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Chase Consolidation Loan

JP Morgan Chase Consolidation Loans answers the need of diminishing the periodic payments and rates of interest thereby letting the debtor to give back the loan over a longer repayment period. This gives the debtor a smaller interest rate, longer term of return of debt and the comfort of giving back only one loan. It is a process of replacing multiple debts with a single consolidated loan. Such debtors can opt for debt consolidation programs offered by Chase bank, which also allows the customer online banking options to check application status, on the website www.chase.com

If bankruptcy starts seeming inevitable to the debtor and the amount of debt appears insurmountable, then a consolidation loan through Chase is the remedy of saving oneself from being bedeviled and imperiled by creditors and restituting one’s credit score. Chase bank gives consolidation loans to consolidate all kinds of debts- Business, home loans, Credit Card, payday loans, refinance, private student loans and mortgage loans. A Chase Private Consolidation Loan helps the borrower cope with his/her private student loan payments by aggregating all private student loans into one loan. This allows the borrower to get eligible for smaller periodic defrayals which saves his/her money every month. Add to this, there is no application or origination fees taken by Chase. Federal student loans are ineligible for this program.

Benefits of Debt Consolidation loan with Chase

The borrower can use his/her home's equity to supplant credit card, student loan or some other debt carrying a high rate of interest. A home equity consolidation loan or line of credit from Chase provides the customer with:

Lower Rate of Interest

Rates on home equity loans and lines are lower than credit card rates by 7-10%. The difference varies according to the type of the loan.

Savings on Tax

Defrayals of interest on home equity loans or lines are tax deductible contrary to credit card and auto loan interest payments.

Saving of Time

Making a sole payment to debt consolidation home equity loan or line is far more simple, economical and convenient as compared with making multiple payments to several lenders.

Customized Terms of Payment

A Chase bank debt consolidation home equity loan or line of credit assists the borrower in carrying off debt of a high interest rate by proposing pliant payment alternatives which work according to the client’s budget. A home equity account provides the borrower with options to overspread payments over a longer payment period for a more doable periodic defrayal. A home equity line of credit permits the borrower to set his/her own refund docket with pliant periodic payments so as to speed up or prolong the redemption as the budget allows.

Chase Debt consolidation options

Borrower can opt for loan consolidation in any of these ways:

Taking advantage on small credit card balance transfer rates. The interest rates on numerous freestanding credit cards are loftier than those on one card. The borrower can also opt for consolidation loans from Chase bank, which are of two types:

a) Unsecured Loans: No security is called for to be pawned for the repayment of the loan, which is why they are mostly given at higher rates of interest and for lesser borrowed money than secured loans but at the instance of a non-payment or default, the debtor doesn’t lose any collateral to the bank. Going for an unsecured line of credit (ULOC) bears resemblances with a credit card as the bank allows the borrower to draw an unsecured line of credit with an agreement from the debtor that it will be paid back on time and with interest.

b) Secured Loans: If the borrower has uncommitted equity in his/her home, a home equity loan or home equity line of credit from proves to be prudent as it oft holds a lower interest rate. Any valuable security can be hocked for the loan repayment, such as a house or car. By drawing a secured loan the borrower can bring down his/her risks of defaulting, which, in a bleak scenario would lead the borrower losing his/her the collateral to the bank. But unlike unsecured debt consolidation loans, secured loans have a low rate of interest.

For any queries pertaining to loan consolidation, customers can contact on the customer service numbers given below:

LoanCustomer Care Number
Student Loan1-866-317-4752
Home Equity Loan1-888-e4CHASE (1-888-342-4273)
Auto Loan1-800-336-6675
Mortgage Loan1-800-848-9136
Credit Card Loan1-800-935-9935

Last Updated On: 2011/09/02