The consolidation loan at Lite Bank is granted even for the amount of USD 200,000, which must be repaid within 10 years. The interest rate on the liability ranges from 7 percent. and depends on the amount of consolidated liabilities. The bank declares that it will pay additional cash to the borrower for any purposes.
Have you taken out several different loans at a similar time and are currently struggling with repayment of many capital and interest installments, which are heavily burdening your household budget? Have you taken a mortgage, a car loan, and also an installment loan for a fridge or washing machine? Do you have difficulties with paying all installments paid on time?
Soon, you may not be able to handle these payments and you will be in arrears. In such cases, it would be good for you to consider an interesting solution, which is a consolidation loan. It can be really helpful. You can take him, for example, at Lite Bank. What consolidation offer does this bank present to its clients?
Lite Bank consolidation loan – is it worth checking the offer?
A consolidation loan is a specific type of bank loan under which all your current liabilities are repaid once by the selected bank. However, is the consolidation loan profitable ? It depends.
Under it, you convert several financial liabilities into one, with probably a lower interest rate, lower installment and longer repayment period. In this way, the monthly installments are adjusted to your financial possibilities. In this respect, the consolidation loan is certainly profitable for the borrower, but the extension of the loan period, thanks to which the monthly installment is usually reduced, increases the overall loan costs.
It is worth calculating it before you apply for a consolidation loan. In this way, however, you can eliminate problems with current payments and thus more effectively manage your household budget. Yes, you will pay more in the end, but remember – late installments cost much more.
It is very difficult to stop the debt spiral, and the consolidation loan effectively prevents this. Where to enlist him? You can take advantage of the offer for a consolidation loan at Lite Bank. In addition to repayment of loans, this bank offers additional cash for unexpected expenses.
You can receive funds at an express pace, even in one day at Lite Bank. The online consolidation loan that is available here is that you apply online and the bank contacts you to present an offer.
Consolidation loan – detailed discussion of the conditions
As Lite Bank declares – transfer your loans to it and he will pack them into one more convenient. The greater the amount of combined loans at Lite Bank, the lower the interest rate on the new liability, even up to 7%. – APRC will then amount to 10.1 percent.
Lite Bank will consolidate your liabilities up to USD 200,000, but each customer’s situation is considered individually. The amount granted to the borrower depends on his needs and assessment of creditworthiness. A consolidation loan can be granted for a maximum of 10 years.
The bank charges a preparation fee of 5% of the loan amount. For this life insurance is not compulsory. However, if the customer chooses them, the amount of the preparation fee charged when granting such an obligation will drop to 2.5 percent. loan amount.
On the other hand, if you take the life and unemployment insurance offer together with the consolidation loan, this fee will drop to 2%. amount of loan granted. The commission for granting the loan is determined individually each time. In a representative example on the Lite Bank website for consolidation loans, it was 9.99 percent. loan amount.
The interest rate is a minimum of 7 percent, but for the client the APRC is more important, which in the case of this offer is 10.1 percent. Depending on the loan period, the interest rate may be fixed or variable. In the case of cash loans, the loan amount, repayment period, and creditworthiness assessment have an impact on its amount.
Which loans can be consolidated at Lite Bank?
As Lite Bank declares in its offer, the consolidation will allow for the repayment of many different customer liabilities incurred in various banks and loan companies. Lite Bank will consolidate, among others, loans and borrowings such as:
- cash loans,
- installment loans,
- car loans,
- credit cards,
- cash loans.
It also allows you to obtain additional cash, which the borrower will be able to spend on any purpose.
For what maximum amount can you take a consolidation loan in Lite?
If you use the consolidation offer at Lite Bank, you can consolidate (combine) loans and borrowings and receive additional cash for any purpose, up to a total of USD 200,000.
The final amount of the consolidation loan will depend on the individual assessment of your creditworthiness.
The cost of the consolidation loan in Lite
A consolidation loan is not only an advantage in the form of a possibility to reduce the monthly burden due to repayment of principal and interest installment. It is also a number of costs. If Lite Bank grants you a consolidation loan, the commission for joining it will be determined individually by the bank. It can amount to 9.99 percent, as in the representative example on Lite’s website.
Other costs of consolidation loans at Lite Bank include:
- loan interest rate – even just 7 percent per year;
- a preparation fee, depending on where the loan is taken and whether the client decides to take advantage of the life insurance and unemployment insurance offer;
- credit commission – a fee for issuing a bank opinion, a one-off fee of USD 50 for each client instruction;
- any life insurance premiums and unemployment insurance.
Interest on the consolidation loan in Lite
Lite Bank makes the interest on the consolidation loan dependent on the amount of combined loans. The higher the amount, the lower the interest rate may be. It ranges from 7 to even 10 percent. per year. At an interest rate of 7 percent. the annual actual interest rate on the consolidation loan will be 10.1%.
Consolidation loan insurance at Lite Bank
You can reduce your risk of loan repayment on time and increase your chances of a positive credit decision if you choose the insurance of consolidation loan at Lite Bank. Life insurance and unemployment insurance are available for the potential borrower.
What documents are required for a consolidation loan at Lite Bank?
Do you want to take a consolidation loan from Lite Bank? What documents will you need? You will certainly need to complete an application for a loan at Lite Bank. The online application is available on the bank’s website or from credit brokers. This is a simple form in which you should indicate:
- first name and last name,
- e-mail adress,
- mobile phone number,
- the amount requested in USD,
- loan period in years and months,
- designation of information clauses.
The most important documents that Lite Bank will ask for when applying for a consolidation loan include those related to existing loans – loan agreements and certificates regarding the outstanding amount of the loan, as well as a certificate of employment and the amount of income obtained from commission-based contracts and work or certificate from the workplace about employment and the amount of income received.
Lite Bank consolidation loan – calculator
You can compare consolidation loans at New Lender. Use the calculator consolidation loan, which will show how much you can save on installments through the consolidation of existing loans. Do you want to take a consolidation loan at Lite Bank? The calculator will allow you to assess its profitability and estimate the initial costs.
A consolidation loan for companies at Lite Bank
So far, consolidation loans for companies are not available in Lite Bank’s offer. A similar product offered to enterprises is refinancing loan, which allows the loan to be transferred to Lite Bank from any lending institution.
In this case, Lite Bank guarantees a 50% reduction in the margin. for the first 2 years of lending, it does not charge a commission for granting a loan and gives the possibility to extend the lending period, as in the case of a consolidation loan – all so that the entrepreneur can pay less monthly to the bank as a principal and interest installment.
Advantages and disadvantages of the consolidation loan at Lite Bank
The consolidation loan at Lite Bank has many advantages. These undoubtedly include:
- high amount of consolidation loan – up to USD 200,000;
- repayment period – up to 10 years;
- a wide catalog of sources of income obtained by the customer acceptable by the bank – employment contract, mandate contract, contract for specific work;
- legible loan application;
- low interest rate – up to 7 percent per year;
- no obligation to take out life insurance or unemployment insurance;
- issuing an automatic, initial credit decision in a short time;
- no obligation to have a bank account at Lite Bank;
- APRC up to 10.1 percent per year.
This offer is not without flaws: the bank does not provide the exact amount of interest, commissions and other fees – it all depends on the individual situation of the client, the maximum loan amount is only available to a few percent of customers.
Lite Bank consolidation loan – customer reviews
One, lower installment instead of several in different banks, combined with the possibility of obtaining additional cash, makes Lite Bank’s offer attractive to customers. In addition, consolidation loans do not always have such favorable interest rates, and the maximum loan amount may be lower.
Lite Bank also provides a convenient repayment period. The Lite Bank consolidation loan has very good opinions among borrowers who took advantage of this offer. It allows for a real reduction of the installment repaid to the bank every month. Therefore, it is worth considering Lite Bank consolidation loan. Customer reviews will be an additional tip for you when analyzing offers for similar loans.