If we have several loans on our account and we do not deal with repayment, we reach for a consolidation loan at the bank. And how to deal with many short-time loans or loans taken out of the non-banking route? Is there such a thing as non-banking consolidation?
One way to get out of debt when we have several different financial obligations is to consolidate them. This is a particularly helpful solution if we are unable to pay off all the loan installments that we have incurred in a timely manner. And thanks to consolidation, we combine all these commitments into one whole and pay only one installment. And how can non-banking consolidation look like – are there any ready-made products that allow the consolidation of non-bank loans?
Unfortunately, if our main financial obligations are payday loans or non-bank loans, we have a slightly bigger problem. In this situation, we will not be able to take a consolidation loan to repay such loans. A consolidation loan that is offered by banks can only serve to repay bank liabilities. It can be used if we have cash loans, we have some additional debt on the credit card or in the form of a personal account limit. Unfortunately, the bank will not give us such a loan if we have several short-term loans or other non-bank loans on our account. We can, as part of a consolidation loan, get an additional amount that could be used to repay such liabilities. However, the main purpose for such a loan must be bank loans.
Non-bank consolidation – how?
If we start looking for such a loan on our own, we will quickly notice that there are practically no ready solutions that we could use. As far as consolidation loans are obtained in every single bank, the consolidation of non-bank loans is available only in a few companies. What’s more, the cost of such loans is so huge that I decided not to present them in this article. I will look for other solutions that may somehow help you free yourself of this difficult and complicated situation.
Consolidation using a cash loan
One of the more sensible proposals for consolidating non-bank products may be to take a cash loan. I mean the traditional cash loan for any purpose that we get in every single bank. Of course, to get such a loan, we must have a positive credit history, we should not have debts in Retrodatabase databases. Negative credit history in Retrodatabase databases automatically eliminates our chances of getting such a loan. Of course, we will also need adequate creditworthiness to obtain the appropriate amount of loan to repay non-bank loans or payday loans. We are talking about the appropriate amount of income and therefore the appropriate amount of monthly remuneration.
Consolidation when we have a negative Retrodatabase
In a situation where our credit history in Retrodatabase databases is not the best, we will have a problem with obtaining not only a loan from a bank, but also in many loan companies. Currently, a lot of loan companies verify their clients’ data via the Credit Information Bureau databases. Especially when applying for a larger amount of the loan, we must be prepared for the fact that the company will want to scan our credit history thoroughly.
Are there any solutions to obtain a loan if we have a negative credit history? Yes, there are still cash loan offers available on the market, which we will get without checking Retrodatabase. Their cost, however, is very large and when reaching for a larger amount of the loan, we must be prepared for the fact that we will have to pay the other one or more. The offer of Rapida Money is much more advantageous in this respect, which may be an alternative option if we can not obtain a consolidation loan or cash for any purpose.
The offer of the company I have already mentioned in the blog is different in that it has lower costs from other non-bank loans. This is possible only thanks to the additional security that the company uses. Well, to obtain a loan it is necessary to have a guarantor, and therefore an additional person who will be a guarantor of our loan. We ourselves can have a negative credit history, both in Retrodatabase databases and debtors’ registers, but the guarantor should have a very good history and creditworthiness. Only in this situation is it possible to obtain a loan that can be used to consolidate non-bank loans. Currently, the company’s offer includes loans up to PLN 25,000 with a maximum repayment period of up to 48 months.