Features of Debt consolidation loans
                      Debt Consolidation Loan
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What you need to know about 
Debt consolidation loan?
A debt consolidation loan
 is an unsecured type 
of loan that is taken 
by the borrowers to 
pay off multiple debts or 
liabilities at one go. 
Features of Debt Consolidation Loans
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It is combining all the debts into a single o
ne and paying them  off all at once. This 
will let the borrower save money on intere
st as the borrower is not paying interest fo
r multiple debts.
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Features of Debt Consolidation Loans
1. Quick disbursal
The borrower will receive the loan 
amount in his bank savings 
account very quickly upon 
approval.
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2. No collateral required
Debt consolidation loan is an unsecured type of 
loan, so the borrower is not required to put any 
collateral or surety with the lender. Loans are 
Given based on other elements like income statu
s and trustworthiness.
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3. Clears debts
With debt consolidation loans, the borr
ower can clear his multiple debts all at 
once and pay the interest amount only 
for one loan and not for multiple ones.
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4. Improves credit score
When all the debts or the liabilities 
are paid off all at once, then this wil
l improve the credit score that refle
cts in the credit report. Timely pay
ment will improve the credit score. 
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5.Flexibility In The Tenure Period
The borrower can choose his repay
ment term based on his ability to pa
y back the amount. It is not necess
ary to pay the loan amount in a cert
ain period.
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