Loan for debt consolidation
Loan for debt consolidation
It’s not just
CONSOLIDATING DEBTS
It’s getting a good night’s sleep again…
“One Tuesday in August, while I was searching online for what I could do about my unpaid loans, I found the solution was in my own home.”
That’s what Juana told me one day as we talked about how, for the first time in a long time, she could see a way out of the anxiety.
Let me tell you the story from the beginning.
Juana and her husband are a married couple from Bilbao.
An ordinary couple, responsible people, who never imagined they’d be trapped in a nightmare of unpayable loans.
Life’s circumstances forced them to take out one loan after another, until they had 5.
They didn’t earn badly, but even so, the monthly payments became a mountain that was harder and harder to climb.
In April the inevitable happened.
For the first time in their lives…
… Juana and her husband couldn’t make a payment.
It was something small. €149.95, but it represented something bigger.
They had always kept up, but now they felt like failures, ashamed.
When June came, she started to notice the car rattling when it stopped at traffic lights.
It was a clack, clack, clack that was easy to hear.
She took it to the garage, and something she didn’t even know existed was going to cost her a whopping €940…
What if I don’t fix it?
Then the gearbox is practically guaranteed to fail; think more than 4 figures, the mechanic told her.
She needed the car to get to work every day.
If €940 made everything complicated, just thinking that it could be much more than that brought her out in a cold sweat.
They tried to get another loan but no one would give them one; their level of debt was already very high.
They could only scrape the money together by defaulting again on the same April loan (on which they still owed one payment) and two others.
The snowball was rolling downhill with no brakes, getting bigger and bigger.
The situation was becoming unsustainable.
At night she couldn’t stop thinking.
Tossing and turning in bed.
It was impossible to sleep.
All day long she had a constant nagging worry, facing a problem she didn’t know how to solve.
Every morning she woke up with a knot in her stomach so tight it stopped her from eating.
There were times when she only had a small sandwich all day.
July was no better…
The calls from the banks started.
Until one Sunday that seemed normal, her body said enough.
It started with a feeling of suffocation; she felt she couldn’t breathe, she took in air but her lungs wouldn’t fill, as if there were a hole in the middle of her chest.
They went to A&E.
It’s an anxiety attack, Juana, the doctor said.
On leaving the hospital she kept repeating to her husband through her tears: “this is no way to live”
They had to find a solution, now.
The next two weeks were a marathon of visits to banks and financial institutions, but the answer was always the same:
“We can’t help you”
Until one Tuesday, Juana read something.
She found a blog that talked about a solution she had never considered before.
The words shone on the screen like a lighthouse in the night:
“Did you know there’s an option in Spain to consolidate all your debts?”
At first it sounded strange. Technical words. But as she read on, she began to feel something in her stomach.
The article explained that if you own a property worth more than €75,000, you can apply for a loan using it as collateral to pay off all your debts.
That’s how Juana and her husband found us.
Based on our experience with 939 mortgage-backed loans signed, if you’re looking for a way to refinance loans that are suffocating you day to day (whether or not the payments are overdue), find a good professional who knows how to do it.
Take my word for it.
This isn’t the time for patches, it’s time to solve the problem.
It could be someone else or it could be us, but find good professionals who know about refinancing.
If you want us to look at your case, go to the simulator just below.
Applying for a debt consolidation loan online: frequently asked questions
What is a mortgage-backed loan?
It’s a loan in which your property is used as collateral.
How much money can I get from the property?
Up to 35% of its value if it’s a home, 25% if it’s commercial premises. This value isn’t estimated by eye, but by a report from an approved valuation company (we take care of this).
What if my property has a mortgage? Can I still apply?
It depends on the outstanding mortgage principal. Up to 30% outstanding or €40,000€ can be studied; more than that is complicated… Talk to our team and they’ll look at your case.
What property can I use as collateral?
- Your house or flat
- Your second home
- Your commercial premises
- A relative’s house (they will have to be part of the loan)
How long do I have to repay the money?
Up to 20 years and a minimum of 10 years, but it can be 1 month; read the next question to understand this.
What if I want to pay off the loan early?
You can do so from month 1.
No commissions, no cost to you.
Full and partial early repayment at 0%.
I’m on ASNEF/RAI. Do I have any chance?
If you have one of the properties listed above, worth at least €75,000, you can apply.
Is this loan suitable for my business?
Of course, it’s suitable for businesses.
In fact, many businesses, besides refinancing loans, use it to:
- Inject liquidity
- Finance expansions
- Buy equipment
- Settle debts
How is a mortgage-backed loan signed?
We sign this type of loan before a notary.
What is debt consolidation?
It groups all your loans, debts or mortgages into a single payment. Every month you’re overwhelmed by mortgage payments, bank loans, credit card debts and more… In that case, debt consolidation loans may be a good solution for you.
With this process you can group all your debts into a single payment and save on interest. By applying for a mortgage-backed loan you can pay off all your debts and pay just one instalment.
Debt consolidation is also useful for extending or refinancing your current debts. With a debt consolidation loan you can lower the amount you pay each month. And how is this achieved? With this financial product you avoid unnecessary interest and you improve the organisation of your personal finances, while also gaining more peace of mind.
How do I get a debt consolidation loan without a mortgage?
At Prestamo Capital we provide private capital loans tailored to each client’s needs. To access them, you’ll need to put up a property as collateral mortgage-free or with a small outstanding charge. If your property doesn’t meet the requirements, you can use a relative’s or friend’s property if that person agrees.
By using a flat, house or commercial premises as collateral you can get the loan you need to pay off your debts and gain peace of mind. One of the biggest advantages of these loans is that they ensure better organisation of your personal finances.
Combining all your debts into a single loan helps you avoid varying interest rates. It also prevents defaults caused by having many different due dates. With our loans you can pay off all your outstanding debts and pay just one instalment each month.
Thanks to debt consolidation loans you can also extend the life of the loan, negotiating a new repayment schedule and paying less interest.
Can I apply for a personal debt consolidation loan?
With a property in your name you can apply for one of our mortgage-backed loans to consolidate your debts. This type of loan is a great option if you have many loans with several lenders and are looking to better organise your personal finances.
A personal debt consolidation loan will also help you avoid ending up on the ASNEF or RAI lists due to a missed payment. And you can also save money every month by paying off the loans with the highest interest rates, to stop them from building up.
Consolidating debts is a very common process through which you can regain control of your personal finances. Thanks to debt consolidation it’s possible to:
- Pay off high-interest debts.
- Save money every month.
- Avoid falling into default (due to the various due dates of your debts).
Why choose our loans?
Fast response
In just 24 hours you get an answer from our managers about your debt consolidation loan.
Fast and transparent
Don’t give up your inheritance for lack of liquidity; access our private capital loans easily.
Tailored to you
We offer financial solutions from €20,000 to €3,000,000 so you can pay your debts.
A single debt
Gain peace of mind and control over your debts by combining them into a single monthly payment.
