Advantages of debt consolidation
Imagine a situation in which we are debtors in several banks. We currently have a loan for a car, an apartment and a cash loan to organize a wedding reception. We have chosen a few banks to receive the best offers, but on the other hand, it involves the repayment of several liabilities at the same time. We must, therefore, pay our debts in the form of installments paid three times a month. If, by the way, we do not have an open account in any of these banks, there may be a problem of omitting the repayment of one of the installments. Any delay or failure to settle a liability falling in a given month may lead to a negative entry in the Credit Information Bureau. How much easier would it be if we could pay only one installment instead of the three and in addition less than the sum of installments resulting from the financial obligations mentioned?
Many loan and loan installments are a problem with their repayment.
A debt consolidation loan at ConsolidationNow gives you the opportunity to combine our debts and thus the installments paid into one financial commitment. Thanks to this solution, we no longer have to worry that we will forget about settling any of our obligations because now one month’s repayment is enough. In addition, the installment of the consolidation loan is lower than the sum of installments as we pay back to our debt. In some cases, when choosing the cheapest consolidation loan, this installment may be lower by up to 30%. What’s more, we also gain a longer loan period. In this way, our combined loans or loans are spread over a longer and more favorable time. Interested borrowers can take advantage of the offer of any bank that offers debt consolidation and is not obliged to open a bank account in one or another branch to apply for a loan.
Advantages of a consolidation loan
- lower installment of the loan than the sum of installments resulting from many financial liabilities subject to consolidation
- the ability to choose any offer without having to set up a bank account
- extending the loan repayment period
- payment of one installment instead of a few within a month
It is worth adding, however, that before we decide to combine our financial obligations into one consolidation loan, we should consider our financial situation. Remember that our debts will not disappear, and their repayment period will be extended accordingly. Therefore, be able to settle the liability in the long run. Consolidation is big support for borrowers, but this does not mean that the bank will take responsibility for our loan as a result of this procedure. We must take into account the fact that every bank institution wants to earn on its clients, so in fact, although we pay a smaller installment, the costs will be woven into a loan so that we settle the total amount of debt and all the costs of servicing a given loan.