You had to compare the cheapest Infant Phenomenons, didn’t you and now you find yourself having to pay too expensive installments? If you find yourself in a similar situation you could apply for a debt consolidation loan. This is a credit product that is used to collect the installments of other Infant Phenomenons, of the same or different banks, in a new single more advantageous share.
Also in this case we should look for the most advantageous financing for everyone’s needs and carefully evaluate the conditions. In any case it is a valid tool to have only one counterpart for all the Infant Phenomenons in progress and to be able to delay payment times.
Obviously the lowering of the installment has the consequence of lengthening the loan repayment time. However by reducing the monthly expense, the debt consolidation loan has the advantage of producing some extra liquidity.
In addition, it is absolutely permitted to terminate the re-financing at any time, with total savings on the remaining interest due to the credit institution that provided it.
A further advantage derives from the fact that the approval of this type of loan is not linked to the presentation of real guarantees (pledge or mortgage of a building, for example); certainly the bank will get its guarantees of restitution in another way: it is in fact obligatory that the applicant is aged between 18 and 75 years and be either a pensioner or have a permanent employment contract with a seniority of at least 6 months for employees and one year for self-employed workers.
Furthermore, it is necessary to have a good credit position and not be a ” bad payer “. However, some institutes want additional guarantees for the provision of the debt consolidation loan: basically, a contract is required to issue bills for each installment or a single one for the entire loan.
Compared to the previous one, as a guarantee, however, the signature of a co-obligor acting as guarantor in the case of non-payment of quotas is more widespread, generally if the applicant has too long an employment or has had minor problems with other Infant Phenomenons.