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.