Consolidation loans 2019 in banks, i.e. a quick review of loan proposals for consolidation of debt. In which bank are the best consolidation loans in 2019?
In the case of consolidation of bank debt, it is worth considering when the current financial burden in banks, and to put it accurately: the sum of loan installments, is too heavy a burden for your household budget.
The consolidation loan allows repayment of current loans and cash loans, installments, car loans and credit cards as well as debts in a bank account. Instead of several monthly installments, you only have one loan installment in one bank.
Where for such a consolidation loan? You can read the bank’s proposals below.
Consolidation loans 2019 comparison of banks
The most sought-after consolidation loan is a cash consolidation loan. Banks usually do not require additional collateral, and its amount may amount to as much as PLN 200,000.
The second type of consolidation loans is a mortgage consolidation loan, if a mortgage loan is also included among the consolidated loans. The collateral is real estate and it is lower interest-bearing than the consolidation cash loan.
How does such a credit consolidation work? For example, we have 3 repayable loans : PLN 35,000 (five years to pay back) and two cash loans for PLN 12,000 (three years) and PLN 6,000 (two years). The total value of debt is 53 thousand. zł. We take a consolidation loan of PLN 53 thousand in the bank. zł. With this loan the bank repays our liabilities and the loan period is 6 years. In this way, we have only one loan, and the loan installment is less than the sum of the loan installments before consolidation.
Consolidation of loans
It should be realized that the consolidation loan is in most cases more expensive than if it were to pay off separate liabilities. It is not just a commission on a new loan, but also additional fees, such as insurance. Of course, do not forget about interest.
A significant reduction in loan installments is possible by extending the loan period, which is already associated with the payment of larger interest on the borrowed capital.
Sometimes, however, credit consolidation is the only solution to regain financial liquidity.