Sep-19-2008
Do you lose money by consolidating personal loans?
If you have three personal loans on a variable rate that have been taken out at different stages over the last few years and then apply for a new personal loan, also on a variable rate, to consolidate the payments do you lose money?
My main concern is do you end up paying more money back to the bank in terms of interest?
Any other pros and cons people can think of?
hi there..
if you are having three different personal loans and paying same variable interest rate for all three then,you are not paying anything extra.how ever if you are to consolidate all three into one then there might be some consolidation fees ,early loan account closure fee and other bank fees may arise.i would leave it as it is if i was u. hope answer was helpful.
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