Debt Consolidation

Debt consolidation loan is a loan which can be taken in order to pay off other debts.

Thus by consolidating many small debts with one debt, one gets favorable payment off terms and lower burden of EMI. For example, let's assume there is someone who has many small informal debts or credit card dues (with very high monthly interest rate) causing him financial imbalance and trouble in budget management. In order to save himself from this trouble, he can take a loan through LiquiLoans (NDX P2P Private Limited) and fully repay all these debts turning multiple monthly EMI's to a single EMI. These EMIs are usually cheaper than these multiple debts.