Debt consolidation is the ideal solution for those who are tired of paying several monthly instalments with different interest rates or want to refinance their current loans.
Different types of loans can be consolidated. For example mortgages, credit cards, bank or personal loans. With only one monthly instalment, you have only one payment date and only one interest rate. This, in turn, helps you to better control your finances.
Firstly, many personal loans and credit cards have very high interest rates. Paying off all these debts with a single lower-interest loan means you can reduce the interest you pay every month.
Secondly, the process of consolidating your debts usually means you can extend your loan terms. This allows you to pay lower monthly repayments and means you have more money left at the end of each month.
You need a mortgage-free property (or one with a small outstanding mortgage) to be eligible for a loan. In addition, you must provide proof of minimum income – but this does not need to be a salary. For example, you could provide rent payments, pensions and other proof of income.
No, you do not need to own the property. For example, you can use the property of a relative or friend, as long as they agree to mortgage the property to act as a guarantee of your loan. The owner/s will also need to come to the notary, and sign for the loan alongside you.
Yes, you can repay your loan at any time and at no extra cost.
In fact, many clients use these loans as a short-term solution to bridge a financial gap. They use the cash to repay existing debts and better organize their finances. Once this is done, their ´financial profile´ improves in the eyes of traditional lenders – which means they can get a bank loan, use it to cancel the loan acquired via Suitaprest – and return to mainstream finance providers. This is a very common situation, and we frequently help our clients in this process.
No, you don´t. Having your case assessed is completely free of charge and there is no obligation to take out a loan. You will only start to pay once you have received the loan payment in your current account.
Yes, you can. Most lenders – especially traditional banks – do not issue loans to people who are on defaulter lists such as ASNEF or RAI. This is because they believe clients with such profiles are at a higher risk of not paying their instalments.
At Suitaprest, we collaborate with private capital finance providers that offer mortgage-backed loans. With this additional guarantee, the lenders can be more flexible because the property itself acts as the loan guarantee.
