# Need to get payday consolidation? Request it here easily

By consolidating payday loans at ConsolidationNow, you can improve your finances and save money in everyday life.

In addition, a single loan gives you better control over your finances than many different ones.

One saving tip to remember is that the interest cost for a larger loan is almost always smaller than for many small ones. Saving money on the interest rate also creates room to pay off more, which means you can pay off your loan faster. Here’s how you can save money in everyday life.

A single person with three different loans and a salary of $ 25,000 before tax.

Loan | Term | Interest | monthly cost |

Credit card, $ 15,000 | 1 year | 15% | 1 353 kr |

Car loan, $ 150,000 | 5 years | 4.95% | 2 827 kr |

Consumer loans, $ 35,000 | 5 years | 6% | 676 kr |

In total, the person has $ 200,000 in loans with a cost (interest and amortization) of $ 4,865 / month. If these loans can be replaced by a combined loan with a 10-year installment period and 4% in interest, the monthly cost will be $ 2,025. Thus, $ 2,831 less per month. For a repayment period of 5 years, the monthly cost will be $ 3,683 / month. That is $ 1,173 less each month.

## Collecting Family Loans

A family with two children, four different loans and a monthly income of $ 25,000 per adult before tax.

Loan | Term | Interest | monthly cost |

Credit card, $ 25,000 | 1 year | 15% | 2 256 kr |

Car loan, $ 150,000 | 5 years | 4.95% | 2 827 kr |

Consumer loans, $ 75,000 | 5 years | 6% | 1 450 kr |

Consumer loan, $ 100,000 | 5 years | 7% | 1 980 kr |

In total, the family has $ 350,000 in loans with a cost (interest and amortization) of $ 8,513 / month. If you redeem these loans and replace them with a total loan of 12 years and 4% in interest, the monthly cost will be $ 3,064. Thus, a reduced cost of $ 5,449 / month. If you change the repayment period to 5 years, the monthly cost will be $ 6,445, ie a decrease of $ 2,068.

## Total loans

A single person with three different loans and salary of about $ 18,000 / month.

Loan | Term | Interest | monthly cost |

Credit card, $ 15,000 | 1 year | 15% | 1 353 kr |

Car loan, $ 125,000 | 5 years | 6.95% | 2 472 kr |

Consumer loans, $ 35,000 | 5 years | 8% | 709 kr |

In total, this person has $ 175,000 in loans with a monthly cost (interest and amortization) of $ 4,534. If you replace this with a combined loan with a repayment period of 10 years and 5% interest, the monthly cost will be $ 1,856. That is $ 2,678 lower than before. If you change the repayment period to 5 years, the monthly cost will be $ 3,302, which is a reduction of $ 1,232 each month. The above examples include both interest and amortization in the monthly cost.