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What does loan consolidation give you?

Young woman sitting at the table with laptop in front of her and looking at the paper, bill or letter

Do you have several liabilities towards financial institutions? It is getting harder to control them, so you are afraid that one day you will forget to pay one of many installments? Check what credit consolidation offers and find out if this solution is beneficial for you.

people do not shun bank loans, taking them with a view to obtaining cash for any or specific purposes. Sometimes, however, the amount and number of commitments get out of control, and one hasty decision can cause a financial disaster. A consolidation loan comes in handy.

What is the consolidation loan?

What is the consolidation loan?

A consolidation loan is a special banking product whose essence is to take over all active liabilities and convert them into one. This form of support can therefore be used by people who pay back at least two different credit products, such as:

  • credit card debt
  • a cash loan,
  • car loan,
  • installments for home appliances,
  • credit limit in a personal account.

The main condition is one – the liability cannot be past due, i.e. it must be paid on a regular basis without any arrears.

Credit consolidation – learn about the benefits

Credit consolidation - learn about the benefits

Wondering what loan consolidation gives you? It is a solution that brings many benefits.

  • A well-matched consolidation loan allows you to optimize your financial commitments so that they don’t overburden your home budget.
  • What gives credit consolidation is standardizing the payment deadline for all liabilities – with the option of choosing a specific date.
  • Due to consolidation, the repayment period can be extended, which translates into lower installments. The lower monthly payment is also the effect of more attractive financial conditions.
  • A consolidation loan helps build a good credit history – a lower monthly installment translates into repayment timeliness, which affects the overall scoring in the Credit Information Bureau.
  • In the case of high creditworthiness, the borrower can receive additional cash for any purpose.

How to get a profitable consolidation loan?

How to get a profitable consolidation loan?

You already know what loan consolidation gives you. However, in order for it to bring the expected results, you should compare available offers.

However, before this happens:

  • we create a list of liabilities that are to be consolidated,
  • We estimate the amount of consolidation
  • we send the completed application to the bank.

Thanks to this you can be sure of choosing a cheap consolidation loan.

Remember! The consolidation of liabilities is aimed at optimizing personal finances. However, it is not a remedy for serious problems – those that result in a spiral of debt.


How to get the best interest rate for your loan?

If you wonder how you can get the best interest rate for a loan, in this article we tell you step by step how you can do it; The best tricks and tips await you to make it happen.


Tips to get the best interest rate on your loan

interest rate on your loan

When applying for a personal loan, you will surely want to pay back as little as possible. It is logical, because in this way, you will have to pay less for your loan and you will be able to use personal loans more regularly, for all its advantages. But how to get the best interest?


Take advantage of the options offered by the Internet

online loans

In the digital age, users have many more options when hiring a loan. On the Internet we find numerous pages that offer loans at different interest rates. However, it is important that you verify that the company behind is completely reliable.

One of the ways to do this is to review the opinions of users through Google or social networks. This way, you can make sure if it really is trustworthy. You can also ask in forums, call them, etc.

We tell you this, so that you do not fall into any kind of trap or scam, because if they offer you excessively low interest or strange conditions, it could be somewhat unreliable. So, before signing anything, make sure it is reliable.


Compare between the different entities

money loans

Nowadays it is possible to find all types of loan comparators online. However, they are not always up to date, since there are fintech companies or entities that continuously launch loan offers. The best thing is that you compare to see who offers you the best conditions.

If you do not want to waste time comparing manually, you know that in Astro Finance we compare and negotiate with more than 10 top entities to always offer our customers the best conditions.


Have a good financial health

Have a good financial health

To get a good interest when hiring your personal loan, one of the most important factors is your financial health. That is, you must have a good score or FinScore in our case.

What does this mean? There are many parameters that determine the health of your accounts: if you have fixed income every month, saving capacity, if you have no other debts, etc. The better it is, the more likely you are to get a lower interest rate, since you will be more attractive to banks.


Deadlines and amounts

money loans

Finally, it is important that you consider the deadlines to repay the loan money and the amount to be requested. The less you order and the faster you return it, usually the lower the interest to be paid. So if you want to return less money, you better ask for only what you need.


Where to get a personal loan with low interest?

Where to get a personal loan with low interest?

In Astro Finance! If you are not a Astro Finance user yet, we invite you to join our platform now. You will simply have to download the app for your smartphone, create an account and connect your bank accounts.

Just do it, you will see a score of your accounts, what is known as FinScore. It is what measures the health of your accounts and, the higher this number, the better the conditions of your loan.

Based on this, you can request a loan from 1,000 to 40,000 dollars with the best possible conditions. So just take a look at all these tips that we propose for you to get.