Payday loan debt consolidation programs -What is payday loan consolidation?

What is payday loan consolidation and how to request it?

A payday loan consolidation is a form of financing which can be used when you have multiple payday loans-  hop over to this website. What are the requirements to request it?

All loans launched in the past and not yet concluded are repaid early and a new loan is signed, which has the function of merging all previous loans. The result is a single installment of a lower amount and therefore easier to support.

Debt consolidation: meaning 

It is quite common to find yourself having to repay several loans at the same time : every time the installment of the loan adds up the installments for the purchase of the car, those related to the revolving credit card, the purchase of appliances, the payment of expenses medical problems or holidays of the previous year.

Having to pay multiple installments every month with different amounts and deadlines can increase the risk of default. In the long run, the sum of the installments could be unsustainable: in such a situation it is good to consider the opportunity to apply for a loan with debt consolidation.

Through debt consolidation, you have the possibility of uniting in a single loan several loans, requested in the past for different amounts and reasons. To obtain a debt consolidation loan, you can contact a bank or a financial institution, even if it is different from those with which you have loans in progress.

When you are granted the loan, the bank will pay off all the loans in your name in advance which are in repayment and, at the same time, will issue you a new loan for an amount equal to the sum of the residual debts of the extinguished loans. Depending on the offer of the bank you address and your needs, in some cases you can also request an additional sum, to be used freely for your expenses.

With debt consolidation, you can get a new loan of up to 30,000 euros and with a maximum maturity of 10 years.

Debt consolidation: the requirements d

Debt consolidation: what it is and how to request it

The conditions under which a loan with debt consolidation can be granted may differ between the different banks. The most frequently requested requirements are:

  • have a permanent or independent job with a minimum of 12 or 24 months;

  • not having suffered protests;

  • not be reported to the central risks as a bad payer.

To present the loan application, it is sufficient to give the bank or financial institution an identity document, the tax code, the Unico model or the latest salary slips (or, in the case of pensioners, the pension slip) and debt contracts in progress to be extinguished.

Debt consolidation without guarantor: can it?

You can apply for a loan with debt consolidation without a guarantor. The presence or not of a guarantor depends on the policy adopted by the bank you are addressing and on your personal situation: if your financial history and your income are judged positively, the presence of a third party or another type of warranty.

Consolidating debts for bad payers

Often being reported as bad payers is an obstacle to applying for a personal loan. But it is not impossible to get one. Debt refinancing operations are no exception. Some banks and finance companies grant loans with debt consolidation to bad payers: if you fall into this category, presenting adequate guarantees to support your request, you could get trust from the lenders.

Debt consolidation online: a convenient solution

Submitting your online debt consolidation request can save you even more: if you can compare multiple proposals, it is easier to assess the convenience of different contracts and opt for the cheapest solution. By contacting a bank or an online financial firm, you can request a quote immediately, providing little information such as the amount of the debt, the need for additional liquidity, the duration of the desired loan, your age and your working condition.

Mortgage consolidation debt

The debt consolidation loan is meant for those who are repaying, in addition to the mortgage, even one or more personal loans. As in the case of the refinancing of personal loans only, in debt consolidation loans are extinguished all loans in progress and a new loan comes on. The new loan will have an amount equal to the sum of the residual debt of the original loan and of the residual debts of personal loans terminated in advance.

Through debt consolidation loans can be obtained up to 500,000 euros, repayable in a maximum of 25 years and with a fixed or variable interest rate.

Loans with debt consolidation: which aspects to assess at the time of the request

When you request financing with debt consolidation, there are some aspects that you must evaluate in order to make a conscious and convenient choice. The first aspect to consider is the costs of preliminary investigation and initial costs that are requested at the time of signing the contract. Since it is in effect a new loan contract when you request the refinancing of your loans you have to bear the costs that are good to estimate in advance and of which you can evaluate the weight from the observation of the APR.

It also evaluates the overall convenience of interest-based financing: merging all current loans into a new contract usually extends the duration of the loan and this translates into more interest to be paid to the financial institution.