Reunify my debts – Discover your advantages with Credits

 

If you have several open loans and want to pay off all debts in order to keep a single open loan, the best thing you can do is bet on reunifying debts. Thanks to this system, you will not only be able to unify all debts in a single line of credit, but you will also be able to enjoy many other benefits.

Steps to request a loan to pay debts

Steps to request a loan to pay debts

To start, you have to make numbers and be clear how much money we will need to pay all our debts and be able to close open loans. Keep in mind that not only will you have to pay the outstanding amount, but you will have to pay possible fees and interest for open loan cancellation.

When we are clear about the amount we need to reunify debts, it will be time to compare between different lines of credit to pay debts. There are many options to choose from, so we can surely find the alternative we are looking for for our interests.

After the comparison, it will be time to read the conditions well to be sure that it is really what we need. It is important to read the credit conditions well to reunify my debts. Thus we avoid possible scares in the future.

Now is the time to request financing at the bank or company that interests us. We must bear in mind that the loan will have to be studied and after a reasonable time they will indicate if it has been granted or not.

If everything is on track, the money will be granted. Now you just have to use that money to cancel the loans you have open and thus get all the debts in a single loan, what we commonly call, reunify my debts.

What are the advantages of reunifying my debts?

What are the advantages of reunifying my debts?

The main advantage is that you will have all your debts in a credit to pay debts, that is, you will no longer have to worry about whether X credit has been paid this month or not. You will already have everything in one place, so you will take away many headaches.

Another benefit you will get is that if you get good credit, the interest to be paid will be cheaper.

In turn, as you have reunited the debts you will get the monthly installment to be paid cheaper than the set of loans. The advantage of this type of loans is that you can get the monthly installment that best suits your economic situation. Of course, you have to be clear that if you extend the life of the loan to get to pay a lower monthly fee, what you will do is extend the life of the loan. That is, in the medium and long you will pay more interest, but the family economy will thank you.

Do you know what the difference is between a credit and a loan?

Almost all people think that there are no differences between a loan and a loan and in reality they are very different products. Do you want to know what they are? here we go:

The loan

The loan

The loan is a financial operation in which a lender, which can be an entity or a person, gives a borrower a fixed amount of money at the beginning of the operation. The main condition is that the borrower returns that borrowed amount plus the sum of interest. Interest is agreed between the parties based on a specific term.

The repayment of the loan (repayment) is based on more or less regular amounts or fees during that period. The loan therefore has a previously specified life and interest is charged on the total amount borrowed.

The credit

The credit

A credit is an amount of money, with a maximum limit set, that an entity makes available to a customer. This amount is not delivered suddenly at the beginning but can be used according to needs through the use of an account or card.

The client may or may not have all the money, a part or nothing. As the client returns the money, more may continue to be available, without exceeding the limit. The credit does not have a previously specified life and interest is paid for the money provided. Although a minimum can be charged on what is not provided.

Credits can also be granted for a term, but unlike loans, when it is terminated it can be renewed or extended.

The interest on loans is usually higher than on a loan, but, as we have already said, it is only paid for the amount used.

What suits me best?

  • The credits are more suitable to cover the mismatches between collections and payments of the companies.
  • Loans are usually granted to finance the acquisition of a particular good or service: a car, some studies, a home renovation, etc. Loans are more useful to cover mismatches between collections and payments and to face temporary periods of lack of liquidity. Loans are usually more suitable for companies than for individuals.

I need a credit – What should I do?

A credit can be a tool to help you achieve a goal, whatever it may be. From starting or improving your business, buying a car, paying for the studies of children / grandchildren, taking a trip or having a dream vacation.

Once you have reflected and decided that you need a loan, analyze your borrowing capacity. This cannot be more than 20% of your total income.

The easiest way to calculate it is to make the sum of the monthly income you receive and multiply it by 0.20. The result will be the amount you can pay for one credit per month, without compromising your economy.

Now, to get a credit you must have a good credit history.

What does this mean?

There is an external entity known as the Credit Bureau that issues a report on your credit behavior, that is, it notifies you if you have paid in time and form the credits that you have previously obtained.

Making the credit application

Making the credit application

Ask for all the information related to the credit: maximum and minimum amounts, rate, terms and additional benefits. For example, a financial company that provides loans from $ 3,000 to $ 150,000 to retirees and pensioners, with terms of up to 24 months and free life insurance.

To apply, you must submit basic documentation. Take care that there is no missing document to avoid delays in the evaluation process. The financial institution will also ask for personal information. It is important that all the data you provide be true; Due to an incongruity, your application will automatically be rejected.

Once your credit is pre-approved, make sure that the credit conditions are the best, according to your needs.

Once your credit is pre-approved, make sure that the credit conditions are the best, according to your needs.

And when signing the contract, take the time you need to read the formats you are going to sign. Remember to ask for a copy of each one to have it as a backup and means of consultation.

Once you have deposited the money in your account, be sure to use it for what you initially considered. It is common that we begin to have money for other situations until we spend everything.

Remember, requesting a loan and paying it in time and form opens the door to future loans and larger financing to meet other types of goals, such as buying a property.