Consolidate your loans with a GE Debt Consolidation Loan
If you have been struggling to come to terms with loan consolidation and what it’s all about these questions and answers will help you get it straightened out. It really isn’t a complicated procedure, and may be much more simple to get started than you think.
Loan consolidation frequently asked questions
Here are the most frequently asked questions about a GE Debt Consolidation Loan and their answers.
What is loan consolidation?
If you get a loan consolidation you will gather up all of your debts including any loans and credit card debts and combine them together into one loan.
What kinds of debts can be consolidated?
When you take out a debt consolidation loan at GE you can consolidate small debts, car loans, personal loans, and store and credit card debts.
How much am I able to borrow?
The minimum amount for a debt consolidation loan is $3000, and the maximum amount is based on your current finances.
What are the benefits?
You’ll only have one payment to manage when you get a consolidation loan. This means less paperwork to handle, less hassles and you won’t have to worry about missing different payment deadlines. Chances are you will become debt-free a lot sooner because the loan you take out will probably have a lower interest rate than the one you are paying on your credit card.
How do I pay off my credit cards?
GE will send your credit providers payout payments on your behalf once they have approved your loan. They can also send a letter out to the issuers of your credit card to ask them to close your account on your behalf.
How long will I have to wait for it to be approved?
Most loan applications are processed by the following working day and that is when you can expect to hear whether you have been approved or not.
What are the eligibility requirements?
To get a loan consolidation from GE you have to be 18 years of age or older and a permanent resident of Australia. You also need a regular income. Other approval and credit eligibility requirements will be based on your financial situation.
How long does it take before I receive the money?
The funds are usually transferred by the next working day into the bank account you have nominated once your application has met approval.
What time limit do I have to pay it back?
GM sets a minimum term of two years to repay the loan and a seven-year maximum. You will be able to select the right loan term according to how much you can afford to pay monthly. If you are able to pay down the loan sooner you will be able to save a lot of money in interest. A longer-term loan will cost you more in interest, but you will have lower monthly repayments.
How high are the interest rates?
Interest rates are very low and can vary according to the rates at the time of your application and your own personal financial situation.
How does GE calculate the interest?
It is calculated on a daily basis and added to your account every month.
Is it a fixed or variable rate of interest?
The loan consolidation has a fixed interest rate so that payments remain the same for as long as the loan lasts. This will make budgeting much more manageable.
Are there any fees?
There is a $10 monthly service fee that is ongoing and a $250 fee for setting up the new loan.
Does security need to be provided?
This will depend on the size of the loan and your own personal circumstances.
Can I make additional payments?
You can, and there will not be any added fees for making additional repayments to the debt consolidation loan. There may be a fee, however, for terminating the loan early and this will depend on how fast you pay it off and how much time is left on the term.
How can I make my payments?
Monthly, fortnightly or weekly payments can be done by direct debit.
Why should I get a loan consolidation from GE?
Customer satisfaction is very important to GE and they have your interests in mind when you use them as a financial institution. They offer themselves as the leading alternative to the other Australian banks and each customer is treated with the utmost respect.
GE wants your finances to be kept simple weather you’re consolidating your debts, doing home renovations or preparing for a holiday. A GE debt consolidation loan is kept as simple as possible so that it is easy to manage and understand. Also, they know that you want answers fast and will work with speed to get everything done on the loan as quickly as possible It will custom fit your needs and has everything you could expect from a reputable company like GE.
Loan consolidation can take a lot of stress out of your life and GE understands that. That’s why they keep the loan as simple as possible. A good debt consolidation loan will give you peace of mind knowing that one simple payment is all it takes to get your debt handled.