Debt Consolidation is a loan that allows you to pay off debts, combining multiple loans into one installment whose monthly amount is less than the sum of all the small repayments. Simply put, it is a loan that makes the extinction of debt for families more sustainable. Below are the most frequently asked questions about how debt consolidation works, how to request an estimate and what are the clauses to be able to obtain it.
What is a consolidation loan?
A financial product is meant to be used to consolidate debts previously incurred with loans or mortgages into a single loan with a single monthly installment. With debt consolidation, for example, you can consolidate all existing loans with a single salary-backed loan or personal loan.
Is it possible with the sale of the fifth to consolidate other debts?
Yes, it is possible because those requesting a fifth assignment can use it both for liquidity purposes and to extinguish other ongoing loans. The salary assignment makes it possible to obtain substantial amounts with deferments of up to 120 months in sustainable installments.
Why should I take out a consolidation loan?
Because in this way you have a single reference for all the loans you have and you can postpone your debt further with a lower installment.