Payday consolidation: when to request it
Sardinia is one of the most active regions in the sector of subsidized loans for new entrepreneurs. Those who have decided to open a business on the island and have benefited from the various funding opportunities made available to them know this well. However, it may happen that over time too much funding is accumulated and you are no longer able to pay all the installments.
What to do if I have too many payday loans? The best solution is payday loan consolidation. We allow you to repay all your current loans with a single loan and, in some cases, obtain additional liquidity. In this way the debtor has the possibility of extending the repayment duration, reducing the number of periodic installments.
How to apply for a debt consolidation loan: which documents to present
As with personal loans, debt consolidation loans can be either fixed or variable and the repayment plan can extend over 10 years. Repayment generally takes place in monthly installments, but quarterly payments can also be requested.
The preliminary investigation and assessment of the feasibility of a debt consolidation loan is rather complex. The applicant must, in fact, produce all the documentation of the loans to be extinguished, including the related extinguishing statements (documents attesting the amount of the residual debt), which allow the bank to estimate the necessary amount.
Debt consolidation loan: guarantees and early repayment
How to get a debt consolidation loan? Generally, the presence of collateral, such as liens or mortgages on owned assets, is not required, but a demonstrable fixed income and a good credit profile are sufficient. In other words, it is necessary that the applicant is not reported in the SIC database as a bad payer or protested.
In the event that the bank does not consider the guarantees presented by the client sufficient, however, this may require the presence of additional guarantees, such as the signature of a guarantor or the repayment of installments. In the latter case, the loan installments will correspond to bills of exchange with the enforceable title, which in the event of insolvency allow the institution to request the attachment of the assets used to guarantee the loan.
What happens if the loan is repaid early? The current legislation establishes that the customer can extinguish the loan before the agreed deadline at any time of the repayment plan. If he chooses to exercise this faculty, the debtor is subject to the payment of a penalty which, by law, cannot exceed 1% of the financed amount.