Borrow money : If you have loans from different providers, such as credit card companies. You are overdrawn on your checking account, have a “normal” revolving credit and perhaps a loan from Otto, Wehkamp or Neckermann. Then there is a good chance that merging your loans will not only provide an overview of your total debt position. You can also save a lot on your interest. In general, several small loans are more expensive than one (larger) loan.
Merge Benefits of Loans
We have actually already mentioned the two most important advantages. The advantage of having a clear and clear overview. And of course the advantage of a lower interest rate. With the credit cards you pay interest of up to 15%, and in addition often “card costs”. These are the most important reasons to check for yourself what you currently have in terms of financing. There are, of course, even more benefits to pooling loans. A clear and clear overview of your debt situation can also provide more peace of mind.
What do you have to pay attention to?
Combining loans should result in you borrowing money cheaper. And therefore get rid of your loan earlier. It is important to check what will happen for each loan you have if you redeem this loan prematurely. Look at what you still have to pay on the loan, and calculate (or have it calculated) what you will pay in total on the loan in the new situation. If you do this, you will probably soon see that a personal loan with a short remaining term is in most cases not cheaper to repay. On the other hand, you will also be positively surprised. A credit card or a loan from the Wehkamp can now cost you a lot of money. In this case, merging loans can yield a lot of money.