The consolidation loan can be compared to the popular puzzle jigsaw. Each element is a kind of debt, although it is incurred in various institutions and they match each other. They form one whole or in fact one financial obligation. Such a merger of individual credits and loans has many advantages that support debtors.
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One installment per month
The basic Help! of payday loan consolidation is the ability to regulate only one installment per month. This is due to the fact that we are signing a new loan agreement with the bank, which also has different loan terms. Because it is only one financial obligation, we are obliged to pay only one installment. It creates a kind of order in our home budget. We only determine when the installment is to be taken from our account – at the beginning, in the middle part or at the end of the month.
Consolidation with additional cash
People interested in debt consolidation also have the opportunity to apply for additional funds that can be used for any purpose. Cash is granted along with the loan and included in its costs. The amount of such an additional loan depends on the borrower’s creditworthiness.
Lower monthly installment
Because we pay only one installment instead of several resulting from the debts we have, it is lower than the sum of the installments we have settled so far. It is estimated that the installment can be reduced by up to 30-40%. It is mainly dependent on the selected repayment date and what kind of liabilities we will consolidate.
The contract is signed at any bank.
A great simplification for borrowers is the fact that they can take out a consolidation loan at any bank offering such financial liabilities. It does not have to be an institution where you are currently paying off a loan or a loan, or have an open account. They can choose from various bank offers. In many cases, it is also not necessary to create an account, all you need to do is collect the necessary documents.
Short waiting period
Information about obtaining a consolidation loan is received very quickly by the customer. The initial decision is usually made after the first interview with the interested parties. The final one announced the next day from the moment of submitting the necessary documents. What’s more, you can also apply for a consolidation loan online, which further shortens the application process.