To access a payday loan consolidation you must meet the essential requirements- see this here.
From there, each entity will set the other requirements that must be met to grant financing, such as:
• Minimum payments of the initial mortgage
• Available income to meet the financing
• Employment aging of the applicant
• Age of the applicant
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In general, the Maximum financing granted by financial institutions will be up to 80% of the appraised value of the property (provided that the customer brings all payments to date). Depending on your income, the financial institution will study the feasibility of your financing, which will depend on the net returns of your payroll and the income statement or retention certificate (income certificate or account movements).
It is advisable that the sum returned monthly does not exceed 35% of your total income, since this may also be a requirement requested by the entity. In addition, in general, another of the requirements to access the Reunification of Debts is that the term for the return of the loan does not exceed 30 years.
The interest paid through the reunification of debts can be reduced from 24%, which is the common interest for consumer loans up to 3%, which are the common interest for mortgages. The specialists of Freedom Finance, one of the largest entities for the reunification of debts and the one recommended by reunificacion-prestamos.com ensures that the fee can be reduced by up to 50%. It should be noted that currently, more and more people are in a situation of over-indebtedness aggravated by the increase in the cost of living. To know if you are in a situation of over-indebtedness, two values are calculated: the debt rate and the “rest to live”.
It is said that a person is in a situation of over-indebtedness when he is unable to face the payment of all his debts (consumer credit, car credit, real estate credit, revolving credit) and his expenses (rent, bills, expenses of the daily life). Over-indebtedness can affect any person as a result of an unforeseen event (loss of employment, car repairs, accident) or because the cost of living increases steadily while the purchasing power decreases constantly.
It is very common to request several credits. But returning to the topic of reunification, know that the procedure is simple, all your personal loans are grouped with your mortgage in a single loan with a single monthly payment in the same banking institution. The new entity will cancel all the debts with the other banks, even managing to pay for certain unpaid debts, in addition, the applicant may request an extra amount in cash that will be added to the total single loan and that will be deposited into the client’s account upon formalizing the loan.