Leasing for a car, a loan for a kitchen, a mortgage for an apartment and the installment for a new couch. And every loan with another bank. Getting to know each other?
Have you lost track of all your loans? Don’t worry, there is a solution.
You are not alone. This is how most people set up their finances. But the truth is that the less you orient yourself in installments and various loans, the more nerves, time and money you lose. If you do not have an overview or patience, maybe it is time to consolidate loans or to repay.
Discover us and get payday advance consolidation
First, you need to make a little order in banking terminology. When consolidating payday advance through https://www.paydayloanhelpers.com/payday-loan-consolidation/, you combine multiple payday loans into one. But you can also come across the second option, which is refinancing the loan – the so-called loan. In doing so, you transfer one old obligation to a new bank, which will usually give you more favorable terms. Both will help you reduce your monthly expenses by up to several thousand crowns and save hundreds of crowns on bank charges.
Advantages of the loan
- lower monthly payment
- usually lower bank charges
- possibility to increase the loan and get more money
Advantages of loan consolidation
- Better repayment – instead of three or four loans you pay only one
- lower bank fees for keeping individual loans or completely free of charge
- lower transaction costs
- up to one-third lower monthly payment
- possibility to increase the loan and get more money (here, just be careful not to extend the loan so that despite lower fees, you will pay the same in the final)
You do not need any permission to consolidate the loan or loans. The new bank will do everything for you.
What about banks?
Do not worry if you want to consolidate the loan or loans, you do not need any permission from the old bank. You don’t even need to contact them yourself. All you have to do is inform the bank of your choice where you want to transfer your obligations and it will arrange everything for you.
All you need is an identity card, receipt, and bank statement. Prepare a contract for installment loans (for some non-banking companies a balance statement will be required), for revolving loans (automatically repeated), the last statement will suffice. The merge itself should be completed within a few hours to days, and in many banks, you will also manage everything online.
Most banks have this service for free but always ask for credit management fees. They can be free for hundreds of crowns a month.
Which loans can be merged?
And which commitments can be combined? In addition to classic loans, you can combine overdraft and credit card obligations into one loan, and some banks can also combine leasing. You can also consolidate 8 or more loans. Another limitation is the total amount of your commitments. Some banks combine debts up to a maximum of 600 thousand crowns, others up to one million and extend the deadline to ten years.
- All types of loans, such as a credit card
- installment purchase
- a non-purpose loan from a bank or non-banking company
- car loan
- building savings loan
- a loan with a guarantor or co-applicant
- any secured loan
Almost all banking houses in the Czech Republic offer loan consolidation.
And how to choose the right one?
Interested in interest rates, management fees, early repayment options, and various bonuses are also not to be missed. You can get a valuable gift or later reward for proper repayment.