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If you intend to take out a consolidated loan, the first thing you should keep in mind is that you cannot have any overdue loan installments. In other words, this is a solution to gain a new financial breath and not for those who defaulted.But if, on the contrary, you have all your accounts settled and you are looking for a way to reduce your credit installments, consider your consolidation. Analyze my case But let’s see, one by one, the criteria for accessing consolidated credit.
1. You cannot have payments in arrears
If you are in default with any financial entity and have your name on the Bank of Portugal’s blacklist, then does not meet the conditions to apply for a consolidated credit, this is because we are facing a new credit. In this situation, and before consolidating the credits, you must pay off your debts first. If you are having difficulties, renegotiate the loans directly with the entities in question until you are able to regularize your situation. 
2. Must have two or more credits
To consolidate the credits you need, there it is, you must have several credits. Therefore, this financial product, is intended for those who have at least two financings – in addition to housing credit – and demand reduce the monthly charge with installments.
3. Stable personal and professional situation
For example, if you are unemployed or with more expenses than income – which leads to a high effort rate – you may be refused consolidated credit. This is because, for institutions, it is a risky customer. In these cases, and in order to proceed with the process, the bank may ask you for some guarantees, as a guarantor or take out a consolidated loan with a mortgage. But beware, if you resort to this last option, don’t forget that is using real estate as loan guarantee.
Consolidated credit is not (nor should it be) just for over-indebted
Consolidated credit is a financial solution that allows you to combine several credits into one, with better conditions and a single lower monthly payment. Being that, the interest rate on consolidated credit is, as a rule, lower than the average interest rate on all credits you previously had. Through this mechanism you can save up to 60% of the total monthly fee and generate even more savings, which you can use to pay off loans that you have outstanding or invest, for example. In addition to paying less every month, you will also be able to control all the credits you have and not fail to pay any, thus avoiding entering into a situation of default. Consolidate my credits
Who should I turn to for a consolidated loan?
Choose an entity that protects your interests and ensures the best conditions for your case. And watch out for scams. Never make any advance payments for reviewing your case. Doutor Finanças has helped many Portuguese to achieve significant savings through consolidated credit. One of the clients who benefited from the support of Doutor Finanças paid 1,700 euros, spread over several monthly credit payments. After consolidating, it started to pay 577 euros, in a single monthly fee. Ie, earned a break of 1,223 euros. Find out how much you can save with consolidated credit. Fill in the form below and you will be contacted by one of our specialists who will explain the entire process and analyze your case, without paying any cost for this service.
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A professional writer by day, a tech-nerd by night, with a love for all things money.