Consolidate payday loan debt -Debt consolidation: what is it
Managing multiple loan maturities at the same time can be a problem. Each financial institution has different rules, limits and interest rates. If you want to bring order, reorganize your financial asset, what you need is a bankate debt consolidation loan. But what is this type of financing and how does it work? It’s convenient?
Debt consolidation: what is it
The branded debt consolidation loan is intended for all those who need to rebalance and simplify their financial management.
So, if you are struggling with more monthly deadlines and these are too heavy for your budget, you can take control of the situation and avoid making the situation worse.
The first great advantage of an bankate debt consolidation loan is the possibility that it offers to close all the loans in progress by opening a new one so as to have only one monthly installment to pay. Furthermore, the new loan can be repaid over a maximum period of 10 years (120 installments). In this way the monthly payment is lowered and weighs less on the family budget.
Another possible advantage: if the old loans have high interest rates, it is possible that the bankate offer is cheaper. Sometimes it is even possible to have significant cost savings. Of course the necessary calculations must be made because this is the only way to understand if the new loan has real savings on interest.
|Required amount||Duration||Monthly installment||% TAN fixed||Fixed% APR||Cost of the loan||Total to be repaid|
|$ 30,000||120 months||369.24 USD||7.95%||8.82%||14582.80||$ 44,582.80|
|$ 30,000||108 months||396.28 USD||7.95%||8.86%||$ 13.046,24||43.046,24 $|
|$ 30,000||96 months||430.39 USD||7.95%||8,91%||$ 11,539.44||$ 41,539.44|
|$ 30,000||84 months||467.07 USD||7.45%||8.44%||$ 9,429.88||$ 39,429.88|
|$ 30,000||72 months||526.61 USD||7.45%||8,53%||$ 8.085,92||$ 38,085.92|
|$ 30,000||60 months||603.22 USD||6.95%||8.11%||$ 6.337,20||$ 36,337.20|
|$ 30,000||48 months||729.65 USD||6.95%||8.29%||$ 5,141.20||$ 35,141.20|
|$ 30,000||36 months||941.05 USD||6.95%||8.58%||$ 3,969.80||$ 33,969.80|
|$ 30,000||24 months||1,364.87 USD||6.95%||9.16%||$ 2,822.88||$ 32.822,88|
|$ 30,000||12 months||2,638.36 USD||6.95%||10.81%||$ 1,700.32||31700.32 $|
In the table above, we simulated the offer for an bankate debt consolidation loan of $ 30,000 (without insurance). For such a sum, bankate provides a reimbursement that can be divided into 12 months, or 24, 36, 48 and so on, up to the maximum duration of 120 months, that is ten years.
The lower the number of monthly installments, the greater the amount you will have to pay each month. Keep in mind that the calculation of the installment is done with or without insurance premium: insurance is not mandatory for debt consolidation.
The lowest installment is, of course, the one relative to the longest repayment period, or 120 months, and is equal to $ 369.24 (with insurance: $ 396.38). The TAN is 7.98%, the APR 8.82%, both are fixed for the duration of the loan.
Conclusions and opinions
When you are in financial difficulties, it is essential to find quick, effective solutions and bankate meets these requirements. The interest rates applied range from 8 to 9% and are in line with those required by the main competitors.
Our opinion is that if you need this type of loan, there should also be one of bankate among the estimates to be evaluated.