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Among banking services, the consolidation loan is a separate product. In a situation where we repay several installments of a relatively large amount every month, they sometimes become too much of a burden for our portfolio. Thanks to the consolidation loan, we can combine several obligations into one and adjust the monthly installment to our current financial capabilities. The consolidation of loans on such principles is possible in many banks. Using it, of course, is associated with a longer repayment period and higher interest, but it is definitely a better solution for late payments, where we are all the more exposed to interest rising in an uncontrolled manner.

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Loan consolidation outside the bank

A consolidation loan is an opportunity for many people who for various reasons cannot receive a traditional consolidation loan. Algorithms assessing the creditworthiness of potential customers in banks are unfortunately ruthless, so this problem can not be overcome. Another problem is that if several loan installments are not repaid on time, relevant entries appear in the Credit Information Bureau database, which practically prevents the use of this type of financial services at any bank. Non-bank institutions, which also offer loans consolidation, come to the rescue. Usually, the service is ultimately more expensive than in a traditional bank, but in a crisis situation it can save our personal finances.

Loan consolidation on the non-banking market, sometimes opening additional opportunities for clients.

Receiving such a loan may result in receiving additional cash. It should be remembered that liabilities in banks are often not the only debts held by customers. The extra cash can also be a financial cushion or an important investment, for example in education, which will soon contribute to higher earnings. A consolidation loan is not cheap, but it can save our finances.

How to avoid debt?

However, before the consolidation of loans becomes necessary, it is worth avoiding a situation in which a spiral of debt appears. We sometimes overestimate our financial capabilities and misjudge our cash flow. If you are unable to cope with financial obligations and at the same time we do not have a chance to get a bank loan, you may want to consider taking a quick loan in the non-banking sector. Its repayment can be divided into convenient installments, thanks to which we will avoid accumulating liabilities. A loan in the amount of several thousand zlotys, which will improve our financial condition and help us go straight, is a much better solution than falling into a spiral of debt and later looking for not always favorable consolidation of loans.

What is it and what is a debt consolidation loan?

We live in a world in constant evolution, situations can change even quickly. When these changes are economic and affect the ability to repay an individual or a household that has debts, a financial instrument is needed that allows you to regain control of the situation. This requires the loan for debt consolidation which, in these cases, is the best strategy to put in place to restore the balance between income and expenditure of your budget.

Debt consolidation

Debt consolidation

Debt Consolidation is a loan intended for the immediate extinction of debts previously contracted with banks or credit agencies.

It was introduced in 2011 with the aim of reducing the cases of over-indebtedness which are the cause of insolvency on loans and mortgages. Since then, this has proved to be an excellent tool to help Italian families balance their balance between monthly income and expenses.

In fact, Debt Consolidation allows one or more loans to be repaid with another loan.

In most cases, if managed well, it may have lower interest rates than existing loans. This if, when the new loan is activated, the cost of money is lower than before.

Not only that, thanks to the lengthening of the repayment period, the monthly installments will be lower, thus weighing less on the family budget. Moreover, those with the right economic requirements can take advantage of debt consolidation also to have new liquidity to be allocated to other projects.



The requirements to be able to apply for and get a loan for debt consolidation are basically the same as those for a personal loan. We must therefore be of legal age, resident in Italy, have a demonstrable income and not be reported as bad payers.

How to choose the best loan for debt consolidation

How to choose the best loan for debt consolidation

First of all, if you have all the requirements in order, to choose the best loan for debt consolidation, you need to get into the right mindset. You are the customer, you choose who to buy the money you need to make this financial transaction so important for your future.

Having said that, let’s see in detail how to choose the best the market has to offer in terms of financing.

1. Acquire as many quotes as possible

The bank or the finance company has a product to sell yours is a bargain that you need to conclude with both. So to make the most of your interests you need to collect and compare as many quotes as possible.

I recommend: whether you get the quotes online or from a bank near your home, always ask for the amortization plan and the SECCI form.

2. Check the APR (Effective Global Annual Rate)

The APR percentage value is the rate that best identifies the real cost of a loan. In the case of a comparison between several estimates, the lower this percentage value is, the more the loan is convenient.

Just compare the APR to choose the best debt consolidation between different budgets? Unfortunately not! Certainly it is an excellent indication of general cost and therefore good for a first evaluation. However, since some costs are not generally included in the APR, it is necessary to investigate further to choose the most convenient budget. Let’s see how.

3. Always read the SECCI form

Here comes the SECCI module I mentioned in point 1. But what is this module and why is it so fundamental to compare quotes? Let’s find out!

As you can see in the definition shown in the image above, the SECCI module (Standard European Consumer Credit Information) is the pre-contractual document that contains information in a simplified and understandable form, which also allows a less experienced user to independently evaluate the costs and conditions of the loan offer.

Example of a SECCI module which shows the data relating to a loan for debt consolidation with insurance policy included.

As you can see, in the image above, you have various data, all useful for understanding the total cost of a loan for debt consolidation. In this case, the simulation made provides an insured loan of 15,000 USD repayable in 84 months (7 years). The monthly payment amounts to 232.80 and the insurance cost is 688.50 USD, which added to the various costs and interests lead to a total to be reimbursed equal to 19.751,20 USD.

Note that if you multiply the installment by $ 232.80 for the total number of 84 installments, the amount is not 19.751,20 but is 19.555,20. How come it doesn’t correspond to the total due seen before? Simple, they are additional costs not included in the installment. This is why the simple calculation of the installment x number of months is not a correct way to evaluate a quote.

4. Ask for help from a super partes financial advisor

Ask a financial adviser specializing in loans for help. This is if you think you are not able to evaluate the various estimates despite the suggestions above. Do it especially if the amount you need is high. Asking a professional for advice has costs that could exceed the benefits.