.
Better Debt Repayment Planning
A debt consolidation loan calculator can provide you with helpful information when it comes to planning your monthly payments. Users get an accurate picture of their current financial situation and how each potential solution would affect that picture in both the short-term and long-term. This way, they can make sure they are choosing a repayment plan that works best for them without any surprises down the road.
Bear in mind that the accuracy of the calculation depends on the information that you provide. It may not take into other factors such as annual fees, or other additional fees that might incur.
Gain Peace of Mind
When opting for a debt consolidation plan, the number one concern of borrowers is whether they are choosing the most favourable and cost-efficient loan offer. Using a debt consolidation loan calculator provides borrowers with the tools to make the most informed decisions regarding their finances without feeling overwhelmed, providing them with the ultimate peace of mind with their choices.
As the leading loan comparison platform in Singapore, Lendela’s Debt Consolidation Loan Calculator is designed to help you find a debt repayment plan that works best with your personal needs. It is easy, intuitive to use, and provides you with the information you need to make the most cost-efficient decision so you can reclaim your financial freedom.
Lendela’s Debt Consolidation Loan Calculator supplements our personal loan matching service. As the leading loan comparison platform in Singapore, Lendela helps you find the best personalised debt consolidation loan offers from trusted banks and financial institutions in Singapore. Just fill in a short application and we will provide you with a list of pre-approved loan offers to choose from. Save time on research and applying to different lenders one by one. With Lendela, you can get an overview of all the best personal loans in Singapore readily at your fingertips. Click here to apply for a debt consolidation loan with Lendela now.