If you are in a situation where you owe several creditors money, consider collecting your loans one place. With a collectible loan, you can redeem your debt with all your creditors and instead collect it all in one place and get a cheaper loan with fewer fees and a lower APR. It often means that you save a lot of money and don’t have to worry about having to look at more creditors.
Take control of your debt
Of course, before you go to collect your debts, you need to know how much you owe to other creditors. As soon as you manage it, it’s just a matter of finding the loan offer that best suits your needs and finances.
How much can you save on a collateral loan?
Below we have made a hypothetical calculation example, where we start with four small loans, which could be one of DKK 10,000. DKK, 20,000 and DKK 30,000. Often, you experience a higher APR on smaller loans, which is why it pays to collect everything in one larger loan. In this way, you may be able to save money, pay less for the loan, get more money between hands, and maybe you will also become debt free faster.
Total loan – get more money between hands
Total debt-free and cheaper loans faster
As stated above, we have made two examples of collective loans. Both with an annual interest rate of 10%, but the first example has a maturity of 6 years and the other in just 4 years. The total loan plus cost in the example of a maturity of 6 years end up being almost the same as the loan with several creditors. However, your monthly installment will be almost DKK 500 cheaper, which means more money between your hands, which you can save for example.
In the second example, where we have cut the maturity down to 4 years, your monthly repayment will be more or less the same, but the total loan will ultimately be over 6,000 kr. Cheaper while you get faster debt free.
How to proceed with a collectible loan
As mentioned, the above calculations are fictitious and not complete, so it should just be seen as inspiration for why you should consider gathering your loans in one place. At Good finance we have made this process even easier for you, as you simply have to fill out one loan application, after which you receive personal and non-binding loan offers from several banks, which you can easily and easily compare under My page. Then you choose the loan you would like to accept.
Apply for a collective loan Only fill in one application and receive offers from several banks. Free and no obligation application now
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