Combining Loans: Is It Wise Or Am I Seeking Elsewhere?

Small loans can be combined into one, for example, with non-volatile loan banks. It is possible to apply for a loan of USD 5000-50,000 without any collateral or guarantors.

Who can apply for an unsecured loan from bank?

Who can apply for an unsecured loan from bank?

Applicants for unsecured loans must be at least 25 years old. Applicants must have a personal identification number and be permanently resident in Finland. There must be no defaults on payments and any other financial matters must be properly managed. Applicants must have a regular income from work or pensions of at least USD 2000 per month. In addition, the applicant must have an account or alternatively access to another person’s account. However, there is no need for a salary or pension account , any account or access to another account is sufficient. An account is automatically held by individuals who have a preference card or are co-owners of a cooperative. However, an account is fairly easy to open if one does not already exist. In any case,

You can apply for a bank loan either alone or with someone else. If you apply for a loan with another person, you will be more secure. Of course, a loan is usually applied for together if some joint procurement is made. Many will certainly apply for a consolidation loan alone.

The loan application process

The loan application process

You can apply for a loan either through online banking, by telephone or at a bank customer service point. An individual borrower can apply for a loan up to USD 30,000 through online banking. However, to apply for a loan of more than $ 20,000, the applicant must own the apartment. A loan of more than USD 30,000 must be applied for together with another applicant and at least one of the applicants must own a home.

After submitting the application, bank will contact the applicant if it still needs some additional information or attachments to process the application. The applicant may be required to submit, for example, a salary statement, a tax assessment or a pension certificate.

Once the necessary attachments have been submitted, the loan decision will be sent to the applicant by post within approximately two weeks. Information about the approved loan decision is also sent via SMS. If the application is approved, bank will immediately repay the loan amount to the bank account indicated in the application.

If necessary, the loan can be applied for later. This can easily be done through online bank.

Loan costs

S loan costs

The interest rate for unsecured loan and the opening fee are determined by the amount of the loan withdrawn. As the loan amount increases, the opening fee increases, but the interest margin decreases. For example, for a loan amount of USD 5,000-10,000, the opening fee is USD 150 and the interest rate is 3 months + 10.00%. For example, if you borrow USD 15,001-20,000, the opening fee is USD 250 and the interest rate is 3 months + 8.00%. In addition, a monthly account management fee of $ 7 will be added to the loan. The current annual interest rate on a 5-year loan is 11.658% for a USD 10,000 loan and 8.736% for a USD 20,000 loan. The maximum annual interest rate on the loan is 13,376%.

Repayment of the loan

Repayment of the S loan

The repayment period of the loan is 1-12 years. The loan repayment installments are always planned individually. The loan can be repaid at your own discretion, either in the form of a minimum installment, an amount greater than this, or, if you wish, even in full at once.

Is it advisable to combine loans?

Is it advisable to combine loans?

Of course, for bank customers, consolidating loans with the same bank is a viable option. However, the conditions for obtaining an unsecured loan are quite stringent and not all of the conditions required for a consolidation loan may be met. In general, it is not worth taking a loan without comparing the options. So if you need a loan to consolidate your smaller loans, you may want to compete through our loan consolidation site. We compete on loan combinations with different banks starting at 4.5% interest. By competing, you will find all the banks that you would be eligible for a mortgage loan and choose the one that suits you best. At the same time, you guarantee the lowest possible loan costs.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Post