Balance Transfer

Balance transfer loans refer to a type of loan where an individual transfers their outstanding balance from one loan or credit card to another lender who offers better terms, such as lower interest rates or favorable repayment terms.

This is commonly done to save money on interest payments or consolidate multiple debts into a single loan. By transferring the balance, borrowers aim to reduce their overall debt burden and potentially improve their financial situation.

It's important to carefully review the terms and conditions of the new loan before proceeding with a balance transfer to ensure it aligns with your financial goals and objectives.