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Consolidation, using the definition of the PWN Polish dictionary, means “converting several loans into one with uniform repayment terms”. Who among us in the modern world does not have a home loan, holiday loan, and several credit cards? I think that every second of us has several obligations at the same time – these are the times we have. And why do so many Poles decide to sort out their finances through a consolidation loan? There are several answers to this question.
The first reason is convenience – consolidation is a combination of several loans (and not just typical loans, it can also be debts on credit cards popular today) and paying off one installment instead of several. We all know how burdensome, if we are not perfectly organized, is to remember all our obligations – payments for housing, electricity, television, the Internet and, in addition, several loans. Paying one installment to one bank can definitely make our everyday life easier.
Another attribute of such a loan is its lower interest rate. With several loans, we can be sure that the interest rate on each of them is different – just as the offers of banks are different. We should also remember that the cost of the loan is not only interest – there is also a commission, contractual penalties or the cost of running a mandatory loan account. We can get lost in these costs by paying several liabilities. One new loan, amounting to the sum of all our obligations, will have one, the usually more favorable interest rate for us. So to put it simply – the combination of our loans may turn out to be more financially attractive for us.
Creditworthiness at an appropriate level
Credit card, mortgage, cash loan … The sum of these products can “take away” your creditworthiness when you need extra cash immediately – for example in the event of an unexpected renovation, illness or family celebration. Some banks, as an advantage of a consolidation loan, present the possibility of “matching” to the total amount of our liabilities in other banks, an additional amount that we could not have afforded without this loan.
Consolidation can bring other additional benefits, such as a transfer to another bank, which may now propose, for example, to set up a savings account with a promotional, high-interest rate. It is worth to familiarize yourself with the current offers of financial institutions and use this type of promotion from time to time.
To sum up, a consolidation loan can be a great solution for people who have several liabilities at the same time – it’s convenience, savings and a sense of organization of their finances.