Consolidating loans – combine your loans and save money

Consolidate old loans or debts into a single, affordable loan. Compare consolidated loans of up to €60,000 and save money on interest and monthly instalments.

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The loan period can be 1–15 years, the loan sum can be €1,000–€60,000, and the interest rate can be 4–20%. Example: If the loan sum is €20,000, the interest rate is 6 %, and the repayment period is 7 years, the setup fee is €0, the account management fee is €5/month, the monthly repayment is €297, the sum repayable is €24,962, and the annual percentage rate of interest is 6,72 %.
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The loan period can be 1–15 years, the loan sum can be €1,000–€60,000, and the interest rate can be 4–20%. Example: If the loan sum is €20,000, the interest rate is 6 %, and the repayment period is 7 years, the setup fee is €0, the account management fee is €5/month, the monthly repayment is €297, the sum repayable is €24,962, and the annual percentage rate of interest is 6,72 %.

Consolidate old loans or debts into a single, affordable loan. Compare consolidated loans of up to €60,000 and save money on interest and monthly instalments.

Loan consolidation enables better terms on old debts 

Loan consolidation means refinancing existing loans, consumer credit facilities, or credit card debts with better conditions. When you consolidate your loans, the amount of debt remains the same, but the conditions become more favourable than your old loan agreements. When you consolidate loans, your existing credit facilities are paid off, and your previous debts are arranged under a single loan agreement. After consolidation, you will only have one loan agreement, which is repaid to the lender in the agreed instalments. 

If you have several loans, you can pay them off with a single, more affordable loan and save money on your borrowing costs. You will not need to repay loans in several different places, and you will be left with more money in your pocket.

The savings available from loan consolidation usually arise due to lower interest rates and smaller monthly service fees.

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Five benefits of consolidated loans

Instead of repaying several loans or credit card debts, you can realise financial benefits from consolidating your existing loans.

  1. Lower interest rates – you can obtain a lower rate of interest than you would with individual payment agreements
  2. Smaller monthly instalments – consolidated loans can be adapted more flexibly around your finances
  3. Avoid unnecessary billing surcharges or account management fees – one loan means you only have the costs of one loan
  4. Clarity for your finances – it will be easier to manage your finances when you only have one loan to pay off
  5. Flexible payment plan – consolidated loans can also be repaid over long periods 

Consolidate your loans – monthly installment decrease by an average of 277 €

Loan consolidation enables our customers to save an average of €277 every month through lower debt servicing costs. 

The lower monthly instalment often results from more favourable loan conditions, lower interest rates, and a repayment schedule that is better suited to your personal finances.

More and more banks and financial institutions are offering loan products for the purpose of consolidating existing debts. Intense competition between banks means the monthly instalment, interest rate, and other costs of consolidated loans can be substantially lower than for credit cards or old loan agreements. 

Consolidate your loans and get your personal finances back on track.

How to consolidate loans?

Send an application easily online

Send an application easily online

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Compare loan offers

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Choose the best loan from the comparison

Choose the best loan from the comparison

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You will receive the money

You will receive the money

It is quick and easy to consolidate loans with the help of Sortter

We will find the best-value interest rate for your consolidated loan from several banks and financial institutions if you want to save on your loan costs. The best consolidated loan can be found by comparing many options. However, the lowest headline rate of interest is not necessarily a sign of the best-value consolidated loan, as you also need to take into consideration the annual percentage rate of interest, as well as any setup fees and monthly costs, such as account management fees. 

It is free to apply for consolidated loans and obtain competitive offers using Sortter. We always recommend the most affordable consolidated loan, but we leave the decision up to you – you decide which loan offer to accept. 

  • Combine your loans to suit your needs, up to €60,000.
  • Loan period of 1–15 years
  • Interest from 4%
  • Consolidate your loans without collateral

We'll help you to find affordable consolidated loan

Frequently asked questions about loan consolidation

  • Loan consolidation means paying off several loans, financing agreements, consumer credit facilities, or credit cards with a single loan that covers all or most of your previous debts. The purpose of loan consolidation is to replace your existing debts with a single loan to repay instead of having several financial commitments.

  • You can consolidate loans, credit facilities, or payment agreements of your choosing, up to €60,000. Consolidating your loans can help you take control of the interest and loan costs accruing from consumer credit, small loans, credit cards, or part-payment agreements.

  • When you look through loan offers, pay attention to the loan sums, periods, consolidated loan interest rate, any handling fees, and the annual percentage rate. When you apply for a consolidated loan via Sortter, our service always recommends the best value option for consolidating your loans.

  • Some banks grant payment holidays or interest-only periods. Our comparison shows which loan offers include an option for payment holidays.

  • The savings you could achieve by consolidating your loans depend on the interest rates and any account management fees associated with your existing loans and those of the consolidated loan.

    The following are a few examples of how much you can save by consolidating your loans:

    If you have four loans of €5,000 each, all with an annual interest rate of 20%, a monthly account management fee of €5, and a five-year loan period, your monthly debt servicing costs will be about €550.

    If you consolidate these loans into a single €20,000 loan, the loan period will remain the same, the interest rate on the consolidated loan will be 8%, and the monthly account management fee will be €5, so the monthly instalment will go down to about €410.

    In this example, you would save €140 per month or almost €1,700 per year.

    If you have four loans of €10,000 each, all with an annual interest rate of 20%, a monthly account management fee of €5, and a five-year loan period, your monthly debt servicing costs will be about €1,079.

    If you consolidate these loans into a single €40,000 loan, the loan period will remain the same, the interest rate on the consolidated loan will be 7%, and the monthly account management fee will be €5, so the monthly instalment will go down to about €797.

    In this example, you would save about €282 per month or almost €3,400 per year.

Is it worth consolidating loans?

It is often worth consolidating loans because it enables lower loan costs, as well as monthly instalments that are a better fit in your personal finances. 

When you consolidate several loans or credit cards, all the interest and account management fees accruing from then will be wiped away, and you will only have one loan to repay and just one set of loan fees.

Thanks to the lower loan costs, a larger amount of your repayment will be offset against the loan principal, so you will also pay the loan back more quickly. 

It is a good idea to consolidate loans for these reasons

  • Lower loan costs – savings in interest and expenses
  • Lower interest rates and expenses – the loan will be paid off more quickly
  • Only one monthly instalment to pay – simpler financial budgeting 
  • Flexible payment plan – easier to adapt the monthly instalment to your personal finances

Loan consolidation involves concentrating your existing loans of credit cards and replacing them with a single affordable payment agreement. 

Individual loans before loan consolidation

The following is a simple example of what loan consolidation means in practice and how much it could help you save.

Before consolidating your loans, your situation could look like this:

  • 2 credit cards
  • 1 consumer credit facility
  • 1 part-payment plan from an online store

CreditLoan sum outstandingAnnual interest rateAccount management feeAnnual percentage rateRepayment periodMonthly instalmentSum to be repaid
Nordea TUOHI€ 2,30014.00%€5.0020.15%18 months€ 147€ 2,653
OP Visa Gold€ 1,0007.95%€6.45 23.73%12 months€ 93€ 1,121
Santander consumer credit€ 4,0009.90%€6.0013.96%30 months€ 157€ 4,712
Klarna flexible instalment payment€ 2,20019.90%€0.00 21.82%24 months€ 204€ 2,444
Total€ 9,500----€ 602€ 10,930

After consolidating your loans, your situation could look like this:

  • There is only one loan remaining, and the total costs and monthly instalments are lower.
CreditLoan sum outstandingAnnual interest rateAccount management feeAnnual percentage rateRepayment periodMonthly instalmentSum to be repaid
Consolidated loan€ 9,5008.50%€4.009.85%24 months€ 436€ 10,460

In the example situation, the following savings would be realised with a consolidated loan:

  • €166 less in monthly instalments
  • €470 less in loan costs

Consolidate loans today and save money

Consolidate your loans without collateral

You can consolidate your existing consumer credit facilities, loans, or credit cards without needing to tie up your property as collateral or ask anyone to guarantee the credit you take out to consolidate your loans.

Consolidated loans are often granted at low interest rates

Consolidated loans are usually available at lower interest rates than many payment agreements. The interest rate applying to the loan is determined according to the bank’s risk assessment and the loan sum. The larger the loan sum, the more likely it is to have a consolidated loan with a low interest rate.  

Consolidating loans reduces account management fees

Making loan repayments in several different places gives rise to excess billing surcharges or account management fees, often for no good reason. Taken separately, the account management fees of individual loans or consumer credit facilities may not seem like much on a monthly level. However, they amount to a large sum over the entire loan period.

For example, a monthly account management fee of five euros will accumulate costs of €300 over the life of a five-year loan. The effect of account management fees is multiplied if you repay several loans at once, so consolidating the loans is a sensible step to take, purely in terms of reducing the account management fee.

Consolidating loans with a co-applicant

Banks always base their loan offers on risk assessments, so consolidated loans are often available at lower interest rates when there are two applicants. If possible, consolidate your loans with a co-applicant. The co-applicant could be your spouse or cohabitant partner, for example.

You have a much better chance of being offered the lowest interest rate if you apply with a co-applicant, leading to even bigger savings from loan consolidation.

Loan consolidation provides financial peace of mind

Sortter can help you reach dozens of banks and financial institutions that grant unsecured consolidated loans with easily predictable monthly instalments and no time-consuming collateral arrangements. 

Loan consolidation clarifies your personal finances

Paying off several loans can affect your personal budgeting. Consolidating loans can clarify your financial planning, as it is easier to budget for repayments on a single loan than for several simultaneous payment commitments.

It is also easier to estimate and understand the cost of credit when you only need to pay the interest and expenses on a single loan. 

The repayment period affects the monthly instalment of a consolidated loan

Nowadays, loans can be consolidated with a long repayment period of up to 15 years. Try out our loan calculator to see how the repayment period affects the monthly instalment and costs of a consolidated loan.

A long repayment period reduces the monthly instalment, but it also increases the costs of the loan. It is a good idea to select a monthly instalment for your consolidated loan that leaves some money left for living on, even if you occasionally need to spend a little more than normal. If you wish, you can always pay back your consolidated loan in larger instalments or pay it off early in one go.

Customer reviews of Sortter

  • profile image
    Seija Palo
    29.11.2022 klo 17.02.56

    Lainahakemus ja käsittely oli erinomaista. Pankkivirkailijat olivat aktiivisesti yhteydessä tarvitessaan lisätietoja. Ruusuja siitä heille.

  • profile image
    Matti Väistö
    28.11.2022 klo 6.31.55

    Nopea. Sujuva. Suosittelen.

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    Pirjo Vuorela
    25.11.2022 klo 12.30.20

    Nopeaa palvelua :)

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    Marjo Julin
    24.11.2022 klo 11.56.05

    Olette ollut paras näistä lainavälittäjistä. Ette liikaa ahdista muistutuksilla, asiallinen toiminta

  • profile image
    miamia1@luukku.com ahola
    23.11.2022 klo 5.01.45

    Sortter palvelun nopeus.

Loan consolidation: these loans can be combined

You can consolidate the following loans and credit products: consumer credit, credit card debts, part-payment agreements, and other loans.

It is, therefore, worth consolidating credit card debts or part-payment agreements in addition to your existing loans. Often, credit cards or part-payment agreements accrue monthly account management fees and interest, leading to unnecessary expenses. The interest rate on credit cards and part-payment agreements can be as high as 20%.

A consolidated loan enables you to pay the costs of just one loan instead of several financial commitments.

Consolidating loans is this easy

Loan consolidation involves paying off your existing loans or credit card debts in one go. All that is left for you to repay is a single loan, which is adapted to suit your personal finances.

The Sortter service enables loan consolidation as follows.

  1. Fill in the free application on the Sortter website
  2. We will get competitive offers for consolidated loans for you from banks and financial institutions
  3. Compare the offers and choose the best consolidated loan for you 
  4. Sign the loan agreement using your online banking ID
  5. Your existing loans or debts will be paid off 
  6. In the future, all you need to do is repay one, more affordable loan

Loan consolidation means refinancing your existing loans on better terms. When you consolidate your loans, the amount of debt remains the same, but the loan conditions become more favourable than your previous payment agreements. 

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Consolidate loans quickly – even on the same day

Loans can be consolidated flexibly – even on the same day – once you have sent an application. 

Some of our partners will pay off your previous debts and loans on your behalf. In this case, the lender needs precise details about the loans you are consolidating so that they are sure to be paid off in full and the payments are allocated to your debt balance. 

The necessary information is:

  • The latest balances on the loans you want to consolidate 
  • The account numbers used to pay off the old loans and the names of the banks or financial institutions that granted the loans
  • The reference numbers used for repayments

If you are asked for copies of the invoices for the loans or debts you want to consolidate, make sure you provide the very latest information. This will ensure that the loans can be consolidated quickly, and no additional interest or loan management fees will be accrued once the loans are consolidated. 

On the other hand, if you accept an offer from a lender that pays the money into your account, you can pay off the old loans and debts yourself from your own bank account. In this case, the money will be paid into your account very quickly – sometimes even on the same day. Before you pay off your old loans, it is a good idea to check the latest debt balance by contacting your lender’s customer service team or checking online. 

Consolidating your loans is a quick way to bring clarity to your personal finances, as you will only need to pay off one affordable consolidated loan instead of several loans and credit card debts. 

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How the interest rate is determined for a consolidated loan?

The interest on a consolidated loan is determined according to the loan sum you apply for, your solvency, and the bank or financial institution offering the consolidated loan. The larger the loan sum you apply for, the lower the interest rate will be on the consolidated loan.

The lowest rate of interest that banks grant for consolidated loans is 4%. If possible, it is a good idea to complete the loan application with a co-applicant, as banks will be able to grant the consolidated loan at a lower rate of interest. The co-applicant could be your spouse or cohabitant partner, for example.

Our service helps you to receive personalised loan offers quickly – sometimes in just a few minutes. You can take your time to look through the interest rates on offer for consolidated loans and choose the best option from our easy-to-use comparison. Alongside every loan offer, you will see the interest rate, costs, repayment period, and monthly instalment. 

Use Sortter to obtain competitive offers from several banks and consolidate your loans with the bank offering the best interest rate.

Compare loans – you can save from loan expenses

Try out the loan calculator before you apply for a consolidated loan

You can try our Sortter’s loan calculator and check the costs of your existing credit agreements before you apply for a consolidated loan. The calculator helps you to build a picture of the interest and other expenses of your debts easily. You can use the calculator to help you work out the costs of your existing agreements, such as consumer credit, credit card debt, and part-payment agreements.

Before you fill in a loan application, it is important to determine how much you need to borrow to pay off your existing credit agreements. If you end up borrowing too much, you may not make optimal savings. However, you will pay interest and expenses on the entire loan sum, so it is important to apply for a loan in the right amount.

When you know exactly how much of your loans are still outstanding under your existing credit agreements:

  1. you will get offers for the right loan sum
  2. you will also be able to check the savings you are making

Your outstanding debt balance will be shown on your most recent credit bill. Enter this information into the Sortter loan calculator, and you will be presented with your current borrowing costs. You can then compare the costs with the loan offers you receive.

Tips for consolidating loans and filling in the loan application

For a first-timer, loan consolidation may feel daunting, but the same rules apply to consolidated loans as for any other loan application. The most important thing is to fill in the loan application carefully and to give the lender the correct information.

The following are some tips for succeeding with your loan application and getting competitive offers.

  1. Calculate your outstanding debt balance – you will find this information on the invoices for your existing credit agreements.
  2. Costs of your existing credit agreements – you can use the loan calculator to gain an understanding of how much interest and expenses you pay on your existing agreements.
  3. Dig out your proof of income – some lenders require proof of your income before granting a loan.
  4. Fill in the application carefully – enter your information into the application and check it before you submit it.
  5. Take your time to compare the offers – the offers you receive will remain valid for 2–4 weeks.
  6. Do not leave it until the last minute – if an offer expires, you may not get another loan offer as good again.

Sortter’s loan comparison service is one of the most comprehensive in Finland, so we believe we can find you a suitable loan offer.

Experiences with loan consolidation

We are always asking our customers to share their experiences of loan consolidation so we can help them find better consolidated loans in the future. Loan consolidation is a common way of rearranging payday loans and consumer credit, and it is increasingly possible to pay off credit card debts at a lower interest rate with a consolidated loan. 

Our customers have had positive experiences consolidating their loans with Sortter.

Here is what some of our customers have said about loan consolidation.

  • It’s a good idea to apply for a consolidated loan via Sortter. I would recommend it to others.
  • A good, quick and easy way of consolidating loans
  • Of the many options I considered, Sortter found by far the cheapest unsecured loan offer with a suitable monthly repayment
  • Ease of use and clarity make Sortter the best service
  • Clear and quick to use. The costs and interest rates are presented well, and this is a very important thing for customers who want to avoid nasty surprises

The cheapest consolidated loan can be found by comparing loans

The cheapest consolidated loan can be found by asking for personal loan offers from banks and financial institutions. Sortter helps you to reach dozens of lenders quickly and free of charge – and you only need to send one application. 

  • Select your desired loan sum and period
  • Send the free application – you will receive the first loan offers immediately
  • Choose your desired consolidated loan and pay off your existing loans

We want to make loan comparison as easy as possible and, above all, fair for you. For this reason, we are committed to Principles of fair loan comparison.

Compare banks and consolidate your loans with the help of Sortter. You will receive the first loan offers as soon as you submit your application, and our comparison makes it easy to find the best consolidated loan and lowest interest rate.