If you want to take a loan in order to repay or close other loans, then it is worth trying to get a loan from a micro-credit organization or a so-called lending company first. For example, the company is ready to provide its borrowers with transparent and extremely fair conditions, a high percentage of approved transactions, the speed of service. In addition, the organization regularly holds discount promotions, allowing significant savings on the loan. Also, in order to care about the financial well-being of customers, the company offers loyalty programs for new and regular customers.
How to get a loan to repay loans in other banks?
In fact, in order to receive a loan for repaying other loans, a lending company needs a minimum set of documents and instruments:
- Passport of the citizen of the Philippines;
- Valid bank card;
- Mobile phone;
- Internet access.
You just need to contact the organization on the site. To do this, fill out the application form and just wait for the decision on extradition. After signing the agreement, the client will be able to receive the necessary funds within 5-30 minutes. Thus, with minimal time, you can get money on credit to pay off other loans. But microfinance organizations may refuse to issue a loan to repay loans in other banks. There may be various reasons for this, for example:
- The presence of a client in the black list of debtors due to malicious violations of previous loans;
- Indication of false or incomplete information about yourself;
- Using fake documents.
Where can I get a loan to repay other loans if everyone refused?
In this case, you will have to consider again the possibility of applying for a pawnshop loan. This type of loan has a number of disadvantages:
- The pledge is alienated, therefore, taking a loan to close other loans on the security of a thing you need every day will not work;
- High interest – sometimes some consumers in the form of interest paid amounts larger than the loan itself and the value of the collateral;
- The problem of transporting a large deposit. For example, if you want to use a refrigerator as a pledge;
- The need (in some cases or institutions) for the provision of documents for collateral.
As you can see, this method is not very convenient. And it is better to leave it for the case if lending companies denied of a loan. But if there is not even a collateral, is it possible to get a loan to pay off another loan? It turns out you can – from private lenders. This is the most unreliable way. The fact is that it is in this area that there are very common cases of fraud, the use of illegal methods of collecting a loan: threats, intimidation, pressure on the borrower and his relatives. Sometimes it becomes possible to resolve the issue only with the participation of law enforcement agencies. But even in the case of cooperation with a decent lender, the client needs to expect extremely high interest rates. This is essentially the usury loan, which was mentioned at the beginning of the article – high interest rates may require collateral, very high interest rates and the lack of legal support for the process.