Debt loan – what is it?Uncategorized
Falling into a spiral of debt in many cases turns out to be simpler than we might think. At times, many people decide to use a loan for an apartment and cash loans for any purpose, even a slight deterioration of the monthly financial situation can lead to problems with regular payment of debts. It was for such people and those with low creditworthiness that a debt relief loan was created.
Almost half of adult Poles have a cash loan
According to a survey conducted in 2016, fifteen million Poles have a cash loan , which means that half of the adult society pays off debt, the total value of which is over PLN 600 billion, 5% of the said amount (about 30 billion) are liabilities not repaid in time .
Debt loan in its definition is similar to a consolidation loan. At the moment when the debtor has many bank loans, liabilities and cash loans, he accumulates them under one large (debt) loan, under which new terms and repayment schedule are established. The creditor repays the debtor’s arrears and then sets the rules for the refund . In fact, debt and consolidation loans are not the same – the former is treated as the last resort for those in debt and those with poor credit ratings.
Debt loans are offered mainly in the non-banking sector by loan companies . These take a greater risk of not having regular payments (which results, among others, from the history of the borrower’s problems), which means that obtaining such financing will be much more expensive, associated with higher interest rates.
Keep the balance – debt relief
At a time when another bank refuses to grant a loan, penalty interest begins to multiply and the debtor sees no way out of the spiral of debts, the offer of any loan company may at first glance seem a unique opportunity. However, be vigilant so as not to fall into even more financial trouble.
Loans are regulated solely by civil law. Regulations and cash loan agreements, loans with this should always be read carefully to ensure that interest and interest rates are not artificially high.
Debt loan is an emergency solution, before you reach for it make sure that you do not have other alternatives to solve your debt problems.
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