Debt consolidation payday loans -So easy payday advance consolidation

A consolidation loan with additional cash in which bank? A loan for consolidating debts + additional cash? It is possible? If so, in what bank? 

In the beginning, a short introduction: CONSOLIDATION CREDIT DESCRIPTION, ie what is a consolidation loan in a bank.

So easy payday advance consolidation

consolidation loan with additional cash

Payday loan consolidation is usually a loan for the consolidation (“merger”) of several payday loans into one loan. The loan period is extended to extend the amount of debt to smaller installments. Consolidation will help you pay off your loans more easily within the prescribed period. 

Intended for the repayment of other obligations, not related to financing business activity.

Consolidation includes the repayment of loans for cash/cash loans, installment loans, car loans (excluding mortgage loans/loans, consolidation loans, bank overdrafts, and credit cards). Possibility to obtain additional financing of own needs.

Product availability and loan terms depend on the result of creditworthiness analysis carried out by Bank Harrison.

Representative example:

APRC: 10.70%.
Total loan amount (without credited loan costs) € 39,314.
Loan period: 6 years and 5 months.
The total amount to be paid € 53 751.55.
Fixed interest rate of 6.99% per annum.
76 monthly installments equal to € 698.07 and one, the last installment equalizing € 698.23.
The total cost of the loan is 14 437,55 €, including:

  • commission € 3892,09,
  • interest € 10,445.46.

The calculation was made on November 2, 2018.

The loan period is from 6 to 120 months. The maximum Actual Annual Interest Rate for a representative example is 10.70%.

The information presented above is not an offer, a promise of a loan, or an offer to purchase a product within the meaning of the law, but is for information purposes only and does not constitute an offer within the meaning of the Civil Code.

Creditworthiness and consolidation loan

Similarly to other loans, also in this case the bank calculates creditworthiness. There is no other option for the bank to assess whether we have sufficient capacity not only to repay the loan but also to pay installments at a fixed rate each month.

The longer the loan period, the greater the creditworthiness (we pay a smaller installment, and this is a smaller burden for household finances – more money is left in the household budget).

If the bank determines that we do not have the creditworthiness or creditworthiness (negative credit history at the database), it is, unfortunately, the “thread” of the consolidation loan.

It is worth paying attention to the fact that the better our creditworthiness, we can count on a better loan offer. Let’s also remember that if we had “slides” in paying the loan installments, our creditworthiness is much worse. In such a case, it may happen that the bank refuses to grant us credit, even if we have adequate creditworthiness.

A consolidation loan with additional cash at Alior Bank

The condition to use the Comfortable Consolidation offer is the repayment of a minimum of one commitment for a total amount of not less than € 5,000.

The consolidation loan in Alior Bank is fast consolidation of loans in 3 steps: just submit an online application without leaving your home. The bank representative will call you to arrange the formalities. Funds from the loan can be transferred to a bank account even one day from signing the contract.

Representative example:

APY: 7.57%.
The total amount of credit (without credited loan costs) € 78 480.
Loan period: 9 years and 6 months.
The total amount to be paid € 109 156.82.
Variable interest rate of 5.9% per annum.
114 monthly installments equal to € 957.52.
The total cost of the loan: € 30,676.82, of which:

  • commission € 490.64,
  • interest 25 €756.18.

The calculation was made on 1.08.2018.

The maximum Actual Annual Interest Rate is 31.03% (with the parameters given in the representative example). Minimum loan period: 6 months. The maximum loan period: 144 months.

The information presented above is not an offer, a promise of a loan, or an offer to purchase a product within the meaning of the law, but is for information purposes only and does not constitute an offer within the meaning of the Civil Code.

Consolidation loan with additional cash

consolidation loan plus additional cash

As already mentioned, the consolidation of loans allows you to increase your creditworthiness. This is due to the fact that the current loan installment is smaller than the sum of installments paid so far. This means that our budget is less burdened with expenditure on installment payments. And banks use it, offering us additional cash as part of a consolidation loan. They borrow and count for consolidation.

Is this a good solution? From the bank’s point of view, of course, yes. The bank will earn more money. From your point of view, not necessarily. The main goal of consolidation is to regain financial liquidity, not to increase debt.

However, if you decide on a consolidation loan with additional cash, what can you spend that money on? You do not need to buy a new TV, just because you have the opportunity to get extra cash. This option should be used by people who have loans in loan companies. They can repay them faster and reduce their liabilities.

When deciding on a consolidation loan, you should compare the bank’s proposals and look for the cheapest loan, with the lowest possible total costs. We should therefore pay attention to the total cost of the loan and its APY.