Are you carrying an outstanding balance on your credit card? There’s no reason why anyone should carry debt on their credit card when they qualify for a loan with Grouplend. With most credit card interest rates at 20 percent or higher, it can take you years and cost you thousands in interest to pay off credit card debt.

If you’re up to your ears in debt, you’ve probably considered a consolidated loan. Before you sign up with your neighbourhood lending institution, there are a few things you should consider. Lending institutions wouldn’t offer consolidated loans if they weren’t making money. To make a profit, many institutions charge origination fees. The fee is typically a percentage of your loan amount (i.e. four percent). It’s important to know what the fee is before signing up.

If your cash flow improves and you’re able to pay off your loan in one fell swoop, many lending institutions charge prepayment penalties. Similar to the prepayment penalties on your mortgage, these penalties can prove costly.

What Sets Grouplend Apart from the Competition

I know what you’re probably thinking: what makes Grouplend different than the rest? Plenty. Unlike most lenders, Grouplend doesn’t have any origination fees or prepayment penalties. When you take out a loan with Grouplend, if you want to aggressively pay it down as you would with credit card debt, you’re more than welcome to pay off your loans faster than the three year terms.

Grouplend has seen much success in its first year of operation. The numbers speak for themselves: in its first three months, Grouplend received a much greater amount of volume than it had expected (over $30M in applications). This allowed Grouplend to monitor large amounts of data and better tweak its underwriting algorithm.

Better yet, this allowed Grouplend to decrease its interest rates across the board. Since then, Grouplend has continued to allow its algorithm to grow based on various data points, and have been able to roll back its interest rates for certain subsets of its applicants. Through its unique algorithm, Grouplend is able to factor in various data points during the application process, to deliver the loan best suited for you.

The bottom line is that nobody should be stuck pay credit card debt at 20 percent. With interest rates near record lows on everyday consumer products like lines of credit and mortgages, why pay sky-high interest rates when you don’t have to? In less than two minutes, you can complete a Grouplend application form and secure a loan at a competitive interest rate. Best of all, you’ll be debt-free sooner and enjoy the same interest rate savings everyone else is enjoying.

Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.