It is generally believed that the average is a big saver. In reality, private credit has increased over the past two years, increasing debt. Hence the question: How many loans can you borrow on soil at the same time?

There are quite a few people who register multiple open debt sources such as loans, leasing, credit cards and mortgages. In fact, there is no regulation that stipulates a maximum number of loans taken out in the country. The law on consumer credit provides that the granting of loans is prohibited if this leads to excessive indebtedness.

Take out multiple loans in one solution

Take out multiple loans in one solution

Having multiple loans or business commitments also means losing money in interest and time when managing individual contracts. Indeed, it is possible to resume multiple contracts in a single solution at more favorable terms and with a lower interest rate – especially in relation to the total of all contracts.

To take multiple loans in a single solution, it is advisable to contact a financial broker who knows the market and works with different financial institutions. A plus point in working with a broker is, in addition to an in-depth analysis of the financial situation, the independence of individual financial institutions and banks. In this way, optimal and comfortable solutions can be found for individual customers .

Loans of various types and interest rates

Loans of various types and interest rates

The term credit does not only mean the private loan, but also leasing, credit cards and mortgages. It is important to make the necessary considerations about the interest rates for credit products and especially not to lose money in contracts that can possibly be grouped together.

For example, credit cards in the country charge an interest rate between 12% and 15% , which is considered high. The Consumer Credit Act provides for maximum rates instead of 10% before private loans.

Let’s say a customer has a USD 5,000 debt on a credit card and a bank loan of USD 20,000 at an interest rate of 9.9%. The two loans can be drawn on as part of a new and single loan offer at a lower common interest rate. In this case, you can not only save interest, you only pay a monthly installment at an institution.

Professional financial advice to analyze how many loans you can have

Professional financial advice to analyze how many loans you can have

With over 30 years of experience in the finance and insurance industry, Consulting employees can draw on excellent industry knowledge and guarantee customers optimal solutions .

Although it is possible to take out several loans at the same time in the country, professional advice can analyze the outstanding loans and evaluate the hypothesis of debt consolidation in a single solution.

The advice is no additional effort for the customer , but will be negotiated with the financial institution and the banks at a later date at the end of the contract.

In order to take advantage and find tailor-made solutions, it is therefore advisable to take a moment to evaluate the personal situation and clarify whether and how many loans you can have.