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What is a debt consolidation loan?

Having many loans on our account that keep us awake at night, we are looking for a good solution to overcome difficult situations. Debt collectors are calling, the bailiff is knocking on the door and the debts will accumulate. Several installments for loans that we have to pay in a given month can seriously damage our household budget. For such people, a consolidation loan for indebted and a consolidation loan without a loan can come to the rescue.

Often, one loan is not enough for our needs so we take another or even several. We are aware that we cannot deal with repayments only after the fact. Too many installments can burden many wallets. Exiting the spiral of debt is not easy, therefore the most advantageous solution for people in this situation is debt consolidation.

Simply put, a debt consolidation loan is a combination of multiple installments with one. The total amount of all loans is added together and spread over a period convenient for the debtor. Each offer is individually tailored to each client. Most often, the lending company offers several options, and the final choice is up to the borrower. In addition, additional cash can be selected for debt consolidation loans, thanks to which we will support our budget slightly.

Advantages of debt consolidation loans

Debt consolidation loans have many advantages that are not so obvious. In fact, it may seem to us that the combination of several commitments will further aggravate our situation. However, this is not true. The main advantages of debt consolidation loans include:

  • A smaller number of companies for which we have to give money back. Regardless of how many institutions we have liabilities, even if we took private loans for those in debt.
  • Longer loan period. The debtor himself chooses one of the options in how many installments he will repay the consolidation loan for those in debt.
  • Lower financial outlays per month. The longer the period, the smaller the installments. Thanks to this, we will spend less money monthly on loan repayments.
  • Exit from debt. We choose the offer that will not be as burdensome as previous loans.
  • Better creditworthiness. Instead of many installments, we have one, thanks to which we improve our ability.

Consolidation loan without Credit Checker – do I have a chance?

Do people with debt in Credit Checker have a chance for a consolidation loan without a Credit Checker? Of course, there is one “but” however. Banks are the largest institutions that offer a consolidation loan without a Credit Checker. For them, a big indicator will be whether we have a positive history in the bases. If not, our application will be automatically rejected. Then where to look? For those in debt, the best place to find a consolidation loan will be non-bank companies for which the bases will not matter.

The better the history, the greater the chance for a debt consolidation loan. Having overdue debts, we are reducing the list of companies where we can get positive acceptance. On the Internet, we can find many companies that will not look at bad Credit Checker. It’s best to find the best ranking of loans for those in debt where you can compare multiple offers with others in one place.

A consolidation loan with no capacity

A consolidation loan with no capacity

Creditworthiness is very important in banking institutions. Without it, it is not worth trying to complete the application in these institutions, as we will get a refusal at 99%. A loan without creditworthiness can be obtained in parabanks, which, compared to banks, do not verify every customer.

An unpaid consolidation loan can get us out of a difficult financial situation. Consolidation is one of the solutions that should be used immediately when we are late with loan repayments. If we do nothing with our problem, it only gets worse. That is why it is worth reacting on a regular basis if due to random situations our creditworthiness has deteriorated, thanks to which we are unable to pay installments under current conditions.

Consolidation loan without certificates – where to get it?

Consolidation loan without certificates - where to get it?

Many customers wonder if they will have to send any additional documents before sending their applications. A consolidation loan without certificates does not require this. In most cases, lenders do not require anything but what is on the loan form.

There may be a situation when the application is approved, but there are some doubts that must be considered by the consultant. He will most often want to confirm that we are the person who completed the application. A scan of an ID or photo document should be sufficient in this situation.

If we want to bypass the entire papermaking process, we should look for credit in non-bank institutions. Most often, banks require certificates, so if you are afraid, it is worth submitting your application in parabanks. There are situations where even these companies may ask you for a certificate from your employer, for example. This occurs at the moment when the application indicates too high or too low amounts of remuneration. To be sure, the lender may require us to confirm this.

In category: Debt consolidation