Filing a credit consolidation application allows you to:
- significantly reduce your monthly expenses
- get out of over-indebtedness
- benefit from a lower overall annual percentage rate
- clear cash for new projects
- manage your budget with greater ease
As for the disadvantages of the loan consolidation application, they are few in number. In reality, the only shadow on the board is the increase in the amount you owe. The credit consolidation allows you to stagger repayments over a longer period.
When the costs are charged, the credit allocated is more expensive than the balance due on the initial appropriations. However, we must not lose sight of the fact that your charges are reduced considerably, which ensures you an optimal serenity.
How to consolidate all loans into one?
The grouping is mainly interesting if you have two or more loans in progress. The goal is loan relief by consolidating loans at a better rate via consolidationnow.com homepage. Note that the redemption may include a mortgage, auto loan, mortgage, overdrafts on your credit cards and more.
A bank advisor will help you assess your situation to determine if buyout is the best option or if you can relieve yourself of your difficulties in some other way.
You should also know that it is possible to restructure a single loan, whether it is a mortgage or not. In this case, the objective is to renegotiate the rate and / or request that the repayment period be extended. Monthly payments are reduced and you do not risk being stuck in the Bank for failure to pay.
Simulate and compare options
Online simulation is simple and free. Calculate the outstanding balance on your current loans and define the new term you would like to pay. You get an overview of your future monthly payment.
For more details, it is advisable to compare several bids. Pay attention to rates and monthly payments. Also inquire about ancillary costs (constitution of file, insurance, penalties …).
If the new contract is offered under the same conditions as the old one, the redemption is not interesting. If you manage to save money, the offer deserves your attention.
Be careful about the details when you get started in the simulation credit consolidation Belgium. The same goes for the comparison which should be fleshed out by personalized advice that will help you make your decision.