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Monies

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Author Monies. Screenshot of Monies website. [Accessed July 3, 2019]

About Monies

Debt is a touchy subject for most people, no one wants to owe people money or fear to have their possessions repossessed.

A debt consolidation loan works by combining all the money that you owe in the form of credit card or short-term loan debts in one loan. The lender will settle your debt on your behalf, then loan you that amount.

Is debt consolidation the right choice for me?

Debt consolidation loans were developed in order to help those people in need that have nowhere else to turn. Often these people owe multiple creditors money and can’t keep their heads above water. The only way they will ever start to pay off their debt is if they are given a good low-cost loan to help them.

Save on interest

By settling your debt with multiple creditors, you will no longer get behind on your payments and have to worry about penalty fees and other late charges. The lender will help you arrange a direct debit that you can easily manage so you know exactly how much you need to pay each month and so that you never need to worry about missing a payment again.

The main aim of a debt consolidation loan is so that you save on interest and can pay off your debt without adding more to it each month. Your debt will be much easier to manage and you will have more free money so you can start to save for the future.

Monies Services

A single debt consolidation loan can save you from years of bad debt and dodging debt collectors.

You will end up saving money as a lender will negotiate a settlement agreement on your behalf, then loan you the amount you need in order to settle your outstanding debt.

The loan will be at a much lower interest rate and your monthly payments will be much less. You can quickly and easily apply by completing an online loan application

Why would someone consolidate their debt?

Consolidating your debt wit a personal loan allows you to pay a much lower interest rate on your new loan, you can increase the loan terms so you will have longer to pay off your debt, you won’t miss a payment or need to worry about paying extra fees.

Who qualifies for a debt consolidation loan?

  • You need to be 18 years or older and reside in New Zealand as a citizen
  • You will need to provide proof of residence
  • You will need to prove that you have a stable income and can meet the loan repayment terms
  • In the case of secured loans, you will need to provide some sort of security

Monies Product Details

  • Loan Type Debt consolidation loans

Summary of Services

  • DEBT CONSOLIDATION

Monies - Stress relief through debt consolidation

The main difference between a debt consolidation loan and a personal loan is that a debt consolidation loan is there to save you as much money as possible.

The lender will get in touch with everyone that you owe money to and negotiate a settlement amount on your behalf. This amount is usually a lot less than the amount that you currently owe. The creditor will then erase your debt and this will show as settled on your credit report and help raise your current credit score.

You could use a personal loan to pay for your debt, but a debt consolidation loan was designed for that purpose, so the interest rate and other fees will be a lot less.

Bad credit debt consolidation loans

Clients with bad credit may find it difficult to obtain an unsecured loan. Those that owe a lot of money to many different people may need to seek professional advice so they don’t damage their credit score even more.

The type of debt consolidation loan that you apply for will have an impact on the repayment terms and if you will be declared bankrupt or not. A loan that is secured by your property or another item of value can be used to secure a lower interest and better payment terms.

Using a low-interest rate credit card to repay your loan

Another option to consolidate your debt is to use a low-interest rate or interest-free credit card. This method allows you to pay for your debt using your credit card so then you only need to worry about paying off your credit card.

Most credit cards come with a low balance or no balance, interest rate for the first 6 months. As long as you don’t exceed the balance limit transfer and pay off the credit card before the introductory offer is over you will be able to benefit from saving money and lower monthly repayments.

Some things to look out for when using this option include:

  • The revert rate costs – when the introductory rate is over, what rate will you be charged?
  • Make sure what rate you will be charged on new purchases that you make on the card
  • Find out how much you will be charged for balance transfer fees
  • Who are you able to transfer your balances over to?

Customer Reviews & Testimonials

Monies is my preferred credit provider simply because they take you through your loan application so that you don’t find yourself in a situation where you accepted a loan you can’t actually finan...

David L
— Greymouth —

One business day was all it took for the money to be deposited into my bank account.

Amber J
— Cromwell —

Monies use a very simple loan application system that makes the entire process a lot less stressful to deal with.

Amelia H
— Dargaville —

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