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When we hear of a product called a payday fast loan, we often get the impression or the perception that this type of loan could be the solution to all financial problems.
In fact, in addition to being a type of product, it can also be a loan consolidation opportunity that a person can have, who has a series of small commitments underway, but who would like to pay off by paying a single product in one installment.
What are the characteristics of debt consolidation?
When there are several financing debts in progress, a good transaction to be evaluated could be to pay them off and merge them into a single installment with a new loan.
With the consolidation of the loans in progress, it is possible to revise and remodel the current debt position by lowering the monthly debt given by the total amount of the installments that must be paid each month and eliminating a series of different monthly maturities according to the various Financial Institutions that have provided the loan.
Through the operation of this kind, where there are the prerequisites, it will be possible to extinguish all the loans in progress and refinances with a single solution that is more convenient and convenient.
Extending the repayment period with the debt consolidation loan may have both benefits deriving from paying a lower monthly installment amount (thus obtaining a higher monthly availability than before) and is, in certain cases, an advantageous modulation of the rate compared to old loans in progress. consolidating bad payors debts
How does consolidation work with the sale of the fifth?
- Accessible to all public, state, private and retired employees
- The repayment duration varies from 24 up to 120 months
- All public, state, private and retired employees can apply for it
- Rate and installment are fixed for the duration of the loan
- A loan that can also be assessed to protesters or bad payers
Consolidation Debts with the sale of the fifth?
A loan to carry out a debt consolidation can also be requested through the sale of the fifth product, this type of financing, in fact, reaches a maximum duration of 10 years and can reach amounts up to 75,000 USD. The categories to which this type of financing is addressed are employees and retirees. The calculations will be based on age and based on the salary or pension received.