What do these terms mean? Consolidation – Combining multiple loans into one is the way to better interest, lower repayments and less worries. Refinancing an old loan will give you better terms or a higher loan amount.
On the internet, television, posters and loan advertising pop up foreign words that may be unknown to someone and need explanation. Let’s take a look at them.
Loan Consolidation (Merger)
Loan consolidation is the combination of multiple loans into one. You just put your or family loans together and join them at Bankil.
Consolidation is appropriate when you:
- they took several different loans with one company, or
- borrowed at multiple locations – at different companies, or
- Lent over time on different things and you have more loans or credits or
- and your partner also, so you pay off each of your loans, or even more loans, or
- you already have a loan, but you need to take another now.
Merging loans with Bankil will reduce your repayments by up to thousands per month. And relieve worries.
In such cases, over time, you will find that it no longer suits you and worries about borrowing grow over your head. For each loan you have different conditions, different interest and each loan has its repayment dates and accounts and banks where to send repayments. You have to keep an eye on when, where and how much to pay and it bothers your life.
At Bankil we can help you. In such a situation, we will offer you to unite your loans into one. Wherever you are borrowed, you can usually find some kind of consolidation that suits you.
Benefits of consolidation:
- You can get a better interest rate, so you pay less and generally pay less
- You pay off one amount per month, so you don’t have to keep track of dates, amounts and accounts for multiple loans
- If you have a problem or wish, you only deal with one company
- You can get a new loan to your old one, but don’t worry about it
Basically, refinancing means the same thing as consolidation. Refinancing loans means repaying the original debt (or debts) and giving you one loan with a more favorable contract. In addition, refinancing includes a situation where you have only one loan (such as a consumer loan or the rest of a mortgage), but you want to transfer it to us for better interest, lower repayment, more friendly client access or other benefits. When refinancing loans, the same principles apply and you get the same benefits as you see above for consolidation.
Bankil partner loan
When refinancing or merging loans, we do not charge any fees for arranging and maintaining your new consolidated loan. You can check how consolidation or refinancing would be worth right now in the consolidation calculator or the partner consolidation calculator.