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When paying off many payday loans, it can be difficult to keep your finances in check, especially when withdrawals are barely enough to cover all expenses. Is it possible to reduce the number of repaid installments, e.g. by combining them into one? Yes! The solution is a consolidation loan at https://consolidationnow.com/ website.
What are the benefits of such a solution? First of all, it allows you to reduce the cost of monthly installments . This is possible due to the extension of the repayment period and good conditions in the new bank.
This is a loan that allows you to avoid the so-called “Credit spiral” – if it is contracted at the right time. It consists in the fact that we transfer all liabilities from various sources to one bank and combine them into one loan.
It is worth remembering that after consolidation of liabilities the total repayment amount will increase – due to the extension of the repayment period. The monthly installment will be lower, but the total amount will be higher.
What kind of debts can I get rid of?
Thanks to consolidation it is also possible to get rid of debts such as:
- debts on your credit card,
- overdraft on a personal account,
- bank loans and advances,
- other liabilities that are not installments.
Usually, we can count on attractive offers of consolidation loans , primarily because the bank takes over old liabilities that it pays off on behalf of the client.
Repayment of many loans and credits is associated with great stress and the need to remember to pay each installment within a specified period . The consolidation loan makes it much easier.
How to choose the best consolidation loan?
When choosing the cheapest consolidation loan , pay special attention to credit costs and compare the actual annual loan rate (APRC). Thanks to this indicator, it is possible to determine the commission, bank’s margin or other applicable fees. Interestingly, the APRC also depends on the borrower’s creditworthiness.
When deciding to take a consolidation loan, it’s also worth paying attention to the way you apply for a loan . Of course, the most convenient are the offers that you can apply for online. Then it is possible to get money much faster.