Some critical steps are taken to find an affordable balance transfer loan. In the first place, a realistic expectation of how long you will reimburse your current debt is necessary. This is important as equilibrium transfers provide interest-free periods for borrowers to repay existing debts without additional costs. After the free period of interest, interest rates rise substantially to the ‘prevailing rate of interest,’ making repayment of your debt essential for the interest-free period. We advise you to look for debt consolidation loans that charge less expensive interest rates without interest-free time frames if you need more than a year to pay off your debt. After establishing how long your debt will need to pay, we advise you to compare balance transfers with their effective interest rate (EIR).