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Debt consolidation finance is a liability that is intended to pay off current liabilities, such as cash loans or credit cards. This commitment enables, inter alia, covering the credit card limit or closing the account overdraft. The new bank pays all debtor’s previous liabilities and turns them into one clear installment. On one hand, credit consolidation provides many benefits to the client, while on the other it involves various restrictions. The timely decision to take a consolidation loan can save the consumer from debt repayment difficulties, which often ruin the household budget.
The installment of a consolidation loan is often lower than the sum of payments of earlier liabilities. This situation is possible due to the extension of financing time. Therefore, it is a beneficial solution for people with cash flow problems. however, it should be remembered that extending the repayment period of the liability increases its total cost.
Choosing the best offer
If we have decided to take a consolidation loan and combine all liabilities into one, it is worth comparing all offers available on the market and choosing the best option for you. In this case, the rankings and comparison websites available on the Internet make it much easier to make the first selection. The next step is to submit applications to selected banks and await proposals from them. When analyzing the offers received, it is worth paying attention to several details, such as:
- installment amount of a new loan (if a longer repayment period has been proposed, it should be lower than the sum of existing cash charges),
- total amount to be repaid (banks usually charge an additional commission),
- loan repayment period after consolidation – (banking institutions may set a maximum loan repayment period. Most often it is given in months),
- loan collateral (the collateral value affects the attractiveness of the offer),
- APRC (Actual Annual Interest Rate
Can any liability be consolidated?
Until recently, not every liability that the debtor had could be consolidated. The consolidation loans related only to debts incurred in other banks. Currently, it is also possible to combine preferential loans or loans from parabanks. Therefore, we can take advantage of the offer of consolidation of payday loans with a bank loan, which until recently was out of the question. The assessment of creditworthiness is created based on all the debtor’s obligations.