A consolidation loan of €5,000 at the bank, or maybe a consolidation loan of €50,000 with additional cash? See below for the banks in which you will find consolidation loans.
What is the consolidation of bank loans and loans? It allows you to pay off both large and small bank liabilities with a new loan.
Pros of consolidation loan? Instead of several loans in one or several banks (or the same), you pay only one installment resulting from the new loan. The second plus is that the new loan installment is lower than the sum of the previously paid installments.
Consolidation credit: higher credit costs (the sum of interest on borrowed capital). This is due to the fact that lowering the loan installment requires extending the loan repayment period.
Consolidation loan €50,000, comparison of banks
If you are thinking about consolidation of bank loans and loans, and you would like to take additional cash as part of such a loan, you should look for a bank that offers such a loan.
What does the APY of such a loan look like? Below is the calculation of the consolidation loan at the bank.
How will the total cost of such a loan be presented, how much will be the loan installment in the case of a consolidation loan of € 50000, we will find out in the bank with which we will contact you regarding the loan. With 2-3 such offers, it will be easier for us to choose a better solution.
If you are looking for a cash loan at the bank, check: cash loans 20 thousand euro.
Credit amount (without credited costs): €50,000.
APRC of consolidation loan: 14.76%.
Nominal interest rate: 7.00%.
The total amount to be paid: €66 806.79.
The total cost of the loan: € 16,806.79. It includes: commission in the amount of €2298,85 (4,00%), life insurance 5172,41 € and interest 9335,53 €.
Number of loan installments: 52 (monthly installments equal to €1284,75).