Requirements for accessing the loan
Debt consolidation is a special credit instrument introduced in 2011 to try to avoid household over-indebtedness in a period of crisis. Let’s find out what are the requirements for accessing the loan for debt consolidation and who can apply for these particular loans. It is in fact a solution designed specifically for all those who find themselves having more active financing at the same time.
It makes it possible to combine the various existing economic commitments into a single installment, of a lower amount, with the aim of making repayment more easily manageable. As a result, the amortization plan period will be extended, with an interest rate applied equal to the previous loans or in some cases even lower, so that it can be more sustainable for the customer to manage the debt required.
Demand for debt consolidation loan
To accept the demand for debt consolidation loan it is essential to keep in mind some important factors, first of all the fact that the potential customer does not represent in any way a risk for the institution. The applicant must not therefore be a bad payer and, moreover, the amount of the installment must be proportionate with the monthly receipts in order not to run the risk of insolvency.
It is not excluded, however, that this loan can also be granted to those who do not have a fixed income; in these specific cases the bank or the relevant financial company will ask for additional guarantees such as, for example, the figure of a guarantor. It is important to know that the institution to feel protected can request the client to sign a bill equal to the amount of the entire loan or part of it; on the other hand, the request for a mortgage on the property is not foreseen.
The necessary documentation to be presented in order to be accepted the request is the one normally presented for a traditional personal loan, but with the addition of the so-called extinctive counts, that is the calculations of the debts that still have to be paid and that represent a decisive information to calculate the amount of the new loan.