Top 5 Consolidation Loan Offers

Having various liabilities, it is sometimes worth thinking about whether it will be better for us to decide to consolidate them. Loan consolidation is a very good solution because it allows you to reduce our monthly installments.

 That is why it is worth getting acquainted with the current offer of consolidation loans now and considering this option as an alternative to our current situation.

How to choose the best consolidation loan offer?

What we need to remember when looking for a consolidation loan is the cost of borrowing. It is always worth comparing the APRC (the actual annual interest rate), because this indicator takes into account various costs we incur, such as commissions (which may range from a few to even a dozen or so percent of the loan value) or bank margins. You must also check the interest rate on the loan, which consists of the offer rate and the bank’s margin.

Before making a decision, it is also worth checking the maximum loan amount that we can apply for in a given bank and the loan period, which is on average between 10 and 30 years. You should also pay attention to the formalities related to taking out the loan, i.e., what kind of collateral the bank will require from us.

Advantages of loan consolidation

Advantages of loan consolidation

Consolidation of liabilities is a good solution for people who have considerable debt because it allows you to combine all loans into one and thus get one convenient installment. The biggest advantages of consolidation include:

  • reducing the monthly repayment costs of our obligations
  • repay only one installment
  • setting a new repayment date for our consolidated liabilities
  • improving our ability to pay our debts on time.

Top 5 consolidation loan offers – November 2019

Top 5 consolidation loan offers - November 2019

Below is a list of the top 5 consolidation loan offers. When creating the statement, the most important parameters were taken into account, namely:

  • the maximum loan amounts
  • maximum loan period.

1. Good Bank

  • loan period: up to 120 months
  • the maximum amount of consolidation: USD 300,000
  • advantages of the loan: the possibility of early repayment and interest rate negotiations, the possibility of taking a vacation holiday, no guarantors and collateral
  • disadvantages of credit: the need to have an account in this bank, you must provide a statement of earnings

2. Lite Bank

2. Lite Bank

  • loan period: from 3 to 120 months
  • the maximum amount of consolidation: USD 200,000
  • advantages of the loan: it is granted without a guarantee, has a long maximum repayment period, and the possibility of early repayment of the loan
  • disadvantages of credit: the need to have an account in this bank, no possibility to take a credit holiday

3. Mobile Banking Services

3. Mobile Banking Services

  • loan period: up to 144 months
  • the maximum amount of consolidation: USD 200,000
  • advantages of the loan: all formalities are kept to a minimum, the loan can be taken without leaving the house, the loan is granted without collateral or guarantors
  • credit defects: no possibility to take a credit holiday

4. Cream Bank

  • loan period: from 1 to 120 months
  • the maximum amount of consolidation: USD 200,000
  • advantages of the loan: it is granted without a guarantee, has a long maximum repayment period, you do not need to have an account in this bank
  • loan disadvantages: no loan holidays available, no early repayment possible

5. Rose Bank

5. Rose Bank

  • loan period: from 6 to 108 months
  • maximum consolidation amount: USD 150,000
  • advantages of the loan: granted without a guarantee, has a long maximum repayment period
  • credit defects: the need to have an account in this bank, the requirement to provide certificates of our fixed income, no possibility of taking credit holidays

If you want to take a consolidation loan, remember that it is really worth comparing offers from different banks and choose the option that best suits your needs and capabilities.

Banks are ahead of promotions, so sometimes it pays to spend more time on it. It should also be remembered that banks are reluctant to consolidate loans from banks, student loans, and preferential loans, as well as liabilities incurred in Credit Unions.

 How much credit can I afford? How much do i get?

These questions often concern loan seekers. It is a fact that the money required for whatever – either ultimately does not exist or cannot or should not be made liquid – and must be borrowed. It is also clear that the money will have to be repaid sooner or later – usually through monthly installments plus interest.

It can be deduced from this that these installments are paid for several months to many years each month depending on the amount of the loan and must in any case be available. If you now have a loan in mind, it is important to honestly and precisely analyze your individual financial situation and perspective. This should be done in writing and should not be overlooked.

How much credit do I get with which income?

How much credit do I get with which income?

Ultimately, it is not the regular income that is important when determining the monthly financial resources available, but the monthly amount available after deducting all regular expenses. And this sum should ideally also be generously reduced again in order to be able to comfortably manage necessary expenses out of line (e.g. new refrigerator or car repair) and not to be dependent on a next loan. Read our borrowing tips.

Consumer credit

Consumer credit

Small loans, mostly in the four-digit USD range, which private individuals need for purchases such as electronics or a used car purchase, are usually granted to employees with regular income (provided they are no longer in the trial period), easily and without complications. Even large amounts can be lent out through long terms with low monthly installments. It should be noted, however, that with longer terms, the interest payments are also correspondingly higher, since the reported interest is due per year and not once on the entire loan amount.

Our overview shows you an exemplary calculation for the monthly installments in USD for a loan amount of 10,000 USD. Credit costs (e.g. fees or insurance), delayed rate starts, etc. are not taken into account.

12 months 842.31 846.75 851.17 855.57 859.93 864.28 868.59          
24 Months 425.32 429.63 433.93 438.22 442.49 446.75 451.00          
36 months 286.35 290.63 294.92 299.21 303.50 307.79 312.08          
48 months 216.87 221.16 225.47 229.79 234.12 238.47 242.82          
60 months 175.20 179.51 183.84 188.20 192.59 197.00 201.43          
72 months 147.42 151.76 156.13 160.53 164.98 169.46 173.97          

Real estate loan

Real estate loan

The situation is completely different with a real estate loan, for example for buying a house or building a house. Since these are considerable amounts, the cost of the calculation and the inclusion is of course higher. However, the bank has crucial security for the proper repayment of the loan: the property to be financed. In addition, real estate financing is a life thing that you usually only do once.

To determine the maximum purchase or construction sum, the maximum financial feasibility must be calculated. This amount results from the available equity and the maximum loan amount that a bank would grant.

The amount available for real estate financing can be calculated using the following formula:

equity
+
monthly rate x 12 x 100
______________________________
Interest rate in% + repayment in%

The value determined in this way is the total amount available for the construction or purchase project. This also includes all additional costs, such as notary fees, real estate transfer tax and costs for architects, interior fittings and the like.

Are there any banks that give zero interest home loan?

Banks are commercial institutions and they are for profit. Therefore, they normally do not grant interest-free housing loans, but consumers may have the opportunity to use interest-free loans under some projects or campaigns. Since these campaigns and projects are not provided by the banks, it cannot be said that banks give interest-free housing loans, but below will be mentioned how to buy housing with zero interest.

The interest-free mortgage loans that are created usually occur when the interest burden is covered by the construction companies and the bank provides the consumer with the main money required to purchase the house in question. This may seem complicated, but it does not mean anything other than the construction company handing over a portion of its receivables to the bank.

Interest-Free Housing Loan

Real estate associations, which came together last year and made a statement that mortgage loan rates should be lowered, announced their decision to end bank dominance in the sector and announced that interest-free housing loans could be provided to consumers in this context.

They were made to deal with again some bank branches for some construction projects within the campaign prepared with the cooperation and this project consumers who want to buy housing, which included up to 60 months if they make an advance payment of 10% has been announced can be given interest-free housing loans.

In the same meeting, in addition to the breakthrough on interest-free housing loans, housing loans with very low interest rates and up to 20 years of maturity were also mentioned. In this context, associations stated that they have undertaken various initiatives and announced that financing can be allocated with up to 20 years of maturity, with interest rates of 0.45% and 0.75% in the future.

So How to Buy Housing with Zero Interest?

So How to Buy Housing with Zero Interest?

In fact, the system is a fairly simple and sustainable set of procedures. Namely, after deciding on the house to be purchased, a down payment of 10% of the total value of the house should be made and financing should be allocated from the bank for housing. The bank will be deemed to have purchased all the rights of the consumer house, which will make the financing payment directly to the construction company. To explain the procedures step by step:

  1. Among the housing projects organized, the house to be purchased is decided.
  2. The authorized bank branch is contacted for financing the house in question and a contract is requested.
  3. The bank prepares the contract and requests a 10% down payment to meet with the construction company to process the sale of the dwelling.
  4. Financing is allocated based on the deposit and blocking of 10% down payment into the bank account to be opened and the house is purchased.
  5. The consumer begins to pay the loan with zero interest, which can be paid in installments up to 60 months.

How to buy an interest-free house without any down payment

How to buy an interest-free house without any down payment

The banks that signed a protocol in order to enable consumers to use zero-interest housing loans were announced.

If consumers have a request in this direction, the amount of down payment can be increased and the remaining amount can be paid in the long term without interest. This method is preferred by consumers who want to reduce the amount of installments.

In addition, another new and alternative interest-free home purchase method is the Real Estate Certificate Purchase, and you can reach our department where we share detailed information on this matter.

Credit Application to banks and non-bank institutions

Banks, which is among the banks with public capital, is among the banks that consumers can apply for all kinds of credit needs. Banks, which has been offering attractive opportunities to consumers for various loan products for years, is also frequently used for agriculture and livestock loans.

 

The loan requests submitted to banks, which creates alternative channels for loan application in order to divide the density in its branches into various service channels, are evaluated and concluded in a very short time.

Regardless of whether a positive or negative response is received, all of the loan applications made without going to the branch are preliminary and it is obligatory to go to the branch for allocation accordingly.

Bank Loans

Bank Loans

Consumer loan, vehicle loan, mortgage loan, education loan, agricultural loan, livestock loan, school loan, etc. via banks. it is possible to submit applications to all retail loans. The proforma invoice of consumers who will request for special loans. It is not possible to submit a loan application on the internet or through a different channel, as it must submit. Bank branches are the only service channel available to consumers in this situation.

Credit Application Without Going to bank

Credit Application Without Going to bank

Consumers who want to submit a loan application to Bank do not have to go to the branch. Loan requests can be made via internet, telephone, SMS or ATMs.

Credit Application by Message

CREDIT spaces to exploit consumers need credit products that you want to forward loan applications can write and send a text message via SMS identification information of accounts. The loan application made will be evaluated within a very short time and the maximum loan that can be given to the person will be answered by message. If the loan amount desired to be used is covered by the amount transmitted by the bank, the allocation process can be completed by going to any Bank branch.

Online Loan Application

Consumers logging onto website can access the application form by choosing any of the loans under the Products tab. The loan application submitted will be finalized within 24 hours at the latest and sent to the consumer via text message.

Credit Application From ATM

Bank has replaced almost all of its ATMs with current versions as part of the reform efforts it has initiated in recent years, and has allowed consumers to apply for loans from ATMs. For consumers who want to submit their loan applications through Bank ATMs, all they need to do is to go to any Bank ATM and follow the steps of Login> Application> Credit.

The loan application made is a pre-application and even if Bank is a customer, it is necessary to go to the branch and complete the allocation process.

Telephone Credit Application

Consumers calling the Bank call center can submit a loan application through the voice response system. The submitted loan application is a pre-application and it is necessary to go to the branch in order to complete the allocation process.

Required documents

Required documents

When consumers apply for a loan:

  • Birth certificate,
  • Income certificate,
  • They must present documents such as residence or invoice.

Consumers who will use vehicle loans must present a license copy of the vehicle to be purchased, and consumers who will use a housing loan must additionally submit a copy of the title deed or land easement of the house to be purchased.

If you are looking for a bank that evaluates the loan application online and allocates loans accordingly, without prior approval; take out a loan from us