Loan for debt consolidation: Who reads statistics on the debt of the inhabitants, will repeatedly come across that many Germans are overindebted. This is mainly because today it is fast and easy to apply for a loan.
In particular, the tempting zero-percent financing helps many customers finance many things by installment purchase.
Although these offers are also quite sensible, but at some point often comes the point that you as a customer no longer has an overview of his current financing. The monthly installments are only deducted from the checking account, without knowing what the installment is actually paid for. If this is the case, it is high time to make a loan consolidation. All loans are pooled here and in the future only one credit installment will be repaid to a lender. This type of financing helps to give customers a better overview of their finances while also saving high monthly costs .
Loan consolidation – why now?
The low interest rate on the financial market continues unabated and makes loans almost accessible to everyone on very favorable terms. This makes debt consolidation an obvious way to save large amounts of money.
What is a Loan consolidation?
The principle of consolidation is quite simple: the idea is that various current loans are combined and put into a single, new loan for debt restructuring. This is then paid monthly and on his own terms.
The advantages are , in addition to the obviously much better overview, that here often better and cheaper terms can be offered – a single loan is almost always cheaper than several loans that cause different costs.
Before a loan consolidation, the transfer fees must be requested
Often, as a customer, one no longer knows what the actual amount of the financing was, let alone how much of the sum of the financing has to be repaid at all. If a consolidation of the entire liabilities is to be made, a transfer fee of the individual loans should be requested first. For this, a request must be made to the different lenders. Afterwards, the customer usually has four weeks to pay the total amount by notifying the transfer fee.
Summarize monthly loan installments and save money
Anyone who has to pay installment obligations to different lenders always pays more in total than a loan from a single lender. This is because every small loan must pay interest, which can be saved if it is just a total loan . If the transfer fees of all loans exist, a loan request can be made on the complete debt with a lender. If this loan is promised for consolidation, you realize as a customer quickly that the single rate is significantly lower than the payment of different loan rates.
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Easy handling when consolidation
Many customers are reluctant to undertake a loan consolidation because they are afraid of a high administrative burden. This is not the case. If you opt for a loan consolidation with the help of a single lender, then this takes over all repayments to the existing lenders. For this to be done, only the account data of the existing loans must be specified. With payment of the new loan, the latter then transfers the required sums to the old lenders. Also, the new lender will make sure that the old loans are stored in the Schufa as done , so the score score of the customer will improve quickly.
Save costs and sleep peacefully again
Anyone who knows exactly this monthly financial situation, should not wait any longer, but respond and take a debt restructuring in attack. The easy and hassle-free implementation will be amazing and the monthly financial leeway created with a consolidation leaves many the water no longer up to his neck. Perhaps it can even be achieved with the financial buffer to achieve a capital increase, so that future purchases can be financed with a saved credit. A debt consolidation can work wonders and should therefore be used by anyone who has to pay at least three credits a month.