Comparing consolidation loans is a good practice because it allows you to be well prepared to talk to an advisor at the bank. In this article, you will learn about the universal conditions of debt consolidation in domestic conditions.
Help with debt consolidation loan
You will always receive consolidation loans in PLN, not in foreign currencies, which is worth emphasizing due to far-reaching legal changes in this direction. The banking system is moving away from servicing major loans in foreign currency due to excessive speculative risk.
The consolidation assumes repayment of the following debt groups: cash loans (payday loans as well), loans for the purchase of a car, limits on the savings and settlement account, or limits generated on the card/credit cards. In special cases, the money from consolidation covers housing loans. The scale of restructuring is therefore very good. There is also no problem to consolidate your debt by Dedebt.
Who can apply for loan consolidation?
Without these conditions, you can not sign a contract with the bank. Banks willingly agree to the request for the payment of additional money outside consolidation, which allows meeting any consumer needs. As a rule, banks have a limit on the payment of such funds in consolidation, so it is necessary to review the regulations of the institution.
A consolidation loan is a long-term loan, reaching up to 30 years of repayment (only with a mortgage consolidation loan). In addition, the most common in this form of restructuring is credit holidays. This means that the borrower, e.g. once or several times a year, does not have to pay installments with the bank’s consent, but only after informing the institution.
The requirement for positive credit standing
Consolidation is a de facto separate product in banks, and therefore it requires a detailed analysis of creditworthiness and monitoring the history of repayments of existing liabilities. Consolidation is, therefore, a choice for borrowers aware of potential economic problems in the future.
A quick decision is therefore indicated here, and even necessary. Any income from abroad must be confirmed by the borrower, usually with the support of the consul (additional costs).