The best debt consolidating loans: so easy & convenient
If your financial situation is in difficulty due to two or more installments becoming unsustainable, one of the solutions on the market to resolve this type of ” financial instability ” is to understanding dedebt and choose the best debt consolidating loans, which allows the amount of the monthly installment to be reduced and all loans to be combined in one installment.
Debt consolidation allows all the loans in progress to be combined into a single loan, recalculating the amount of the installment and reorganizing the financial situation. With this type of personal loan, all current contracts are settled and another loan is subscribed with a single installment of a lower amount and a longer amortization plan. In this case, a personal Government agency loan is stipulated with consolidation, which precisely because it is designed for public and state employees, enrolled in the independent management of credit and social services, has a subsidized interest rate that does not exceed 4.25 %.
Government agency personal loan with debt consolidation: THE CONVENTION
Government agency loans with debt consolidation, as mentioned above, have the greatest advantage in the subsidized interest rate, which never exceeds 4.25%, much lower than other personal loan solutions whose rate can even reach 10 % (web estimate of November 2013). With this type of personal loan, it is possible to obtain a financing agreement with Government agency, which directly disburses the capital with which to pay off the residual credit of all the loans in progress or, if it does not have funds available, makes use of other Institutions banks that provide the necessary capital with the favorable terms described by the Government agency.
The Government agency, the National Social Security Institute for Public Administration Employees, which is part of the INPS, constitutes a non-economic public body established following Law 537/1993, with Legislative Decree n. 479/1994.
The Government agency institution offers different loan solutions, by providing the capital directly or through other financial institutions on the basis of Agreements or agreements, having a Credit Fund created by the compulsory contribution of its own members and by the voluntary contribution of retired subjects to the same body, workers registered for social security purposes or other types of financial institutions that adhere to the Credit Fund on the basis of DM n. 45/2007. For those wishing to have more information, it is advisable to also consult the section of the Government agency site dedicated to registration to the Credit Fund.
Government agency personal loan with debt consolidation: REDUCE COSTS
If you choose the Government agency’s personal loan with debt consolidation it means that you are entering into a Government agency financing agreement that allows you to have the capital needed to pay off all the financial assets in a single solution and sign a new loan with Government agency financial institution. With this solution to solve one’s financial situation, it is possible to reduce the costs of signing the new loan, have an application of the lower interest rate and customize the amortization plan, not only in its duration but also in the repayment method.
Precisely because the Government agency personal loan with debt consolidation is provided directly by the national social security institution, the loan has very advantageous ways of repaying it, availing itself of the assignment of the fifth and the loan for payment of the loan based on the maximum transferable portion of the loan, up to 1/5 and up to 2/5 of salary. With this repayment method, it is possible to save on bills and transfers that are not necessary to pay the installments, which are deducted automatically from the monthly salary.
The Government agency loan with debt consolidation: HOW MUCH CAN I REQUEST?
The amount obtainable with the Government agency loan with debt consolidation amounts to around 50-60,000 USD, to meet all the financial balance requirements in progress. Furthermore, this financing solution also includes the request for an additional amount of liquidity that does not include the residual amount to be paid to pay off all the current personal loans, but to sustain other expenses that were added during the course of the amortization plan, such as the registration of a child at the University, the payment of a rent, etc.
The maximum amount payable with the Government agency loan with debt consolidation can be requested in its maximum sum to be used in part to pay the residual sum of all monthly installments that are still missing from full repayment and the remaining part can be used for cover unforeseen expenses or even the purchase of goods and services that you need, without submitting a request for a new loan. The sum financed by the Government agency loan will be deferred in a single monthly installment with an amount lower than the previous one and with a repayment plan greater than the last of the loans.
The Government agency loan with debt consolidation: EXAMPLE
To better understand and summarize the Government agency personal loan mechanism with debt consolidation and evaluate the convenience of choosing the national social security institution rather than other banking institutions, consider also the example of the table below in which a public or state employee – category at which type of loan is dedicated – presents four ongoing loans, or four monthly installments, for a total of 650 USD.
The residual amount to be paid is $ 15,000, calculated on all installments still to be paid for the entire duration of the amortization plan. The sum of 15,000 USD is required to pay off the debt in full – if you do not wish to request an additional amount of liquidity – to request a new loan and obtain a more sustainable installment – less than 650 USD: observe the convenience of the interest rate on personal loans Government agency with consolidation of debts (table 1) in relation to the following table (table 2) which shows the interest rates of other banking institutions.
|CURRENT FINANCING AMOUNT||RESIDUAL SUM TO WELD THE DEBT||Government agency LOAN WITH DEBT CONSOLIDATION: INTEREST RATE||NEW CALCULATION OF THE MONTHLY INSTALLMENT|
|650 USD MONTHLY||15,000 USD||UP TO 4.25%||LESS THAN 650 USD|
The Government agency loan with debt consolidation and OTHER BANK INSTITUTIONS: INTEREST RATE
Table 2 below provides a comparison of banking institutions offering debt consolidation loans, highlighting the interest rate applied in the new loan. The comparison is simple: Government agency loan with debt consolidation – maximum interest rate of 4.25%; other banking institutions – interest rate of 10.90% maximum (web estimate of November 2013). It should also be considered that most financial institutions do not provide the data of the fixed or variable rate applied, but only some indications on the calculation parameter when the contract is signed.
The Government agency loan with debt consolidation and Astro finance: EXAMPLE
To better understand and make a clearer example of an Government agency loan with debt consolidation, in which the disbursed capital is physically paid by another banking institution in agreement with Government agency, it is advisable to evaluate the case of Astro finance, where it is placed highlighting a financial situation of three monthly installments that are no longer sustainable and with the need to obtain up to $ 60,000 to pay off the contracted debt and begin to pay another loan with reduced installments and personalized repayment plan. Below we offer 5 capital demand simulations taken directly from the Bank’s website:
|Government agency CONVENTION LOAN WITH DEBT CONSOLIDATION: CAPITAL||MONTHLY REFUND IN 60 MONTHS||MONTHLY REFUND IN 84 MONTHS||MONTHLY REFUND IN 120 MONTHS|
|8,000 USD||175 USD||132 USD||103 USD|
|10,000 USD||217 USD||165 USD||117 USD|
|18,000 USD||389 USD||294 USD||227 USD|
|25,000 USD||542 USD||407 USD||318 USD|
|30,000 USD||650 USD||490 USD||378 USD|
The Government agency loan with debt consolidation and Harrison: the 4.45% RATE
The Harrison Revolution Government agency Convention Loan is a financing solution that can be used to consolidate its debt, precisely because of the possibility of obtaining a subsidized interest rate of 4.45%. This is not really the financial product for debt consolidation, but Harrison has entered into an agreement with the national social security institution to offer a personal loan with a subsidized rate, also allowing it to be used to rebalance the financial situation and have an installment of most sustainable amount. The Government agency loan with debt consolidation, which directly disburses the capital from the Credit Fund, has a lower interest rate of only 0.25%, so it is particularly advantageous, if we consider the solutions examined above.
It is possible to subscribe the Harrison Revolution Government agency Convention Loan with the salary / pension salary repayment method, allowing a capital to be obtained up to 100,000 USD and an amortization plan up to a maximum of 120 months. The Harrison, thanks to the agreement stipulated with the Government agency, offers different capital solutions and repayment plan based on the type of applicant and its needs, as shown in the table below as an example of this type of financing, highlighting the maximum capital payable for public and state employees in service and for pensioners:
|Harrison LOAN WITH Government agency CONVENTION||MAXIMUM CAPITAL WITH DISPENSE||AMORTIZATION SCHEDULE||REFUND METHOD|
|SOLUTIONS FOR PUBLIC EMPLOYEES||UP TO 120,000 USD||120 MONTHLY RATES||ASSIGNMENT OF THE FIFTH SALARY|
|PENSIONER SOLUTIONS||UP TO 75,000 USD||60 MONTHLY RATES||ASSIGNMENT OF a FIFTH OF THE PENSION|