What to do if you have lost the overview of your monthly repayments?
Many families have multiple loans. That can be a mortgage loan, a green energy loan or something else. That usually varies per family. The point is: you want to avoid chaos. But what do you do if you have lost the overview of your monthly repayments and administrative formalities?
A possible solution is to merge your loans.
Merging different loans can be interesting in many situations. You have more than one loan. You want to save on the costs that loans can sometimes entail. You want to change the monthly repayment amount. Or you just want a clear overview of all your credits.
By combining loans you get a helicopter view of your business at a glance. The fact that you only have one monthly due date is also handy. The interest can also be a lot lower, which also plays to your advantage.
How does the regrouping of credits work? Specifically, you take out a new loan within a new term that is adjusted to your budget. Even if you have loans with different financial service providers, this is perfectly possible. Keep in mind that the merging of loans sometimes results in a loan with a longer term, whereby the monthly repayment is noticeably lower, but which, despite a lower interest rate and monthly repayment, may amount to a larger total repayable amount.
The advantages, however, are that you have one payment, one due date and more financial breathing space. And that relieves! Because doing nothing is never a good solution. Certainly if you have too many different loans and credit cards and it just becomes too much to keep paying this easily each month, you should not continue to use it.
Find a cheap loan
It doesn’t take much effort, because nowadays you can arrange just about everything from the comfort of your couch via the internet. Finding a cheap loan is easier than you think. If you have a computer with an internet connection you can get started yourself. Select a few credit companies and surf to their websites. Search the website for the desired loan and proceed to the loan simulator. With this tool you can calculate loans. Completely without obligation and completely free. This way you can compare all banks and other financial service providers and also have a look at the costs. To start the calculation you must state the amount to be borrowed, then the number of months of payment. That is enough to see an amount appear for the monthly repayment. Then pay attention, with that amount you will see the abbreviation JKP which is the abbreviation for Annual Cost Percentage. You therefore need the lowest APR for the cheapest loan. Then you are in the right place and you can apply for the loan.
You can make the request yourself from the same website. Enter your details, possibly also those of your partner if you want to take out the loan with two. You can also forward supporting documents such as the latest pay slip and a copy of your identity card. From then on, the company will review your application and calculate what the options are.