What is debt consolidation?

It could happen that you find yourself with more loans to be repaid in the same period or to add other loans to your home loan commitment to cover sudden expenses. This can cause some organizational and obviously economic problems. A debt consolidation operation in some cases can help you get out of the impasse.

Debt Consolidation

Debt Consolidation

We are talking about debt consolidation when, having more loans open also with different credit institutions, we choose to compact them in a single installment by actually opening a new loan that unites all the remaining debt. The objective of the operation is twofold. On the one hand, simplifying payments , having to pay a single monthly payment to a single intermediary, and on the other renegotiating the financing on more favorable terms both in terms of timing and rates applied.

If the amount to be paid each month by adding up the various debts makes it difficult to balance the family budget, a consolidated debt could be repaid over longer times by lowering the total represented by the new installment. Obviously expanding the time could increase the total interest to be paid, but this also depends on how affordable the new loan is compared to the market average. It remains a useful solution if the sum of the installments of previous loans is too high with respect to income and puts them at risk of insolvency.

Get a debt consolidation loan

Get a debt consolidation loan

In this regard it is right to remember that to get a debt consolidation loan it is important to have a credit history without blemishes , to have always paid regularly the installments of the activated loans and therefore not to be detected by the new loan as a bad payer, an element that drastically reduces the possibilities to see the request accepted. Bad payers could overcome this obstacle only by having a permanent income from employment or a pension , two guarantees that pave the way for debt consolidation through the sale of the fifth.

Debt consolidation solutions are proposed by banks and specialized financial companies on terms that depend on the individual offers, which should therefore be carefully compared to check the feasibility and find the best one.

Loans 5000 euros Debt consolidation

Loans 5000 euros Debt consolidation

Financial: Sumple Loan
Product: Personal Loan
TAN Fixed: 4.25%
APR: 4.44%
Loan duration: 60 months
Amount Financed: € 5,000
Total due: € 5,558

Monthly installment € 92 , 64 Feasibility check 

Financial: Ultranix
Product: Personal Loan
TAN Fixed: 4.91%
APR: 6.56%
Loan duration: 60 months
Amount Financed: € 5.146
Total due: € 5.848

Monthly installment € 95 , 07 Feasibility check 

Financial: Bankate
Product: Personal Loan
TAN Fixed: 6.25%
APR: 6.64%
Loan duration: 60 months
Amount Financed: € 5,000
Total due: € 5.859

Monthly installment € 97 , 25 Feasibility check 

Financial: Creditstair
Product: Personal Loan
TAN Fixed: 4.25%
APR: 6.51%
Loan duration: 60 months
Amount Financed: € 5,258
Total due: € 5.845

Monthly installment € 97 , 41 Feasibility check 

Financial: With Us Loan
Product: Personal Loan ConTe
TAN Fixed: 4.25%
APR: 6.55%
Loan duration: 60 months
Amount Financed: € 5.263
Total due: € 5.851

Monthly rate € 97 , 51 Feasibility check 

Financial: Astro Finance
Product: “Your Projects” Credit
TAN Fixed: 7.65%
APR: 7.92%
Loan duration: 60 months
Amount Financed: € 5,000
Total due: € 6.033

Monthly rate € 100 , 55 Feasibility check 

Financial: Cleopar
Product: Cleopar
TAN Fixed: 9.90%
APR: 11.41%
Loan duration: 60 months
Amount Financed: € 5,050
Total due: € 6,498

Monthly installment € 107 , 05 Feasibility check. The tables give an example of the structure of the site. For all the comparative offers click on the go button and get all the information you need to evaluate the proposal that suits your needs

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