Options I may have to completely pay off my current loan as the interest rates are too high

Finances
1

So I’m facing a bit of a dilemma. I got a loan about two years ago to pay off my studies and some other stuff, Yes I was made well aware of the interest rate and at the time was able to pay off the monthly instalments.
It was my only option to get the amount I needed with one specific bank -auxmoney (as the others didn’t accept my request) but with it came higher interest rates which increased the amount to pay back by a whole lot more than I would’ve imagined (obviously did not care much about it at the time).
Now I’m facing a bit of a struggle, bills are piling up and its come to a point where I’m no longer sure how I’ll be able to pay it off at the current rate.

Do any of you know if there are options I may have where I could ‘‘take on a loan’’ with another bank of sorts that has lower interest rates so that I can pay off auxmoney and then just pay off the other bank in smaller Instalments ?

I’d appreciate any feedback
Thanks

2

Try a loan consolidation. Like Lightstream. They Negotiate your loans to get them down to a lesser amount. Then, you have one payment. It takes just a few minutes online. Good luck. You might google Loan Consolidation.

2 Likes
3

@LinaAndreas

Depending on where you are located and your financial situation, you’ll have to shop around for loan rates from various financial intuitions. @landesgood, gave a good suggestion on loan consolidation.

Can you negotiate a lower interest rate payment on your current loan? (I have done this in the past).