If you have many quick loans, you can collect them with a back loan
Do you feel that you have put yourself in a difficult financial situation with too many small loans here and there that weigh down your wallet every month when it is time to pay all the bills?
It’s pretty easy to get into small loans here and there if you don’t have a very strict discipline. But in the end, it is very expensive to have this kind of economy and it may be a good idea to start doing something about the problem before it goes too far.
A mortgage loan can be your salvation. In such a case, just as it sounds, you can collect all small loans at a larger but with a lower monthly cost. Often they can be such that you can reduce the cost by several thousand dollars a month through such a mortgage loan.
Where should I turn for a mortgage loan?
You can try to check with your own bank first if it is so that they could give you a mortgage loan at a good interest rate. But in all likelihood, the bank will say no because they see a collateral loan as a sign of an unstable economy and then they do not want to lend money. The traditional banks are much more difficult when it comes to such things.
But on the other hand, there are many other lenders who specialize in mortgage loans that can help you. There are many sites that can help you apply for the loan from several different lenders at the same time and get answers within a couple of hours.
What type of loan?
When you collect your loan it is called a collateral loan, but the truth is that it is a regular private loan that goes to pay off your debts on one and the same loan instead of several small ones.
A private loan has a higher interest rate than a mortgage, but less interest than loans and quick loans. You should beware of taking out a loan that you get stuck in for too long at a high interest rate. But of course you can deduct your interest costs on the tax return, which also used to go automatically without having to do anything.
Can I be denied a collateral loan?
As we mentioned earlier, your traditional Swedish bank may refuse to give you a collateral loan because they do not want to lend more money to anyone with in their eyes, an unstable economy.
But the other lenders can also deny you a mortgage loan, which is usually because you have too much credit information, payment note, debt with Good Finance or simply one too low income. There may be lenders who can give you a mortgage loan anyway.
But you probably get a sky-high interest rate that you will not earn in the long run, and then it is equally good to refrain from putting yourself in the paste again.