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It is not uncommon to have loans spread out in different directions, whether large or small. People tend to use loans to pay for houses, cars and studies, but also for travel or to maintain a certain standard of living. At the moment, small loans may feel like a good decision, but they can quickly grow both in quantity and cost, which becomes very expensive for the wallet in the long run.

Most often, private individuals take out loans from different organizations where everyone has their own terms for the agreements. This means different interest rates for all loans, which leads to a lot of paperwork with various invoices to keep track of. To make this process easier while saving money, you can collect your loan costs under one and the same loan instead.

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Debt consolidation involves taking out a new loan that covers the total cost of all the spread loans you have. You use the money to repay all the remaining loans so that you can then focus on only one. It becomes easier to manage, cheaper, saves time and you decide the installment time yourself. Thus, it is a smarter way to resolve loans and credits. This will now be explained in more detail.

What are the Benefits of Collecting Loans?

What are the Benefits of Collecting Loans?

When loans are spread out, it also means different interest rates, depending on which companies you borrow from. These interest rates can be high from the start and grow even more in the long run. With a mortgage loan, you can repay all of them to have only one interest rate instead, which is much easier to manage and which is cheaper if you choose the right lender. Larger loans usually have lower interest rates than smaller ones, which means that it is advantageous when it comes to saving money, especially for larger sums.

Most debts also adversely affect your credit rating. Creditworthiness affects your life in many aspects, such as your chances of applying for future loans or when renting or buying a home. By resolving credits and reducing the number of debts to just one, your credit rating is radically improved. Via the Information Center’s website, you can see your rating as a percentage. The lower the percentage you have, the better. If you have less than 12 percent, you usually have a good chance when it comes to applying for a loan. A percentage below 4.5 usually gives a very good interest rate for collecting loans and this is what you should aim for. The algorithms for determining the percentage are secret, which in some cases means that you can have a good credit rating and yet not get your loans granted. One reason for this may be that you have an overdraft credit card.

Another positive aspect of backing up a loan is that you don’t have to keep track of all the invoices that are sent to your address and risk forgetting someone. The due dates on the various invoices often differ, which means that you have to pay these at different times each month. This can be an unnecessarily complicated process to keep track of. Collecting all loans saves time and as you know, time is very expensive.

In addition, smaller loans usually have shorter repayment periods. This means you need to repay them faster. This can quickly become problematic if you have dozens of loans whose total amount is high, but you still have to pay quickly. As you pay lower interest rates on collecting loans, you will save money in the long run, which means that you can choose to pay off the loan faster than you previously planned. It results in better well-being, as you can focus on things other than worrying about debt.

To think about before you collect loans


The first thing that is important to do is, to sum up, all the costs from all loans to get an overview of the situation. What do you owe for the various loans? What are the interest rates? When should they be repaid? Compile all information to see how large a collateral loan you need to take. One rule here is not to sign up for a larger loan than you need.

By writing a household budget, you get a plan to relate to during the installment period (and even afterward). When you record all expenses weekly or monthly, you can plan how the money should be spent on areas such as food, households, and entertainment. It is important that you try to save a buffer for unexpected costs. This is especially necessary when you have large loan repayments on top of expenses such as rent, transportation costs, and food.

What type of collateral loan should I choose?

The next thing to think about is whether to take out a private loan or a mortgage, depending on your situation and what type of debt it is about. A private loan is a loan without collateral where the maximum limit is SEK 500,000. This means that you will not tie up any expensive property as a guarantee to the lender in case you cannot pay. Loans without collateral instead have a higher interest rate to cover this risk. The repayment period can be set between 1 and 15 years where you decide what is appropriate. When deciding the installment period, it is important to try to balance what is realistic; Longer loans have a higher total cost, but a short installment period can make the cost too high in the short term. For example, if you set the payment period to ten years, but feel that you can pay it off significantly faster, however, there is no problem and this is done at no extra cost.

A mortgage loan is usually more difficult to take out but gives a very low-interest rate and a long repayment period. When a loan is secured with security as in the case of a mortgage, it means that your villa or condominium is a guarantee for the lender if you cannot pay. This means that you may have to sell the house if you cannot pay in other ways according to the agreement. Compared to private loans, these loans have high setup fees and are therefore usually only advantageous for large sums of money. It is therefore important to think through the decision before deciding on the type of loan that is best suited to collect all loans and credits.

Home Savings Funds – Loans

Did you know that the Hungarian State supports its housing goals with up to HUF 72,000 a year after every Home Savings Fund contract?

With which service provider can you sign a home savings fund?

Due to the Act on Housing Savings Funds (Act CXIII of 1996), the margin of maneuver of service providers offering the product is highly regulated, so there is only a slight difference between the products of the service providers.

The use and exploitation of the above-mentioned state aids?

When is it absolutely worth considering the use and exploitation of the above-mentioned state aids?

  • if you are building, buying, expanding, refurbishing or modernizing a property
  • if you reduce the maturity or installment of your existing retail loan
  • if you want to get a fixed rate and government subsidized residential real estate loan. Instead of the rigidity of commercial banks, on lighter, more relaxed terms.
  • if your children and grandchildren would support the purchase and renovation of an apartment
  • if you want to save it completely without interest tax, put it aside
  • if you want to save for the entire duration of the contract with a return and a capital guarantee, without stock exchange funds
  • if you do not want to lose $ 72,000 in state aid per contract per year
  • if you want to “concretize” your current state aid for up to 10 years

In Hungary4, you can achieve the above benefits and state subsidies with different apartment savings funds.

There are many differences between the terms of the claim

The offerings of financial institutions seem to be the same, the product is similar, but there are many differences between the terms of the claim and the future payout process.

Want to know how to get subsidies for your housing goals and which financial institution offers are best suited to your plans?