Customers' experiences on loan consolidation

What is a debt consolidation loan?

With a debt consolidation loan, you can combine your existing loans. A debt consolidation loan allows you to repay your existing debts, such as credit card debt, consumer credit, quick loans, instalment plans or debt from a car loan.

Consolidating your debts is a good way to bring clarity to your own finances, regardless of your financial situation. It is easier to pay off one loan than repay several different ones. In addition to this, a debt consolidation loan also allows you to save on interest and other loan costs and adjust the monthly instalments to suit your current income and expenses.

Smaller monthly instalments with a debt consolidation loan

Sortter's customer Eija Anderson compared offers on debt consolidation loans using Sortter's service. She applied for a loan to pay off her existing debt that had accumulated from various instalment plans.

– With Sortter, I was able to get a good loan offer with a lower interest rate, Anderson says.

A debt consolidation loan allows the customer to adjust the loan to their current financial situation This means they can pay smaller monthly instalments and a more flexible payment plan.

With the new debt consolidation loan, Anderson’s monthly expenses were lower compared to what she had paid with her previous instalment plans. With a new loan period of approximately seven years, her monthly instalment is now 150 euros lower than before.

Matti Kukkola was also looking for suitable loan comparison sites when he found Sortter's online service by browsing the Internet.

–  For me, Sortter was the best choice, because the service is so quick and easy to use. It also provided me with the best offers, Kukkola says of his experience with Sortter.

Kukkola applied for a debt consolidation loan for his current instalment plans. His new loan period is 10 years, which lowered his monthly instalments by approximately 186 euros per month.

– Overall, my experience of the service was very positive, Kukkola says.

Acquiring debt consolidation loan offers through Sortter was beneficial

Minna Kallio is another satisfied Sortter customer who applied for a debt consolidation loan after she needed money to pay off her instalment plan payments and credit card debt.

– I ended up using Sortter to compare loans because I wanted to look at several offers instead of just my own bank’s offer, Kallio says.

Kallio first heard about Sortter’s loan comparison service on the radio or television, after which she visited the company’s website.

Kallio says that comparing loan offers was quick and easy. She is happy to recommend Sortter’s web service to other consumers as well.

How can I apply for a debt consolidation loan?

You can apply for a debt consolidation loan just like you would apply for any other kind of loan. You should, however, always compare different debt consolidation loan offers before signing a loan agreement, as there may be significant differences in payment terms and costs depending on the bank. With Sortter, you can compare loans completely free of charge .

Checklist for applying for a debt consolidation loan

• Write down the total costs of all your existing loans. The total costs should include the outstanding balance, the loan margin, the nominal interest rate and any other charges, such as account management fees. You can find this information on your most recent bill and in the credit terms, for example.
• Compare loan offers. Once you know the loan amount you will be applying for, you should compare loan offers from different banks and credit providers in order to get the best offer. You can easily compare offers on debt consolidation loans with Sortter’s online service by filling out a loan application.
• Pay off your old debts. After you have acquired the loan and the money is deposited in your account, it is important that you pay off all your old loans at once.
• Pay the instalments of your new debt consolidation loan. In the future, you will only have to take care of repayments on one loan, which will make managing your finances much easier.

You should pay off your old loans as soon as possible after the debt consolidation loan is paid out to your account. Otherwise you will still be left with several loans to pay, rendering any savings and benefits generated by a debt consolidation loan considerably less significant or even non-existent.

Compare debt consolidation loan offers with Sortter

A debt consolidation loan is a good way to clarify your personal finances if you have accumulated consumer credit from different sources, have credit card debt, debt from instant loans or several instalment agreements. Find out what opportunities you have to consolidate your existing debt, and be sure to always compare loan offers  before entering into a new credit agreement. Sortter makes all this quick and easy.

Sortter is a Finnish loan comparison service. We compare loan offers from dozens of different banks and financial institutions on your behalf free of charge. The loan offers are listed clearly according to their price from cheapest to most expensive – and always according to their annual percentage rate.

Join our satisfied customers and apply for a debt consolidation loan to make managing your finances easier.

Fill out a loan application now.