If you are carrying
multiple credit card balances every month and are having trouble keeping up
with your household bills or other loan payments, then a UCU Debt
Consolidation Loan may help simplify your debt repayment process and keep
you on track to becoming debt-free sooner. Paying down your UCU Debt Consolidation Loan on
time, every month could also give your credit rating a much-needed boost.
UCU Debt Consolidation Loan Quick Facts
UCU Debt
Consolidation Loan will pay off your outstanding debts including debt from
credit cards, household utilities or other loans and combine them into one big
loan. Instead of paying each creditor individually, a UCU Debt Consolidation
Loan will set up one repayment schedule with a lower interest rate and lower
monthly payments.
UCU Debt Consolidation Loan Advantages
A UCU Debt
Consolidation Loan will simplify your bill payments, lower your interest rates
and save you money each month.
One Monthly Payment
No need to keep track of multiple payment due
dates, or worry about late or missed payments on your credit cards, household
bills or other loans. With a UCU Debt Consolidation Loan, you will only have to
make one monthly payment to cover all your debts. This will help to relieve
the pressure and stress of paying many different bills each month and also reduce
the risk of being late on any monthly payment.
Lower Interest Rates
If you are
carrying multiple credit card balances every month, you are paying very high-interest
rates that are compounded every time you do not pay off your balance in full. That
means you could end up paying more interest than you could in paying down your
principal debt.
With a UCU
Debt Consolidation Loan, you will have only one loan to repay with a much lower
interest rate than your current credit card rates.
There are
no upfront application fees when you apply for a UCU Debt Consolidation Loan. Just
visit your local UCU Branch and provide some basic financial information,
including proof of employment. You will also need to provide your credit card
statements, household utility bills or any other loan agreements you wish to
consolidate.
A UCU Loan
Specialist will then conduct a credit check to determine your credit score and
the interest rate that you will be charged. A better credit score and steady
income stream mean lower interest payments on your UCU Debt Consolidation Loan.
Pay Down Debt Faster
You can
manage your debt easier with a UCU Debt Consolidation Loan. With a lower interest rate and affordable monthly payment options,
you will be able to pay down your debt sooner.
You will
have up to five years to repay your loan, with your choice of weekly,
bi-weekly, semi-monthly or monthly payment schedules.
You can
even set up an automated payment plan from your UCU Chequing Account for a more
convenient repayment solution.
Create a Household Budget
With a UCU
Debt Consolidation Loan, you will know your repayment timeline – your monthly
payment amount and exactly how long it will take you to repay your loan. This will give you a clearer understanding of
your overall finances and make it easier for you to create a household budget
that will work for you.
Improve Your Credit Score
UCU Debt
Consolidation Loan will help you stay ahead of credit damage by combining your
high-interest loans into one lower monthly payment. By making your monthly
payments on time, you will avoid late fees that can damage your credit score. With regular monthly payments, you will
improve your credit utilization – the credit you use up compared to the credit
that is available to you. When you pay down your debt you also free up your
available credit - and that can improve your overall credit score.
Personal Loan Insurance Premium Protection
You can
purchase personal loan protection insurance for your UCU Debt Consolidation
Loan. Life, disability and critical illness insurance can help protect you from
an unforeseen event, by paying the outstanding balance of your loan in the
event of illness or death, or by making your regular loan payments in the event
of a disability. Conditions apply and the cost of the premiums will be added to
your loan repayment schedule.
Visit your local UCU Branch to apply.
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