A credit consolidation: Do you have multiple financing or credit in progress? you would like to collect them for ease? Be aware that pooling credits can save you money. Gather all your credits in one installment loan.
Many Belgians use this type of “credit” which is rather a service to help you better manage all of your current loans. If you have two, three, four, or more credit going on at the same time? it’s not always easy to manage them better each month. Remember to group them into one credit. Credit consolidation is actually a new credit offered by the financial institution that “redeems” all your credits and offers you a single loan to repay more advantageous.
Why consolidate your payday loans into one loan?
How Do Payday Loan Settlement Companies Work? The main advantage of these companies is to extend the repayment time via a payday loan consolidation. Indeed, if you are a little within the limits of your budget, make a payday loan consolidation that will allow you to extend the repayment period of your monthly payments and reduce it at the same time.
With a repurchase of credit, you will have only one loan to repay: more ease in everyday life. Moreover, who says one credit says only one bank.
Generally, repurchase of credit allows the household to reduce by at least 30% of the monthly payments of this one. A real advantage!
Am I automatically accepted for a credit redemption?
As with any credit application, a file will be opened to review your financial situation. In most cases, credit consolidations are accepted without additional complications.
The major reason for credit consolidation is to decrease the monthly charges too heavy.
Where to go for a credit consolidation?
Discover credit consolidation at Harris ™. (the most popular in Belgium).
Do you have several credits that you currently pay each month? Possibly from different financial institutions? This can sometimes be a lot of red tape for you as a customer.
That’s why Harris offers a grouping of your credits. If you choose Harris for a credit pool, they ensure that your current loans are transposed into a single loan with a single contact. You pay a single monthly payment instead of several and have a better overview of your monthly budget.
Strong points Harris, how does it work?
- One interlocutor and one monthly payment
- Harris is responsible for the repayment of your current loans, you have nothing to do yourself.
- You benefit from a fixed interest rate with a fixed term and fixed monthly payments
- You can group up to 75.000 €
- You can better spread out your payments in order to pay less heavy monthly payments that will be better adapted to your budget.
- Your budget is balanced again and you can continue with peace of mind
Do I need a pool of credits?
The golden rule is:
If the family’s debt ratio exceeds 35 %, the credit redemption will be used to obtain better rates without any revision of the repayment term.
Scenario with a concrete example (source: Antony):
|Credits in progress||
Number of monthly payments remaining
Total amount remaining to be repaid
|Ready to install used car||$ 492||18||8.856 €||10.00%|
|Settlement sale purchase of furniture||$ 234||27||6.318 €||11.50%|
|Visa Credit Opening *||$ 169.44||n / A||€ 3,050||12.50%|
|Large-scale credit opening *||100 €||n / A||1.800 €||12.50%|
|TOTAL||€ 995.44||n / A||€ 20,024||n / A|
* installment repayments
The Antony solution with a credit pool:
Ready to install
Amount to repay
|€ 20,000||$ 327.58||84||$ 27,516.72||10.00%|
A Belgian platform exists to quickly compare rates for credit consolidation. Thanks to this one, you can get a quick overview of the different APRs of the market in Belgium.