The debt consolidation loan allows you to combine all your ongoing debts into a single loan with a lighter monthly installment.
Can I still qualify for real debt consolidation? Absolutely
The debt consolidation loan is the solution that allows you to combine all the ongoing loans into a single solution. These days it may happen that you need liquidity and therefore inquire about the online loans offered by Hart and the other comparators, to find the best products that allow us to breathe a sigh of relief. However, the need could push some consumers into debt more than would be advisable. And it is in these cases that the debt consolidation loan comes into play.
The loan for debt consolidation allows you to combine all the loans you have in progress in a single solution, even if granted by different banks and financial companies. The big advantage is that, in the face of an extension of the repayment plan, you will be able to obtain a lighter monthly installment than you would have paid by returning the various loans individually. In some cases, with a debt consolidation loan, you may even be able to get extra liquidity.
Who can apply for a debt consolidation loan?
You can apply for a consolidation loan if you have other outstanding debts and are between 18 and 75 years old. You must also be an employee for an indefinite period, with an age of at least 6 months. In some cases, self-employed workers and freelancers who have been working for at least a year and pensioners may also request it.
A very important requirement to be able to obtain a loan for debt consolidation is to have a good credit history. Those who have been reported as bad payers, or worse protested, are unlikely to have access to this type of solution.
Are additional guarantees needed?
It is not uncommon for banks to ask for additional guarantees before making a debt consolidation loan, especially if the amount requested is high enough. For example, some institutions may include the possibility of changing installments in the contract. Be very careful in these cases, as this clause immediately authorizes the bank to attach your assets/income in order to re-enter the amount of any unpaid installments. If you can do without it, better then stay away from this solution.
The most widespread guarantee is the signature of a guarantor or a person who agrees to pay the loan in your place if you are no longer able. Having a guarantor could significantly increase the chances of success of your loan application for debt consolidation, obviously on condition that they have good creditworthiness.