Where is it worth consolidating consumer loans?

Where is it worth consolidating consumer loans?

The repayment of several consumer loans can be a big challenge for the household budget. People who can't handle it should consider consolidating commitments.

Grants a loan for repayment of previous debt.

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As part of this procedure, the bank grants a loan for repayment of previous debt. A new liability is usually characterized by a longer repayment period.

As a result, the customer can pay one installment lower. Unfortunately, this solution results in an increase in the total consolidation costs. In the case of leading banks, their amount can be very different. Therefore, people interested in combining several consumer loans should carefully analyze all offers ...

Fine Bank and Capital lender charge low consolidation costs

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Information on the consolidation offer of Instant Care Banks is provided in the table below. It presents the estimated costs of merging liabilities with a total amount of USD 20,000. The repayment period of the consolidated debt is 5 years.

The following list includes offers from ten domestic banks. None of them require in-kind collateral from persons who consolidate consumer loans. Customers of the nine institutions included do not have to buy additional policies.

After analyzing the costs of the sample consolidation, it can be found that the loans offered by Fine Bank and Capital lender are particularly attractive. For these products, the monthly installment does not exceed USD 450 (see the table below).

It is worth mentioning that the current credit terms at Fine Bank and Capital lender are part of the temporary promotion.

Comparison of cash costs of consolidation loans

Comparison of cash costs of consolidation loans

The largest domestic banks: comparison of cash costs of consolidation loans

name of the bank     Interest Preparation commission Estimated amount of installments including commission and insurance   (USD 20,000, repayment period is 60 months, without property security) * Estimated cost of consolidation   (USD 20,000, repayment period is 60 months, without property security) * Additional remarks
Fine Bank from 10.10% to 16.00% 5.00% 478 USD 8680 USD Loan up to USD 150,000. Loan period up to 120 months. The bank does not require additional collateral or guarantees.
Spin Lender from 9.99% to 15.99% from 2.00% to 5.00% 499 USD 9940 USD Loan up to USD 150,000. Loan period up to 150 months. The customer must purchase accident insurance (monthly cost is USD 28) or provide two sureties from natural persons. The cost of this policy was included in the comparison.
Capital lender from 7.99% to 16.00% 0.00% to 8.00% 501 USD USD 10,060 Loan up to USD 120,000 Loan period up to 72 months.   Persons with ROR at the bank can count on the return of 3.00% of the installment throughout the loan period (the condition is regular payments to the account - at least USD 500 / month). The promotion is valid until October 18 this year. Basic policy option The Life package is compulsory. Its cost was included in the comparison (calculations for a borrower aged 18 to 45).
Agree Bank 11.99% (as part of a temporary promotion) 0.00% (as part of a temporary promotion) 445 USD 6700 USD Loan up to USD 150,000. Loan period up to 84 months.   Persons consolidating the amount from USD 20,000 to USD 150,000 benefit from promotional terms (interest rate: 11.99%, commission 0%). They were included in the comparison. The promotion lasts until the end of October this year
Binary Lender from 9.70% to 16.00% 0.00% to 5.99% 465 USD USD 7,900 Loan amount up to USD 100,000. Loan period up to 96 months. The package includes free insurance against job loss or disability. The customer may receive an additional USD 1,000 for consumption purposes. The bank guarantees a 5% reduction in the new installment. The borrower's minimum income is USD 550 net.
Across Lender from 7.80% to 16.00% 0.00% to 5.00% 465 USD USD 7,900 Loan up to USD 200,000 Loan period up to 120 months. The customer may receive additional cash for consumption. The bank charges USD 10 / month for servicing a loan (the fee is included in the comparison). For people performing so-called liberal professions the bank provides for preferential credit terms.
Lite Lender from 11.99% to 15.99% 0,00% 465 USD USD 7,900 Loan up to USD 144,660. Loan period up to 84 months. The purchase of an optional policy results in a reduction of the interest rate by 2.00 percentage points. A person who transfers their salary to the bank can count on an additional reduction (of 1.00 percentage point). The bank may consolidate up to 8 different credit obligations.
Best Bank 13.99% (as part of a temporary promotion) 0.00% (as part of a temporary promotion) 465 USD USD 7,900 Loan amount up to USD 150,000. The promotional preparation commission rate (0.00%) is valid until December 31 this year. For regular bank customers there is a longer repayment period (72 months instead of 60 months) and a higher limit after A loan paid without the consent of your spouse (USD 10,000). A regular customer of Bank Best Bank is a person who: has been regularly providing Euroconto in the last 6 months or has had Euroconto longer than 30 days and has been regularly providing it from the first month (applies to which use ROR for less than 6 months)
Capital lender 11.99% (as part of a temporary promotion) 0.00% (as part of a temporary promotion) 445 USD 6700 USD Promotional interest rates (11.99%) and commissions (0.00%) are valid until December 31 this year and apply to loans of more than USD 15,000. Loan up to USD 150,000. Loan period up to 120 months. The bank does not require additional collateral or guarantees.
Instant Care Bank from 13.90% to 15.90% 5.00% 498 USD 9880 USD Loan up to USD 150,000. Loan period up to 96 months The purchase of an insurance policy results in a reduction of the preparation commission to 0.00%.

* - values ​​calculated for interest and commission levels, which are available to all customers (in the case of ranges average rates were adopted)

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