Debt Consolidation is the combination of several unsecured debts into a single, new loan that is more affordable to the borrower. It involves taking out a new loan to pay off a number of other debts – credit card, consumer loans, vehicle loans, hire purchase, alimony/ child support. The new loan may result in a lower interest rate, lower monthly payment or both.
Required documents for this loan:
- Share requirement based on length of membership and relationship with Credit Union
- Job Letter
- Recent salary slip
- Evidence of Income/Expenditure (Self Employed)
- Bank Statements – 12 – 18 months (Self Employed)
- Supporting Documents as per request.