You can escape debt
with debt consolidation

It’s time to break the cycle
and make life easier

Life’s too short to be forever in debt

Especially when you’re young, debt can help you acquire real assets. If you want a  business, an education, or rental property, it is likely that you’re going to have to take on some debt. And while these assets may ultimately make you a wealthier individual, that debt can add up quickly.

But we wouldn’t advise you give up on all those thing; after all, you have a life; and you have loved ones to support. That’s why you might want to consider debt consolidation. 

Debt consolidation combines all of your loans into a single loan. This not only helps you save on the stress of paying off multiple loans at the same time, but (more importantly) helps you get out of debt faster. 

Sounds too good to be true? Remember, this doesn’t erase your debt; it’s just a smarter way of paying off the debt you already have. In order to do that, you need to understand how it helps. Depending on the rate and tenure of the new loan, debt consolidation can result in your paying less each month and/or can reduce your overall repayments in the long-run.  Then, you’ll be on your way to debt-free liberation.

Unsecured Loan

For when you need it most

Maybe you don’t have any property just yet to borrow against. Maybe you found a great opportunity to make a big purchase. Whatever the case, an unsecured loan can be just what you need to take care of the task at hand.


  • Maximum Amount: J$7.5 million
  • Maximum Tenure: 5 years (60 months)
  • Reason for borrowing: Any legitimate purpose, specified by the client.


Find out how to get started


**Unsecured Loans are offered by JMMB Bank (Jamaica) Limited

The nuts and bolts of debt consolidation

Debt consolidation can get pretty complicated in the details, but there are basically three things you should know about it.

  1. It makes managing debt simpler: Paying four different bills at four different times of the month can be a total headache. Luckily, debt consolidation compiles it all into one bill, at one time, to one place. Less time thinking about bills means more time to do everything else in life.
  2. Can lower your debt (in the long-run): You don’t want long-term expenditure. The more time you spend paying off your debt, the more extra money you end up paying in interest. With debt consolidation, you can lower that for the long-term. How?
    - Make sure you calculate your debt consolidation well. Oftentimes, it’s a longer tenure at a reduced rate, but be careful: if it extends too far into the future, it could make the debt more expensive in the long-run. However, if you can get the best of both worlds (a lower monthly payment with a lower overall cost), you should definitely go for it.
    - Make sure the interest rate is lower than the weighted average of all your other loans.

    If this happens, you’ll have lower debt in the long-run.

  3. Lower monthly repayments: Now that you have lower interest rates and a longer tenure, you may find that your monthly repayments significantly reduced. That means more money to invest in other areas of your life. 

You can choose how to escape your debt

Debt consolidation is not one-size-fits-all. You have to find the right type of debt consolidation loan for you.

We’re going to use Darren as an example. Darren has:

J$3.5 million in debt (car loan, unsecured loan, 3 credit cards)

  • 14.99%-52% interest rate

  • Tenures going from 1 to 6 years

  • He pays J$113000/month

  • Eventually he will end up paying J$7.7 million

Here are three different ways that Darren could make his life better, with debt consolidation, it may be worth it to consider them for you too:

  • Unsecured Loan: This can help you pay off your unsecured loans and credit cards over the course of 4 years. For Darren, this could drop his monthly payments to J$100,000, saving him J$13,000 per month J$783,240 in the long run. Find our more about our unsecured loans. 

  • Motor Vehicle Equity Line: If your car is a certain age, you can get up to 8 years to repay the loan. Let’s say Darren has 5 years to repay, we could get his loan down by J$34,000 a month, saving him J$1.4 million over those 5 years. Learn more about our Drive Easy Solution.

  • Home Equity Loan: You can qualify for extended repayments, giving you up to 12 years. This would help our friend Darren lower his payments to J$50,000 (saving him J$63,000).   Remember however, that when the loan’s tenure is extended far in to the future, oftentimes you will wind up paying more in the long-run. Learn about home equity loans. 

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