Consolidation of payday loans -I need to consolidate my payday loans
I need to consolidate my payday loans
A consolidation loan and an overview of loan proposals. Problems with regulating bank debt? You still pay dearly every month for loan installments, but unfortunately they are too big and have a home budget? Consider a consolidation loan!
All you need to do is read only the latest offer of banks and consolidation loans. You can contact the selected bank online, by filling out a short contact form. Then all you have to do is wait for a call from a bank representative.
Consolidation loans allow you to consolidate bank debt, usually these are loans and cash loans.
Consolidation loan Review of banks
What is it about? In a nutshell, it may look like this. We are currently repaying 3 credits: cash loan € 15,000 4 years, cash loan € 10,000 4 years and credit card € 3,000.
The total amount of debt is therefore 28 thousand. What is needed is a consolidation loan of 28,000.(possibly a higher loan amount – we will receive additional cash as part of consolidation).
On the basis of the documents received, the bank repays our loans. We have only one loan in the bank at the time. In addition, if the loan period is extended (in this case it would be even for 4-5 years), the loan installment will be smaller than the sum of the loan installments that we paid before consolidation.
Details regarding the loan and accurate credit calculations, including products that can be consolidated, will be found in the bank. A personal visit to the bank is not necessary. Just fill out and send online a short contact form. A representative of the bank will contact us by phone.
Remember the cons of consolidation loans
The basic downside to consolidation is, of course, that in general, such a loan is more expensive. This is due, among other things, to the fact that additional costs are associated with the new loan: commission, interest and possible additional costs, such as insurance.
Interest will be greater because we extend the loan period to reduce loan installments.
Sometimes, however, there is no other option but to consolidate loans and credits to regain financial liquidity. The worst solution is to stop paying credit installments. This can only lead to even more financial problems.
To minimize credit costs, compare several banks (even 2-3) and choose the one that will offer the lowest total costs. When comparing credit offers, we can also pay attention to the APRC of the loan – it is the total cost of the loan in annualized terms.