Can I consolidate credits without changing bank?

Have several credits does not necessarily mean you have to change banks to look for a solution. Credit consolidation allows you to combine different responsibilities into a single operation, possibly simplifying budget management and, depending on the conditions obtained, reducing the monthly payment value. But will it be necessary to change banks? And what factors should you compare before proceeding?

How does credit consolidation work?

Poupança no Minuto consolidates credits by combining several credits into a single financing operation. Instead of having different installments, payment dates, and creditors, you will have a single installment associated with the new contract.

Depending on the operation, different types of credit can be consolidated, such as:

Personal loan;

Car loan;

Revolving credit;

Credit cards;

Other credit responsibilities that may be included in the operation.

The goal may be to simplify financial management and reduce the burden of installments in the monthly budget. However, a lower installment does not necessarily mean the loan becomes cheaper overall. A longer term may increase the total amount paid.

Is it necessary to change banks to consolidate credits?

There is no general rule that requires changing your main bank account to consolidate debts.

The possibility of consolidation and the terms of the operation depend on the institution reviewing the request, existing credits, income, and the client's financial situation.

That's why having multiple credits at the same bank or different banks doesn't, by itself, prevent seeking a consolidation solution.

Can I consolidate credits from multiple banks?

Yes, a consolidation can involve credits contracted with different institutions.

For example, you may have a personal loan at a bank, an auto loan at another institution, and credit card balances and look for a solution that allows you to combine these obligations into a single operation.

The entity that analyzes the request will assess the financial situation and existing responsibilities to determine if the operation can be classified and under what conditions.

Does consolidating credits always reduce the installment?

In most cases, credit consolidation allows reducing the monthly payment by combining several credits into one operation and adjusting the financing conditions and term.

Still, it's important to analyze the total cost of the operation. A lower payment may result from a longer payment term, which may mean paying interest for a longer time.

Therefore, before proceeding, compare not only the payment value, but also the TAEG, MTIC, term, and other costs associated with the loan.

What if there are overdue payments?

Having overdue payments can make the analysis more demanding and limit available solutions.

When there are defaults, the situation must be carefully assessed before proceeding with a new credit operation. The institution will consider the available information on credit responsibilities and the customer's financial capacity.

If you're having trouble paying current credits, it's important to contact the creditors as soon as possible, instead of waiting for the situation to worsen.

Do I need to present documents?

Yes. Just like other loan applications, the institution will have to assess the client's financial capacity.

Depending on the situation, documents may be requested such as:

Income statements;

IRS declaration and respective settlement note;

Proof of existing loan installments;

Bank statements;

Credit documents;

Other elements needed to assess the financial situation.

The requested documents may vary depending on the institution and the customer profile.

Is it worth comparing different consolidation offers?

Yes. Monthly payment should not be the only comparison criterion.

Before choosing a solution, it is important to analyze, among other elements:

Annual Effective Global Rate, which allows comparing the cost of credit including certain charges;

MTIC, which represents the total amount to be paid for the credit;

Loan term;

Payment amount;

Interest rate;

Fees and other associated costs;

Products or services associated with the operation, when applicable.

A proposal with a lower payment may not represent a lower total cost. Therefore, it is important to analyze the operation as a whole.

Is consolidating debt the same as transferring a loan?

No. Credit consolidation aims to combine several liabilities into a single operation.

Poupança no Minuto allows transferring a housing credit to another institution to find different conditions.

They are different operations, although they may arise in the same context of seeking better financial conditions.

How to know if consolidation makes sense for me?

There's no one-size-fits-all solution. The feasibility of consolidation depends on existing credits, debt amounts, income, desired term, and the client's financial situation.

Before proceeding, it may be useful to gather information about all current credits and calculate the total monthly payments.

In this way, it's easier to understand the current weight of credits in the budget and compare it with an eventual consolidation solution.

What to analyze before consolidating credits?

Before making a decision, keep in mind:

How much do you pay currently on all installments;

How much is still owed on each credit;

What would be the new payment;

What is the term of the new operation;

What is MTIC and TAEG;

What costs are associated with the operation;

If the reduction in payment results from better conditions or a longer term.

Consolidation can simplify financial management, but it should be analyzed considering the total cost, not just the amount available in the budget each month.

Have several credits and want to know if it's possible to simplify your payments?

Make a consolidation simulation and discover the solutions that may be available for your case.

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FAQ

Can I consolidate credits from multiple banks?

Yes. It is possible to look for a solution that combines credits contracted with different institutions, as long as the operation is eligible and approved by the entity that analyzes it.

Do I need to change banks to consolidate credits?

There is no general rule that requires changing banks. Conditions depend on the institution and the specific operation.

Does consolidating debts reduce the payment?

It can reduce the monthly payment amount, but it's not guaranteed. It is necessary to analyze the conditions of the new operation and its respective term.

Consolidate credits gets cheaper?

Not necessarily. A lower monthly payment may result from a longer term and, consequently, a higher total cost. Always compare the TAEG, MTIC, and term.

Can I consolidate credits if I have credit cards?

In certain operations, credit cards and other credit responsibilities may be included in consolidation. Eligibility depends on the solution and the institution's analysis.

Can I consolidate credits if I have overdue installments?

It can be harder to get a new operation when there are defaults. The financial situation and credit responsibilities will be analyzed by the institution.

How can I know if consolidation is right for me?

A simulation allows you to know the conditions that may be available for your situation and compare the current weight of installments with an eventual consolidation solution.

Simulate your credit consolidation