How many institutions do we compare? On our platform, the main credit institutions in the USA, between banks and financial institutions. In this way, we compare more than 20 entities that represent the vast majority of players present in the American market, so that consumers can find the best offer in the market for themselves, according to their profile and their needs.
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Our platform provides complete information on all the existing mortgage loan offerings in the USA, both in banks and financial institutions.
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Each time the user accesses the platform, he / she must indicate the amount and term of the personal loan, the purpose of the loan (vacation, car purchase, university or other financing), as well as some attributes that will help filter the requirements and will present all market proposals according to the profile built.
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When analyzing the results table with the offers of the institutions, the consumer should look mainly at the Annual Effective Annual Rate and at the Total Amount Attributed to the Consumer, the latter being the total value of the loan, accounting for capital plus interest. In addition to these two terms of comparison, it is important to look at the advantages that may be associated with certain products, such as insurance that may be included.
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A mortgage loan is one of the most versatile financial products on the market due to the number of purposes it can cover. It is possible to request this type of financing to invest in training (in a Bachelor, Master, Doctorate, Technological Specialization or similar); to do works at home and to furnish it; to get a car or a motorcycle; to invest in the placement of solar panels at home (whose purpose is renewable energy); to fund a surgery or health emergency; to open a small business.
It should also be noted that microloans (for lower amounts, usually between $500 and $2,500) and consolidated credit (which allows the consumer to aggregate several loans that he has in different banks – for example, the home, the car, and the latest expenses incurred with the credit card – and reduce the monthly installment up to 60%).
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Finally, it is still possible to request an unspecified mortgage loan, which can be used for whatever you want. In this mode, the consumer does not need to provide supporting documents as to the purpose for which the loan is intended.
What is a consolidated credit?
A consolidated loan is a type of personal loan that is used to combine the monthly installments of several loans into one (for example, the car, home financing or credit card debt). By aggregating the various monthly payments, consolidated credit also allows for a significant saving in the monthly tuition, which can decrease up to 60%, and still obtain extra financing on better terms than the loans you already have.
It is a way of avoiding over-indebtedness and helps to manage the household budget better since instead of having several payments to be made at different banks, they are all made for a single institution with a monthly installment only. Also, the term of payment of the loan is extended and, possibly, a lower interest rate will be paid.
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One of the main benefits of credit consolidation is the reduction in monthly payments (which can go up to 60% less – so the consumer can lower his debts to the bank for more than half). In this sense, the interest rate could also become more appealing.
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When consolidating credits, the consumer starts to have all the loans in a single bank / financial institution, which helps a lot in the management of the debts. Having multiple monthly payments spread over several days of the month can be a real headache in managing personal finances.
The payment term extends – the customer will have more time to repay the requested amount.
At the end of the loan, you can pay a higher Total Amount (total cost of credit), but you will pay a considerably lower monthly installment.
The “bureaucratic” costs are another factor in which you can cut when you consolidate credits. Since the consumer is paying several commissions for keeping several separate accounts at the banks where he applied for a mortgage loan, here too he may be paying less money. How does this happen? Is easy. By eliminating the other loans, there are costs (such as overdraft fees) that also disappear.
Finally, it should be noted that the accumulation of several debts and, at worst, default, is a “black mark” concerning credit history. Consolidated credit prevents this, so it can be a sensible decision to avoid problems with American Central Bank (Credit Responsibilities), preventing the consumer from having a future loan application refused.
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Through our simulator, you can access a list of all the financial entities that offer the possibility of joining credits, as well as their conditions, and from the outset to the extent to which it is possible to reduce their monthly installments and to what amount.
Consolidated credit simulation: how to apply for credit?
Through the website, it is possible to use the consolidated credit simulator and compare all the options of the market, without commitment and for free. To do this, simply select which amount to consolidate (which will be the total of all the monthly installments that you want to join) and the repayment term. There will be no need to travel to the branch of a bank.
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The best bank to consolidate credits will always be the one that presents the most attractive conditions, alleviating the customer’s effort rate. After choosing the financial institution, all necessary documentation (regarding the financial capacity and the credit responsibilities of the consumer) should be sent for the process to be analyzed. The bank then proceeds to the risk analysis and will be determined whether or not the process is approved – something that usually takes place within a few days.
Finally, if both parties agree on the terms of the bank loan, the credit consolidation is approved and the consumer will enjoy considerable savings by the end of the month.