Consolidation loan is the first loan consolidation site. With Prêtdeconsolidation.com, consolidate and combine all your debts on a single financing and a single monthly repayment.
A consolidation loan is intended to relieve financial pressure from several creditors with multiple debts. This consolidation allows the borrower to repay all his debts and to deal with only one lender.
This consolidation loan will effectively consolidate different loans with different maturities and different interest rates in one-time funding that can be of longer duration, and may have an average interest rate more interesting.
Debt consolidation is of great financial benefit: this loan debts grouping will offer a lower interest rate than that required by creditors; especially when it comes to compare the interest rates of credit cards or store card financing.
What types of debt can be consolidated?
All debts contracted may be the consolidation subject (consumer loans, credit cards), except for mortgages.
Debt consolidation and score:
To get a consolidation loan, the borrower will have on the basis of the investigation for a positive credit rating. The borrower will also have to prove that it will be able to repay the new loan. Another condition is that you do not exceed a debt ratio of over 40%.
Consolidation Loan: Pros and Cons
Advantages:
- simplifying the management of debts,
- to save money by benefiting from lower interest rates,
- avoids insolvency
disadvantages:
- New file opening fees
- total debt remains the same as the old loans,
- is considered the loan of last resort, financial institutions will be intolerant of any delay in payment.
The consolidation loan can take advantage of better conditions (maturities and interest rates), when the borrower puts up collateral either if he owns his property, his car, etc .. This consolidation mortgage is to consolidate all the debts into one that will guarantee the value of the apartment or house. This is a new loan that includes various high credit and the mortgage balance.