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Banks Consolidation Loans – Find the Best Loan in the Bank Quickly

Banks consolidation loans to consolidate bank debt, resulting from having several bank loans and loans. 

Benefits that you can get using a consolidation loan:

  • First, convenience – you do not have to remember many dates each month, to pay off many liabilities.
  • You save your time and money because you pay back at one date, one bank and one loan installment.
  • You will increase and improve your creditworthiness – that’s why you can often borrow extra cash as part of your consolidation loan.
  • Repayment is spread over a longer period, so you pay a smaller installment.
  • The interest rate is usually lower than with cash loans, and depending on the amount of credit consolidation, a loan without collateral and guarantors and without the consent of the spouse is possible.

Banks consolidation loans review proposals

Banks consolidation loans review proposals

Consolidation is the repayment of loans and credits in other banks with a new loan. Commitments that can be transferred and combine loans and borrowings:

  • cash,
  • consumer goods and services,
  • Auto,
  • mortgages (housing loans),
  • consolidation
  • debt in credit cards and limits in bank accounts.

Opinions on consolidation loans may vary. From those full of admiration to very negative ones. However, the most important is the cost of such a loan.

An example of a consolidation loan in a bank

Representative example on February 10, 2019.

Actual Annual Interest Rate (APR): 14.76%.
Consolidation loan € 50000 (without credited costs).
Loan period: 4 years and 4 months.
The total amount to be paid: € 66 806.79.
Nominal interest rate: 7.00%.

What affects the cost of such a loan? Commission or interest?

The total cost of the loan : € 16,806.79 (includes: commission for granting the loan: € 2,298.85 (4.00%), life insurance € 5 172.41, interest: € 9,335.53).

Number of installments: 52 monthly installments equal to € 1 284.75.

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