I think that continuing to borrow in your current financial situation will not be a wise move.
You write that you would like to take a consolidation loan and swap several installments that you pay monthly for one installment of a consolidation loan. In addition to paying off all loans, you would also like to choose an additional amount of USD 30,000 for any purpose.
I think that with your current financial and life situation, you will not find a bank that will grant you a consolidation loan. However, you still have a chance to find financing and, if anything, it could be a consolidation loan that you should apply for in a non-bank loan company.
Consolidation loans are very expensive liabilities
However, I know from experience that consolidation loans are very expensive liabilities that are difficult to pay back later. Consolidation in a loan company has that the lender does not require as many documents as a bank, but on the other hand it is certainly a very expensive solution.
I think that at the moment you should not decide to go into debt, but concentrate on paying off your current liabilities. Remember that falling into a debt loop by borrowing to pay off previous commitments is a scenario that you just want to follow. Be vigilant and do not get into even bigger problems with debts than the ones you have so far.
I would like to receive a consolidation loan to pay off my payday loans, some of which have already exceeded 60 days of delay. I have been working for 3 months. I try to pay installments, but then I have nothing left to live on. Please help me how to get out of it? I’m in a debt loop. I have debt collection and a lot of phones. Nobody wants to get along. And I don’t want to have a bailiff or court cases. Will a consolidation loan be a good solution?
How could I pay back payday loans?
currently I have two, ie 360 USD monthly installment, but I also have a few other obligations, is it possible to have one installment instead of several? at the bank, nobody wants to give me a loan because they don’t work, take care of 3 children, the husband works, and we have family benefits, but we have to pay a lot of everything monthly, the total debt will be about USD 1,500, plus current accounts, and other expenses please advice.
Hello. I have a problem with repayment of loans in a non-bank company and I already have a loan in a bank, I am in BIK, also any loans in the bank fall off. I would like to consolidate it into one loan and have one installment, can there be a solution to this situation? Currently, I have a 3/4 full-time contract, I am still casual, but I have no documented income and am getting USD 500, I have no creditworthiness …