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Real debt consolidation is a combination of all debtor’s obligations into one loan. Very often it is an operation that is really able to save the family budget and prevent many troubles. You can consolidate various types of loans, e.g. cash, car, installment, current accounts or credit cards, as well as payday loans. As with any loan, the debtor’s credit history and reliability of repayment of future installments are important when consolidating.
A consolidation loan is the same as any other loan. That is why we are looking for it on the market of bank offers in the way we were previously looking for a current loan. We need to look for a bank that agrees to grant a loan, sets an installment lower than the sum of monthly debts to date, and uses the optimal loan period. It should be remembered that this type of loan is really based on one basic foundation – an extension of the repayment period. Thanks to this, the monthly charge amount is automatically reduced, but the repayment time and, of course, the cost of the loan is extended. However, this method of paying off your debts, regardless of the cost, allows you to stay afloat and reduce losses. For many people, this is the only way not to lose their home and all their belongings.
What to look for when choosing a consolidation loan?
When analyzing all found bank proposals and searching for the optimal solution for yourself, you should pay attention to several factors:
- the amount of the monthly installment after the consolidation of loans should be lower than the sum of the previous charges, especially if the debtor has been offered a longer loan period compared to previous ones,
- the total amount to be repaid, the bank in exchange for the consolidation service may require payment of an additional commission, the amount of which is not included in the monthly repayment value, but affects the total cost of the loan,
- repayment period after consolidation, the longer the loan repayment period, the lower the monthly installment amount, but the higher the total loan amount. Depending on our financial situation, we should choose a convenient option. If we cannot afford to pay the installments in the current amount, we will choose the longest loan period and the lowest installment possible. If we can afford to pay off all loans separately, and our goal is to organize finances and harmonize repayment terms, then we can safely choose a short loan period, even with a higher installment than before,
- APRC, i.e. the Real Annual Interest Rate, although this indicator does not always include all the costs of credit, it is the best reference to the initial classification and verification of profitability when choosing the optimal offer,
- collateral required, if the debtor has valuable collateral, he can expect more attractive loan terms.
A consolidation loan is a solution worth applying for at the earliest possible stage of payment gridlock.