A consolidation loan
The phrase ” Consolidation Loan ” entered by interested persons in popular Internet search engines is thousands of such queries per day. Customers interested in consolidating their loans are looking for the best way to combine all installments into one. It is not easy to choose the right offer from a huge number of credit bureaus, banks, credit intermediation platforms. See http://www.robobeasts.com/i-need-a-debt-consolidation-loan-now-check-out-debt-and-consolidation/ of critique.
When creating the entry, we also looked at the interest in the Consolidation Loan over the last year in Poland, the Google Trends tool has helped us. Peak popularity of consolidation loans was recorded at the turn of March and April. Usually in this part of the year offices serve the largest number of clients. The least interest in the Loans and the consolidation loan we were discussing occurred, which is understandable in the second half of December. The Christmas and New Year period is not conducive to financial planning and thinking about consolidating our commitments. It is interesting that over the past year, the inhabitants of the Lower Silesian Voivodship showed the greatest interest in consolidation loans. The smallest level of interest in this form of credit was recorded in the Małopolskie voivodship.
Many years spent helping indebted people have allowed us to strengthen our belief that knowledge about consolidation loans and what they are is not the greatest. Therefore, simply and clearly we will try to explain what is a consolidation loan.
Important information – Credit Consolidation
The concept of credit bank consolidation we are discussing seems to be a simple financial product. This is nothing more than colloquially speaking, putting all our financial obligations in one sack. Cash loans taken a few years ago, installment loan for a television set, car leasing, a large credit card which we no longer need. We can add popular payday loans or installment loans to this calculation. Such a wide range of products is subject to consolidation. Some people also want to consolidate non-bank or private liabilities (family debt). Although such liabilities are not visible in the BIK (Credit Information Bureau Report, which receives information about the amount of our liabilities), a competent credit broker is able to obtain additional cash for their repayment.
Due to the long repayment period of the consolidation loan and the relatively low interest rate, customers get a significant reduction in their monthly installment. Instead of paying several different installments, the customer has one convenient to repay, which prevents his problems in the future. Instead of the entire portfolio of documents with contracts, repayment schedules, customers leave with one contract payable to the specified account number. Consolidation turns out to be a considerable time saver.
How is the consolidation process going?
Stage 1. A loan broker or credit counselor diagnoses the problem. They accurately calculate the current installment on all customer obligations. They diagnose customer needs, whether it should be a smaller installment or choosing free cash, maybe both at the same time.
Stage 2. The above-mentioned specialists in the field of cash loans present the client with a preliminary offer, inform about the installment amount, repayment period, an example of APRC loan. The customer usually chooses the longest possible repayment period, suggesting a lower installment. However, it should be remembered that the longer the repayment period, the longer the bank earns on the loan interest rate, determined on an annual basis.
Stage 3. If the customer accepts the proposals, an official offer is generated, several documents and invoice numbers are provided to close each client’s obligations. Short analysis and loan launch.
Stage 4. The stage practiced by recommended credit brokers like Scaramouche. After paying out the loan, the broker will not leave the client and will ensure that all consolidated liabilities are closed. It happens that on some closed loans there will be an underpayment of several zlotys or an overpayment which the bank should return to us. Closing obligations also always give the customer reimbursement of additional fees for early repayment of the loan. The advisor’s role is to make sure of it.
Can you consolidate a consolidation loan?
The question sounds like butter butter, but it’s quite reasonable. Not all banks agree to a consolidation loan that would pay back already done
. For a proven credit broker this is not a problem because he knows the offers of banks, he knows which are able to help. The service is quite often practiced. People looking for a consolidation loan sometimes unfortunately go to expensive banks that charge large commissions and insurance. Such a loan can be replaced by a cheaper one.
What after consolidation?
As in the aforementioned stage 4. It is important to ensure that the obligations are closed, so that unpleasantness does not drag on behind the client. There are people who obtained a consolidation loan 3-4 years ago and until today their liabilities have not been closed due to a few pennies underpayment. It is worth taking care of such details.