You have taken a few loans and you have a problem with their repayments? Take a consolidation loan for repayment and gain financial stability.” Thanks to this solution, your payday will merge into one and the installments of the new commitment will be smaller. If you are looking for a way to restructure your liabilities, reach for a consolidation loan. Collecting debt into one will help you regain financial stability. The installments of the new commitment will be smaller and the repayment period will be extended. However, can you consolidate non-bank loans?
Consolidation of debt – what is it and who should it serve?
Debt consolidation is one of the ways to restructure debts. It involves combining several financial obligations into one, the installments of which will be smaller. As a result of consolidation, the repayment time of our loan will be longer, which will be more advantageous for us. Unfortunately, it should be borne in mind that changing the terms of a cash payment results in a new liability. It is thanks to him that the arrears of previous loans are matched.
Can we consolidate loans from non-bank institutions?
Although the non-bank loan is a great alternative to private loans , and the range of companies providing financial services is very rich, it is difficult to find a consolidation loan in it. However, it is not worth breaking your hands because there are a lot of installment loans on the financial market. They can perform functions similar to consolidation loans. Thanks to them, we will easily control our obligations.
When choosing an installment loan, we ourselves decide on the amount of installments and the loan period. This will allow us to adjust the debt to our abilities and, above all, pay back the benefits that apply on our shoulders. The monthly installment of a new debt will be smaller than the total amount of previous loan installments.
Credit consolidation – how to combine banking obligations?
Consolidation of debts looks much better on the banks. These institutions offer a consolidation loan that combines all liabilities into one. It is worth bearing in mind, however, that not every bank will come out with the offer of combining debt. A lot of them provide such a service, but this is done on the basis of cooperation with BIK . An additional cash benefit may not be granted if our credit history is unfavorable.
We can pay off traditional bank loans and debit cards on a consolidation loan, but when we want to consolidate non-bank loans, a problem may arise. Banks are reluctant to pay such liabilities. It is worth remembering that the liability should be consolidated before there are recorded delays in debt repayment. If we do not do it, ordinary online loans will not help us, the only solution will be a loan pledged (pledging a property or a car) or with a guarantor (a loan must be guaranteed by a third party who will repay us in the event of any problems on our side).
We distinguish a consolidation loan:
- mortgage – is granted for a longer period. Higher amounts guarantee a lower interest rate. Security in the form of a mortgage or guarantor is necessary;
- cash – granted for a short period with a less favorable interest rate. It does not require security.
Compensation for loan consolidation – when can we get it?
If the financial problems have caused you to make some up-to-date loans, you have probably put their consolidation in mind. Even if you managed to pay off your debt on time thanks to the compression of liabilities, you can apply for compensation for consolidation. It benefits all those who, being in a fiat situation, have benefited from the bank’s consolidation offer, which is unfavorable and which has to extort money from us.
We can apply for compensation for loan consolidation even long after paying off the liability. We do not need to have documents confirming the establishment of a transaction with the company, all we need to do is remember in which bank we took the loan. The entire process of applying for considerable money (up to PLN 3,000) consists in transferring the rights to the claim of the law firm. Thanks to this, she gains access to all copies of banking documents with our name and will solve the matter very quickly. Compensation will be given in 3 days.