When you run different loans , it can be interesting to regroup your credits.
This will allow a lender to repay all your outstanding credits. Instead you get a new credit and therefore 1 contact point. Below you will find an overview of all providers that offer regrouping of loans.
How does the regrouping of credits go in his work?
When you regroup your credits, you actually start a new installment loan. The new lender will repay all your other outstanding loans with this loan. This could be, for example, a car loan , personal loan , marriage loan , Visa credit card credit card , etc. In principle, this loan regrouping loans will be taken out over a longer period. This will also immediately lower your monthly reimbursement amount.
Why is a regrouping of loans interesting?
In the first place you get an overview of your current credits again. If you have different current credits, for example, they will be taken from your account on different due dates. In addition, a specific interest rate or Annual Cost Percentage (APR) applies to each loan. This can lead to complicated situations. With the regrouping of credits you have a fixed term and interest rate. Secondly, the regrouping loan can provide more financial breathing space. Since the repayment term is longer, your monthly repayment will also be lower. This keeps you more of the family budget every month. Finally, the interest rate of the regrouping may also be lower than the highest of the individual loans. For example, the rate of a credit facility is considerably higher than that of a loan for regrouping loans.
Calculate regrouping of loans
Have you decided to indeed regroup your various loans? Then take the time for a regrouping simulation. You only need to enter the total amount that you want to borrow via the regrouping of credits. For example, if you have an open car loan for 20,000 euros and a renovation loan for 10,000 euros, then you simulate a regrouping for 30,000 euros. Eventually the provider will give you a proposal with a APR and monthly reimbursement amount.
Online regrouping loan applications
With many providers you can take out the regrouping loan online. This means that you can make the cost of your various loans at home yourself, and then sign the loan regroup online. Regrouping credits can therefore be done very quickly.