What is a consolidation loan? It is a consumer loan, cash, which is used to repay loans and bank loans. If you repay several loans, you can apply for such a loan. It will be used to repay them and instead of a few obligations, you will have only one in one bank. And most importantly, it is a good solution when the first difficulties with regulating term installments appear or the sum of loan installments is too high and we want to reduce it.
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How much can you take a consolidation loan? It depends on your creditworthiness. In practice, it may look like it is described below.
Your current liabilities total PLN 25,000. It is the total amount of debt resulting from two cash loans, installment loan and debt on the card and bank account. The total loan installment is PLN 1,100. By taking a consolidation loan, the bank repays your entire current debt based on the documents presented. At the same time, the new loan is granted for a longer period of time, so that the loan installment is smaller, for example, 700 PLN.
Cheap consolidation loan via the internet
Similarly as in the case of other consolidation loans, also in the case of loans over the internet, they should be compared in order to select the best offer.
It is best to do it according to the loan rrso or based on total costs. And whether you check a consolidation loan for 40,000. PLN 5,000 or PLN 5,000 And cheap consolidation loan you can search, because there are several attractive offers. And it is not necessary to compare 20 banks, because comparing only three offers, we will choose a cheaper offer.
The main plus of consolidation is the reduction of the loan installment and the fact that we have only one loan. The downside is that in general, it is… more expensive loan. To lower the amount of the installment you pay, you need to extend the loan period, and thus we pay more interest on the loan. An additional fee is a commission, any additional fees, and insurance. There may also be a fee for early repayment of consolidated loans and credits.