Order payday loan consolidation
The best way to deal with too many payday loans is a payday loan consolidation. Payday loan consolidation is a financial product offered by payday loan companies. The possibility of unifying loans and micro-loans is offered by most banks in our market. The conditions of individual banks vary. This means that products offer different conditions, and our comparison of online consolidation makes it possible to choose the best loan consolidation.
In the case of more financial liabilities, consolidating loans can be an appropriate and smart solution. During consolidation, all your loans will be merged into one loan. Instead of paying more companies, only one regular payment per company is paid.
People often refinance and consolidate. Refinancing is provided for one loan, while consolidation is for two or more loans.
Advantages of unifying loans into one loan:
- it is possible to save on monthly installments and interest and
- one has a better overview of finances.
- By unifying loans, a loan is created with better conditions that would be possible for a similar loan
Consolidation is often demanded by banks other than the current debt. Banks are always trying to get new satisfied customers, so they are willing to offer above-standard conditions for those interested in consolidation. Clients can get better terms, including a lower interest rate and a longer maturity, and a smaller monthly payment.
Different types of loans can be consolidated in loan consolidation – they can be merged:
- loans from bank loans
- non-bank loans
- credit card debt
- debt on overdraft
- debt from leasing
Banks offering consolidation:
Here is a list of banks offering online consolidation, merger, loan unification:
- Mere Bank
Mere Bank Loan Consolidation is negotiated for up to 10 different loans. These loans can range from $ 5,000 to $ 900,000 and the consolidated loan can be repaid for 6 to 120 months. For consolidation from 300,000 above, Mere Bank has a favorable interest rate of 4.9%. But the downside is the lower chances of meeting a consolidation request, which currently accounts for around 20% of all applications submitted.
- Crediter Sportina
Crediter Sportina loan consolidation allows to consolidate up to 10 loans up to CZK 800,000. The interest rate on this consolidation is 5.9%. Crediter Sportina allows the deferred payment to be deferred free of charge twice a year and, if properly repaid, it will forgive the debtor up to 15 installments.
ASET loan consolidation will combine an unlimited number of loans of CZK 20,000 to 800,000. The maturity period can be from 12 to 120 months and the interest rate starts at 4.9%. ASET’s consolidation is completely free of charge, and the repayment amount can be changed during the repayment period. The conditions for credit approval include the ability to repay and age.
- Equitables bank
Equitables bank consolidation can be arranged for an unlimited number of different loans. The scope of consolidation is between 50,000 and 700,000 CZK and a maturity of 12 to 120 months. Equitables bank’s APR starts at 6.06%. The amount of monthly installments can be changed free of charge during repayment. Advantageous insurance of repayment ability can be arranged to consolidate Equitables bank.
- HiHo bank
Consolidation of HiHo bank loans is offered up to CZK 1,000,000 and with a maturity of 6 to 120 months. The interest rate ranges from 5.7 to 16.35% and the arrangement, management and early repayment of the loan is free of charge. The benefits of merging HiHo bank loans include setting up and negotiating a loan online. Consolidation may include bank and non-bank loans, overdrafts, and credit cards.
- Hypocredit bank
- Commerz Bank
Consolidating sBank loans can include up to 10 different loans up to $ 600,000. The interest rate is 3.9 to 9.9% and can be reduced by up to 2% if repayment insurance is agreed to consolidate. There are no fees associated with the loan agreement, but only loans that are repaid for at least 4 months can be merged. The maturity period is optional between 12 and 96 months.
Many of these banks offer online consolidation and online consolidation calculators. One does not have to go anywhere and can imagine how the new merged loan will look and how much money it can save monthly.
As already mentioned, non-bank companies can also offer credit consolidation under similar conditions to banks.
Non-bank companies offering consolidation:
Here is a list of non-bank companies offering non-bank online consolidation, consolidation, unification of loans and micro loans:
Crediterss’s loan consolidation made it possible to merge an unlimited number of loans up to CZK 1,000,000. The APR for this non-bank consolidation started at 6.06% and Crediterss’s consolidation did not require proof of income. The debtors register and eventual record also did not play a role. However, a few years ago, Crediterss turned into HiHo bank, which offers similar loan consolidation.
- House Loan
House Loan Loan Consolidation is arranged for up to 8 different loans up to CZK 600,000. The repayment period is 12 to 96 months and the APRC is from 10.3 to 30.7%. It is necessary to prove sufficient income and good payment history for credit approval. A variety of additional services are offered to House Loan Consolidation, allowing you to postpone payments or change their installments. Settlement, management and early repayment of the loan is free of charge.
Consolidation of Snaky loans can be arranged for loans of CZK 20,000 to CZK 750,000. The repayment period is optional between 6 and 84 months and the interest rate starts at 2.99%. Non-bank loan mergers are generally much more affordable, and the conditions for complying with a consolidation request are not so strict. On the other hand, non-bank consolidation does not offer such large limits, as is the case with some bank unification of loans. The advantage of Snaky consolidation is the ease of handling that is done online through an online application.
What is the difference between consolidation and refinancing?
Loan merger is subject to similar conditions as loan acquisition. It is necessary to provide two different identity documents, proof of income for the last three months and an account statement. The creditworthiness is checked
Refinancing is provided for one loan. The bank will offer a better interest rate, or extend the maturity period, thereby reducing the monthly payment.
Consolidation is provided for two or more loans. Individual loans are taken and made into one big loan. Due to the consolidation of loans and micro-loans, interest may not be payable on each of them, thus saving on installments. At the same time, it will help make life easier, as it will no longer be necessary to keep track of all loans.
For whom is the consolidation of loans and micro-loans intended?
Any adult citizen can apply for consolidation. The bank must check the client’s creditworthiness even if it already has loans from other banks. The conditions are similar to the loan application. If the consolidated amount is high, a co-applicant – most often a spouse – may be needed.
Is there a limit on the number of loans for consolidation?
Banks are responsible for lending for consolidation. Some banks do not even have a limit. Much more common is the limit on the maximum debt for merging loans, which is usually in the hundred thousand.