A consolidation loan may turn out to be a lifebuoy for us when we pay off a few different loans and we are not able to cope with the monthly repayment of their monthly installments.
Whom are loans and consolidation addressed to and how they differ from traditional cash loans? They differ in many respects and the only common denominator is the payment of a loan in cash. Like a mortgage, a consolidation loan is allocated for a specific purpose, namely repayment of all loans repaid at the moment, and thus combining them into one whole.
What do we gain by taking such a consolidation loan?
We gain for sure that in the end we will start paying back one installment a month, not three or four. The main benefit, however, is the reduction of loan installments, which should satisfy those who are no longer able to pay their current liabilities. There are times when we repay three or even four loans – one mortgage that we took to buy a flat, one car loan and two additional cash loans, or maybe even credit card debt. When we finally start to realize that we are not able to pay all of our liabilities on time, it is worth thinking about a consolidation loan. Thanks to it, we will extend the loan repayment period but we will pay one, lower installment. This is definitely a better solution than falling into debt loops due to loans that are not being repaid in a timely manner.
Meteor has one of these consolidation offers offering a consolidation loan with a reduced installment. In addition, the bank allows you to reduce the loan amount as part of a special promotion. This means that we can transfer all our loans to Meteor and thus obtain one, lower loan installment, and the bank will pay 3% of the balance of consolidated loans for us . This will happen within 45 days of the new loan being granted.
Now maybe a few words about how high the amount of such a loan can be and how long can we spread the consolidation repayment period? It depends mainly on our needs and on the loans we currently pay. In specific cases, the bank may grant us up to PLN 200,000 with a repayment period not exceeding 120 months, i.e. 10 years. The payment of a consolidation loan with a reduced installment can take place directly to the bank account of which we are the holder (it does not have to be an Meteor account) or in cash in the nearest place of residence, Meteor outlet.