If you have one or more loans in progress and you need to obtain additional liquidity, before applying for another loan it is important and necessary to make the right assessments in order to avoid over-indebtedness. Nowadays, in fact, it is normal to have more than one financing in progress : together with the classic silent house, Italians often find themselves with additional financing at the same time as the loan for the car and to renovate the house or even even to go on vacation. But let’s see how many loans you can have simultaneously.
Is there a limit to the funding that can be had at the same time?
Generally there is no universal rule established by banks or financial companies on how many loans you can have at the same time, but in principle depending on the type of loan you choose you can have co-financing provided that you have the ability to support the installments of the various debts and therefore not get into too much debt. Obviously, all banks and financial companies have their own credit rating assessment rules which are more or less flexible. But then, what is the maximum sum that can be had or rather what is the maximum installment that can be supported? The Mirrorata portal can answer this question, which helps to understand what the debt limit should not be exceeded. In any case, since the most important thing to keep under control is the maximum installment that is sustained given by the sum of all the loans in progress, a valid form of refinancing of all the loans is the transfer of the fifth.
Why does the assignment of the fifth help to decrease the ongoing loans?
The assignment of the fifth is a convenient form of non-finalized loan that allows you to obtain high amounts and to return them in monthly installments of up to 10 years. This is one of its strengths: being able to repay an amount in 120 months, allows you to lower the amount of the monthly installment. How can this feature be used? If you have more loans in progress and the sum of the individual installments is particularly high, you can request a transfer of the fifth to pay off all the debts and consolidate them in a single installment much lower than the sum of the previous ones. This operation is called “debt consolidation”. The assignment of the fifth can in fact be requested regardless of the number of loans in progress and can therefore be used to consolidate them and eliminate too many installments to be paid, combining them in a single and more convenient solution.