Consolidation of loans at the same bank – what does it involve?

 

22 thousand USD loan – this amount is on average per one person, as evidenced by statistics provided by the Bank Association. It is no wonder then that many people make decisions to consolidate liabilities. Check if it is possible within the same bank.

Fellow countrymen are happy to use the credit offer of banks, having many liabilities repaid at the same time. Sometimes there are so many that the household budget hardly closes, and remembering about several different payment dates can get out of control. That is why it is worth considering taking a consolidation loan.

What is loan consolidation?

What is loan consolidation?

The essence of consolidation is the conversion of several repaid liabilities into one – usually with a lower installment. Thanks to this, you can relieve your home finances while not exposing yourself to any late payments.

The main condition for consolidation is to have at least two active liabilities that can be combined into one. Their size is irrelevant – funding can cover even smaller amounts.

Consolidation of loans at the same bank – is it possible?

Consolidation of loans at the same bank - is it possible?

It happens that the same borrower has many active liabilities in one bank. These are not isolated cases, frequent use of the institution’s products may result in promotional offers.

If the borrower repays several different liabilities, eg credit card debt, bank account limit and cash loan, he can combine them into one. This enables loan consolidation in the same bank. If your credit history is good, you can use it on simplified terms, ie without the need to provide financial documents or income statements. The bank – based on previous payments – assesses the reliability of the given borrower.

Consolidation of loans at the same bank – is it profitable?

Consolidation of loans at the same bank - is it profitable?

The possibility of obtaining credit consolidation at the same bank is one thing. The other is profitability – is it really worth applying for this form of financing?

It is difficult to answer this question unequivocally because a lot depends on the specific offer. If it is actually much more competitive, there is nothing to prevent you from applying. This means, therefore, that you need to conduct a short but in-depth analysis of individual options – this is the only way to check whether consolidation of loans at the same bank is profitable.

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