Banks offer a lot of proposals with consolidation loans. However, before we obtain such a loan, we will first have to meet several conditions, which may include, for example, presenting an income certificate, no negative entries in the KRD or demonstrating creditworthiness. see for more notes See for a summary

If we have any debts, we should not resign from applying for consolidation in the bank, because each case is considered individually.

Consolidation loans for those in debt in banks

In which bank is it best to apply for a debt consolidation loan? Below we have prepared a special list in which you will find the best offers with this loan that are currently available on the market.

If you have high creditworthiness, you should consider obtaining a cash loan, for which you can easily repay several short-term or installment loans.

Do loan companies consolidate their debts?

One should know that in some loan companies we can consolidate our liabilities, i.e. payday loans which we have contracted in several other non-bank institutions.

When applying for a consolidation loan, we will not have to meet many requirements, all we have to do is ensure the lender that we pay regularly and provide information on our debts. The whole process is really simple and most importantly, it doesn’t require a lot of time!

If you decide to consolidate financial liabilities through a loan, then it is worth analyzing several offers on the Internet. We also encourage you to check our table, in which we presented some interesting proposals!

A loan company Take a loan Amount Repayment Period APRC
Money Time Take a loan up to $ 60,000 up to 60 months 14.69 percent
Micro Cash Take a loan up to $ 50,000 up to 60 months 56.72 percent
Fast Credit Take a loan up to $ 25,000 up to 48 months 90.21 percent
Best Lender Take a loan up to $ 20,000 up to 60 months 18.86 percent

If we do not need a large amount to pay off smaller liabilities, we can always take out an installment loan. It is worth remembering!

What are the characteristics of debt consolidation loans?

Simply put, debt consolidation loans are a type of financial product that makes it possible to settle several financial liabilities to various institutions, such as loan companies or banks. By choosing this solution we will not only get rid of overdue loans or credit cards but also avoid getting rid of any savings or even more serious problems, which may include, e.g. bailiff enforcement.

At this point, we also want to briefly explain what consolidation is. One should know that it is nothing more than a combination of several liabilities and their conversion into a single loan by a bank, which will then settle all our arrears with creditors and take over our debt. For this reason, an agreement will be prepared in which you need to pay special attention to the additional fees associated with this service and the designated loan installments schedule.

Conditions for obtaining a debt consolidation loan

Everyone who plans to take a consolidation loan for those in debt should be aware that during the application process for this service they will have to meet all the conditions imposed by the bank. What requirements do you have to face? Below are a few of them, be sure to read and find out if you will be able to take advantage of consolidation!

The basic conditions to be met when applying for a consolidation loan include:

  • presenting income or employment certificate,
  • having sufficient creditworthiness,
  • no negative entries in the National Register of Debtors,

It is worth knowing that in a situation where we do not have very good creditworthiness, then we should not be worried that we will not obtain a consolidation loan. Why? In this case, the bank will expect additional security, e.g. in the form of real estate.

Debt consolidation loan – summary

This type of loan really brings many benefits that will allow us to quickly get out of the financial disadvantage and avoid overburdening the household budget and savings. What can be counted among the advantages of this banking product? These certainly include:

  • combining all liabilities into one – thanks to which we minimize costs that should be settled in case of each individual arrears and get rid of the chaos associated with the repayment of other financial products.
  • lower loan installments – you have to know that for this product the time it takes to pay is longer, which has a huge impact on lowering installments.
  • additional money – in most banks, apart from the consolidation loan, we will also be able to apply for additional funds for any purpose. This option usually involves a lower interest rate than standard loans.

Although the consolidation loan has many advantages, one should also mention its negative aspects. In principle, they only include the issue of the fact that the amount of debt increases with consolidation, and ultimately we need to settle more money than for individual liabilities.

Previous post Cancel a credit card: easy, simple and fast