You can repay the loan early

If you pay off some loans, you have chaos about when and where to send the money there are installments over your options, consider the so-called consolidation loans. Several small loans with different maturities replace one more loan. Monthly payment will be less and less loaded with your family budget.

First take an overview of how you pay and how much, and in particular, how much you have left pay. You cannot simply subtract from the original loan installments already paid. Whoever you borrowed money, fees and charges added interest. Current information on the amount due, you should find the last statement that the creditor sent you. If you do not receive statements (such as some forms of installment sales), contact the lender and ask what is now the amount owed.

Look in the original contract, where it says, under what conditions you can repay the loan early. It is not always possible to pay only what you currently owe, particularly non-banking institutions often persist for repayment of the expected interest. Next, contact the company for which you want to consolidate your loans and calculate what would be the new installments and for how long. At the meeting, take your personal documents in addition to the existing credit agreement.

The new bank will assess your ability to repay, the so-called standing. You will need proof of income from your employer, business tax returns. Bonita is assessed currently. The consolidation would thus should be of interest to those who feel that the company they work for cannot, so they could be at risk of dismissal, or women who plan to maternity leave. Once their income drops, they might have a problem getting consolidated loan.

In the meantime, you can work around with each creditor to arrange a termination. The new bank will help you with the paperwork, but the final signature must eventually do it yourself. When you consolidated loan is approved, the bank will send the money to your account, but sends them directly to your existing creditors. Everyone how old he is. If you need cash, the bank can lend something extra, depending on how much you are able to repay.

Bank consolidation allows only one who so far all its existing obligations repaid without problems. Therefore, if you turn the pot up when you have sometimes failed to send the original installment loans, you will have bad luck . Control over your history of repayment. Consolidation loan will ensure that you will still pay less, but for a long time, thus increases the total bill. It is generally accepted relationship: the lower the payment, the longer and the more you pay overall.