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Consolidation Loans 40 Thousand Euro for the Consolidation of Many Loans

Posted on March 19, 2019April 21, 2020 by Jack Orourke

Everyone is saying that consolidation loans have the same advantages: a combination of several loans into one, a smaller loan installment and lower nominal interest rate. And what are the cons of consolidation loans?

Like every loan, we also find cons in the case of consolidation loans. The first and the basic one is that extending the loan period means that in total we have to give the bank more money due to interest on the borrowed capital. In addition, the new loan is the new costs resulting from the loan commission, additional fees and insurance (if we choose one).

In the case of consolidation up to 40 thousand euros, the most popular is a cash consolidation loan. It does not require security in the form of a mortgage on real estate. With much greater consolidation, for example, a consolidation loan of 400,000 euros, the most common is real estate. Then we are dealing with a mortgage consolidation loan.

Mortgage consolidation loan

Mortgage consolidation loan

Such a consolidation loan allows you to further reduce the cost of the loan. It is a consolidation loan secured by a mortgage. So one of the consolidated loans is a housing loan (mortgage) or a repayment guarantee is a pledge of a property. It can be either an apartment or a house, but also a building plot. By using such collateral, the bank may significantly reduce the interest on the consolidation loan, and thus our loan installment will be even lower.

What is subject to consolidation. Consolidation loans 40 thousand euros

As has already been mentioned, we can consolidate bank loans. Banking obviously does not apply to cash loans taken out in loan companies. But here is also a way out, because as part of consolidation loans, banks can offer us additional cash – a consolidation loan increases our creditworthiness. By using this extra cash then we can repay our non-bank debt (loan companies or private loans).

Not everyone will get a consolidation loan

In the case of applying for any loan, we must submit a credit application and the bank, on the basis of our income, assesses the creditworthiness. If we have sufficient creditworthiness and creditworthiness, we will certainly get such a loan. When the assessment is negative, our loan application will be rejected.

However, let us remember that the bank wants us to pay off our debt and carefully analyze our creditworthiness before issuing an opinion. If one bank rejected the application, do not give up! Go to another with a credit inquiry.

Posted in Payday consolidation

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