In practice, consolidation or consolidation of loans means repayment of existing obligations by a new loan. The purpose is to get more favorable repayment terms and also a better overview of regular monthly repayments. Companies that offer this product include Lite Bank. Under what conditions does LB provide the consolidation of loans and what are the advantages and disadvantages expected? More exposition at http://www.gracemethodistaustin.org/online-payday-loan-direct-lenders-only-search-real-payday-loans-direct-lender/
Lite Bank consolidates its loans under the so-called Optimal Loan, which may be up to USD 2,500,000. It brings the possibility of reducing repayments and interest, optional repayment amount and zero credit management fees, changes in the contract and early repayment.
It is possible to combine loans, non-bank loans, overdrafts and credit card debt.
Consolidation of LB loans – basic parameters:
- Consolidation amount: USD 30,000 – 2,500,000
- Need to prove income: yes
- Checking the debtor register: yes
- Application fee: free of charge
- Loan management fee: free of charge
- Maturity: 12 – 120 months
- Early repayment: free
- APR: max 13.68%
Lite Bank provides consolidation to applicants who have reached the age of 18, have a regular income and have two identity documents.
All information relating to a specific loan is available in the loan agreement or in the Major Bank internet banking and Mobile Banking.
Advantages and disadvantages of LB loan consolidation
The merger of loans from Lite Bank has many advantages. These include, for example, the option to choose a repayment date according to your own needs, zero fees or minimal administrative requirements for clients.
- Lite Bank provides consolidation free of charge for arranging and maintaining a loan
- The optimal loan can be arranged at branches and online from the comfort of home
- Advantageous insurance of the ability to repay in case of unexpected situations
- The client can set the repayment date himself
- There is no need to cancel existing loans, LB will handle the merger
- Opportunity to get extra money
- Lite Bank’s consolidation is intended exclusively for non-business loans
- The condition is a regular income
The optimal loan is only available to clients with regular income, which must be documented together with all consolidated credit agreements during the application.
Thanks to the consolidation of loans from Lite Bank, you can save on interest and improve your overview of regular monthly payments.
Loan Consolidation Lite Bank – loan calculator, example
Applicants for the consolidation of loans can calculate in advance how much they will save through consolidation on the company’s website. It is always true that the more loans are transferred to LB, the better the interest rate will be. You only need to enter credit data and the required repayment period in the calculator.
- Loan Consolidation Lite Bank – calculator
Example: If the amount of consolidation is USD 100,000 and the maturity is 4 years, the interest rate will be 5.9% pa, APR 6.06% and the monthly installment amount will be USD 2,389. In this case, the client pays the total amount of USD 112,353.
Payment protection insurance
For those interested in consolidation, Lite Bank also offers insurance in the event of problems with timely repayment, which is available in four variants.
- OPTION A: Insurance of death and full disability (client age 18 to 45 years) – 0.025% monthly of the sum insured
- OPTION B: Insurance of death and full disability (client age 46 to 60 years) – 0.045% monthly of the sum insured
- OPTION C: Insurance of death, full disability, and incapacity for work – 0.025% of the sum insured + 0.01% of the insured loan
- OPTION D: Insurance of death, full disability, incapacity for work and loss of employment – 0.025% of the sum insured + 0.02% of the insured loan
In the event of death or full disability, the Bank will pay the entire debt or its insured part. If the client loses his job, repayment starts from the third month.
Consolidation and repayment insurance can be arranged at Lite Bank branches or by calling. Alternatively, the nearest LB branch can be easily found on the company ‘s website.