How to combine loans?

 

People are increasingly choosing to combine several loans into one in order to ease their stressful daily life and improve their financial situation. The reasons may be different, but mainly borrowers choose such a solution in situations where it becomes difficult to repay several small loans – combine them in order to further settle all loans in one payment.

A familiar situation: did you get a loan, and then saw a much better offer? In this case, the consolidation of loans would also be the right choice, because it will allow you to go to the lender, offering more favorable credit conditions. How to find a suitable refinancing offer to get the most out of it? We offer a simple and understandable guide to combining loans from five steps, which will help you find the most suitable offer.

Define Your Purpose for Combining Loans

Define Your Purpose for Combining Loans

Before you begin your search for the most profitable loan pooling offer, you need to understand what the main goal of the loan pooling is and what result you want to achieve. This will greatly facilitate the search for a suitable offer, because you will immediately know what conditions to focus on and what to ignore. In addition, this will help to weed out proposals that are not entirely suitable in your case.
What are the most common refinancing goals? Firstly, in the event of problems with repayment of credit obligations, the goal is, of course, the successful fulfillment of debt obligations. Secondly, if you have no problems with repaying loans and all payments are made, you need to determine what is a high priority in your case – extending the repayment term or decreasing the monthly payment on loans. If the purpose of combining loans is defined, it is easier to find loan offers that will be beneficial to you. The range of offers is really wide, but if you remember your priorities, you can determine what suits you and what does not.

Apply for credit pooling

Apply for credit pooling

The fourth step is to submit a loan pool application. This is definitely one of the easiest steps if you have followed the previous steps responsibly and carefully. There are many opportunities for applying for refinancing, and each lender differs. Most of them offer to fill out an application form on the Internet, in which it is necessary to indicate your personal information, loan repayment period, non-repaid amount and overdue amount (if any). Many non-bank lenders provide the ability to do this over the phone or at their customer service centers. Be sure to prepare the necessary documents in advance: concluded agreements, your identification documents, and other papers that were issued to you upon receipt of the loan.

Enter into a loan pooling agreement and get paid

Enter into a loan pooling agreement and get paid

Having chosen a specific offer, having familiarized yourself with all the necessary information and evaluating it, as well as filling out the application, perform the final step – concludes a refinancing agreement. You can choose the method of receiving and signing it. Most often, two options are offered: to conclude a contract in person at a customer service center or to conclude a contract remotely by courier at no extra charge. When the contract is concluded, in a few days or hours (depending on the lending institution) you will receive money and your re-credited obligations will be repaid.

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