Simply put, consolidation involves combining several liabilities into one with unified repayment terms. It is most often used when it is necessary to repay several loans or credits. Thanks to it, the borrower can gain an extended repayment period of all his liabilities.
When is loan consolidation possible? Which lenders offer this option? We will try to answer these and other questions in today’s article.
We provide credit consolidation loan
There are over 2 million debtors in Poland. The total value of their debt exceeds USD 40 billion. Some debtors are in arrears with the payment of millions of liabilities. The biggest problem for Poles lending money is the lack of timely repayment of loan and credit installments. Our countrymen are also delaying payments for current bills. Published reports estimate that the value of overdue liabilities can be even over USD 64 billion. As far as statistics are concerned, the Polish debtor on average has over USD 25,000 in debt.
One of the reasons for delays and arrears arising in the regular repayment of liabilities is considered to be that borrowers often incur several liabilities in a short period of time. When they have to be repaid, there is a problem with getting the right amount of money. The accumulation of loan or credit installments can significantly burden your home budget. This is one of the easiest ways to get into a debt spiral. The consolidation of your payday loans may prove to be a solution in this situation. In this way, the debtor gains one smaller installment compared to the sum of the installments of previous liabilities. How is this even possible? The credit consolidation loan is possible by our site.
When is it possible to consolidate payday loans?
Polish banks are increasingly offering the opportunity to receive the so-called consolidation loan that allows you to pay off previous obligations. Unfortunately, this is not always the case for non-bank companies. Theoretically, there is no such thing as consolidation of payday loans. Practically, however, you can use a certain solution to achieve the same goal. All you have to do is take out a non-bank installment loan. The funds obtained in this way can be used to pay off payday payor several payday loans. In this way, all liabilities are spread over installments.
Some lenders offer the option of taking out a larger loan with an extended repayment period. This solution allows you to consolidate smaller liabilities. The borrower repays the payday loans, and the repayment loan received is repaid on the terms agreed with the lender.
In such situations, the biggest advantage of non-bank loans is that loan companies do not require you to specify the purpose for which you want to borrow money. You only need to meet certain formal requirements to receive financial support. The borrower must be an adult, have legal capacity, have an ID card, mobile phone, bank account registered on his data, and also live in Poland. It is also necessary to complete the loan application and verify the customer’s identity.
Which non-bank companies grant consolidation loans?
When looking for a consolidation loan, look for lenders who borrow a large amount of money for any purpose. The best solution is to find a loan that you can pay in installments. In this way, the commitment will be spread over much smaller installments, which certainly will not be a significant burden on the household budget.
ProjiCredit is among the loan companies that grant high loans. The maximum amount of liability is even USD 25,000. The lender advertises itself as an entity limiting formalities to a minimum. The loan can be obtained online or by phone. It is necessary to submit an application. The loan company analyzes the creditworthiness of the potential customer and grants the loan based on this assessment. ProjiCredit allows you to pay back your debt within 3 years (36 installments).
Lalina Money is another lender. This entity offers an installment loan of up to USD 25,000. The borrower may decide on a repayment period of up to 48 months. After using the calculator on the Lalina Money website, it may turn out that the installment of the commitment will be small.
Shappi Loans also offer a high installment loan – up to USD 25,000. Borrowed money must be returned within a maximum of 4 years (spread over 48 installments). To receive financial support, you must submit a loan application. The lender does not require income certificates.
The consolidation of payday loans is only possible if the borrower is not in arrears with the repayment of previous liabilities. It is, therefore, necessary to submit a loan application before the repayment date of earlier installments. Lenders rarely grant high loan amounts to those who are overdue.