Do you ever get stressed out by the amount of debt you have accrued over time on so many unavoidable expenses? You are most certainly not unique in experiencing this. A number of people owe more than $10,000 in credit card debt alone. Keeping up with several high-interest bills every month can be highly demanding, and it seems difficult to make any meaningful progress toward paying them off.
Debt consolidation may be a viable option, though. In order to simplify your financial life and maybe reduce your interest rate, debt consolidation is taking out a new loan to pay off all of your existing unsecured loans. You may speed up your debt repayment and increase your monthly savings by doing this.
Ascend is one provider that offers loans to help with debt consolidation. With the Ascend debt consolidation loans, you can easily consolidate all of your consumer debt, including credit card amounts, into a single, manageable Ascend loan. Debt consolidation through Ascend might just be the lifesaver you need.
Benefits of a Debt Consolidation Loan from Ascend
An Ascend debt consolidation loan has several advantages compared to struggling to pay off individual credit cards or loans:
- Lower interest rate – Ascend offers rates from 3% to 35%, while credit cards often charge 15% or more. This saves on interest each month.
- Fixed monthly payment – You’ll have a predictable payment instead of varying minimums. Easier to budget.
- Pay off debt faster – More of your payment goes toward the principal each month.
- May improve credit – Paying down balances can improve your credit utilization ratio and FICO score.
- Convenience – Make one payment instead of multiple payments.
Consolidating multiple high-rate debts into an Ascend consolidation loan with a lower rate can potentially add up to thousands in interest savings, in addition to the benefits of fixed payments and getting out of debt faster.
Who is Eligible for an Ascend Debt Consolidation Loan?
To qualify for one of Ascend’s affordable debt consolidation loans, you’ll need:
- At least $10,000 in total credit card or consumer debt to consolidate
- A FICO credit score of 620 or higher
- Steady income – Ascend requires a minimum income level depending on your state
- Proof of U.S. citizenship or permanent residency
As long as you meet these requirements, Ascend’s online application only takes a few minutes. You’ll need to provide documents such as pay stubs, bank statements, and your credit report.
Ascend Debt Consolidation Loan Terms and Rates
- Loan amounts from $10,000 up to $100,000+
- Interest rates from 3% to 35% APR, depending on your credit score
- Loan terms of 3 to 5 years available
- No application fees
- Lower costs than maintaining high-interest credit card balances
Getting pre-qualified will allow you to view personalized loan amounts, terms, and rates. This doesn’t affect your credit score. Rates from Ascend will almost certainly be lower than your existing debts.
How to Apply for an Ascend Debt Consolidation Loan
Applying for an Ascend consolidation loan is a straightforward process:
Step 1: Check you meet the eligibility requirements
Step 2: Gather required documents such as recent paystubs, bank statements, credit report
Step 3: Fill out the online consolidation loan application
Step 4: Ascend will review your application and provide a loan offer if approved
Step 5: Accept the loan offer if the terms meet your needs
Step 6: Ascend pays off your credit card and loan balances directly
Step 7: Make one new consolidated monthly loan payment to Ascend
Once approved, you could have funds to pay off your debts in as little as 24 hours.
Pros and Cons of Ascend Debt Consolidation Loans
- Lower interest rate saves money
- Fixed monthly payment for predictable budgeting
- Pays off debts faster with a single payment
- May improve your credit score over time
- Easy online application process
- Loan origination or administrative fees
- Closing credit cards can temporarily hurt your credit
- Still have a loan payment each month
- Loan denial if you don’t meet requirements
While no debt solution is perfect, Ascend’s debt consolidation loans provide an effective way to reduce interest costs and eliminate debt.
Alternatives to Ascend Debt Consolidation
Other options beyond an Ascend consolidation loan to consider:
- Credit counseling agency debt management plan
- 0% balance transfer credit cards
- Personal loans from banks or credit unions
- Debt settlement (not recommended)
- Bankruptcy (last resort option)
Each has pros and cons to weigh based on your specific debt situation.
If you have $10,000 or more in high-interest credit card or other consumer debt, check your eligibility for an Ascend debt consolidation loan. Consolidating these multiple balances into one loan with fixed payments can put you on the path to financial freedom.
Don’t wait – the sooner you take action, the sooner you can reduce interest costs and save money each month. You can visit AscendMoney.com and see if a debt consolidation loan is right for you. With lower rates and predictable payments, an Ascend consolidation loan provides relief from debt.