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Consolidate your loans into one!

Simulate your, debt consolidation loan (1)

Do you have several outstanding loans (car loan, consumer loan, revolving credit , etc.) and want to consolidate them to reduce your monthly payments  (3)  ? Kredimo offers a debt consolidation solution. A Kredimo debt consolidation loan is a personal loan from €3,000 to €80,000 that allows you to combine your loans into one and set a new monthly payment tailored to your financial situation.

For a debt consolidation loan of € 20,000 (excluding optional insurance) over 72 months at a fixed APR of 8.71 % :

  • 71 monthly payments of € 354.39
  • a final one of € 353.69
  • Total amount due: € 25,515.38
  • Fixed interest rate of 8.38 %

The cost of optional insurance for a borrower is € 40.00 per month, to be added to the monthly payment; this represents an effective annual insurance rate of 4.34 % for death, disability, and incapacity coverage, and a total amount due for insurance over the entire loan term of € 2,880.00 .

How does Kredimo debt consolidation work?

Debt consolidation or refinancing is a possible solution for managing your budget if:

You have taken out several loans and you are paying several monthly installments,

You wish to manage a single loan with a single point of contact.

This operation involves replacing several pre-existing credit agreements or debts, with different or identical interest rates and terms, with a single loan. It is carried out by a single institution, which then repays the amounts owed under the old loans in advance.

With debt consolidation, the borrower only pays one monthly payment . This payment is often lower than the total amount previously deducted. Generally, this operation is accompanied by an extension of the repayment period and an increase in the total cost of the loan.

Why do a debt consolidation or refinancing?

Debt consolidation is a financial solution that allows you to combine several loan agreements into one, with repayment terms tailored to your situation. This process can include consumer loans (personal loans, revolving credit), as well as mortgages. The main advantage is simpler management and lower monthly payments, making your debt easier to manage.

What should you do before taking out a debt consolidation loan?

Before applying for debt consolidation, prepare your application carefully by assessing your financial situation. List your current loans, monthly payments, income, and expenses, then calculate the percentage of your income dedicated to repayments. This information is essential for the lender to offer you the most suitable financing solution, which may include calculating your debt-to-income ratio .
You can use our online tools before applying for debt consolidation. For example, our debt-to-income ratio calculator will help you determine your monthly payments. You can then run an online simulation to estimate the repayment term of your loan agreement.

The advantages of Kredimo debt consolidation

Debt consolidation is a fixed-rate loan. It’s a loan where you know the APR (Annual Percentage Rate), the total cost of the loan, the loan term , and the monthly payment before committing. The APR is fixed , so your monthly payment won’t change during the repayment period . The lender offers the borrower several options tailored to their budget, and the borrower chooses from these proposals.

A more serene management

Debt consolidation allows you to spread out the repayment of your various loans by combining them into a single personal loan with a single interest rate. This generally results in lower monthly payments but a longer repayment period. With this new loan, you have a fixed interest rate and fixed monthly payments. Throughout the loan term, you know the exact date and amount of each payment, which are detailed in your debt consolidation agreement.

A controlled overall cost

For a personal loan , the first few monthly payments primarily cover the interest, not the principal borrowed to finance your purchase. By consolidating your loans early in the repayment period, you’ll generally pay less interest than if you consolidate a loan that’s already largely paid off. Therefore, it’s best to avoid including loans that are nearly fully repaid in a consolidation.

Adding borrower's insurance

Debt consolidation allows you to benefit from borrower’s insurance . Although optional, it provides security and protection for the repayment of your consolidated loan. In the event of a difficult period such as job loss, your monthly payments will be covered.

The ability to meet other needs

Beyond helping you better manage your loans, Kredimo credit consolidation can also provide you with additional cash to finance other needs.

Quick and easy, your loan application in 3 steps

1

Fill

the online application form.

2

Finalize your application

An advisor will contact you to complete the review of your file and will give you an immediate preliminary answer (4) .

Send back

Please return your loan offer dated, signed, and accompanied by the required supporting documents.

3

I'm running a simulation

Securing your debt consolidation for a secure future

When you take out a loan consolidation, you have the option of taking out borrower’s insurance either with the lending institution (2) or with another institution of your choice.

While not mandatory and inevitably resulting in an additional monthly cost, it can nevertheless be a lifesaver in case of hardship. You benefit from protection against certain everyday risks such as death or disability , or even job loss if you include this option in your contract.

I'm looking into insurance.

Everything you need to know about debt consolidation

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