Can I take a loan to pay off other credit?

Answers

• You can take out a loan to pay off other types of credit, though you should always be aware of the varying interest rates. It may work out cheaper for you to have the different credit than combining it all in one, high interest loan. You also need to be aware that if you pay off some forms of credit before it is due, there may be penalties for doing this, so make sure you have this information. It can also be difficult to do this if you have a poor credit record, as companies may not be willing to give you the amount of money you are seeking to cover your debts. Or they may offer a loan that is on unfavourable terms with higher interest rates that means you will end up paying more money than if the original loan had run its natural course.
  By Cred24, 2014-08-23 01:57:22