Credit transfer – how to transfer credit to another bank

I am not satisfied with the loan, I can always pay it back ahead of schedule. No one is forcing me to pay my debt by the deadline set out in the repayment schedule. What’s more, both the Mortgage Act and Consumer Credit Act give the customer the right to repay the liability earlier. The bank may charge an additional commission for this to compensate for the costs associated with such an operation, but must always allow early repayment to the customer. The repayment option sounds pretty good, there is only one “but” – I need money for it.

Transferring a loan to another bank is possible. However, we must have creditworthiness and see if it pays off. Let us pay particular attention to the fee for early loan repayment and the commission for launching a new one,


Repayment of a loan with another loan – does the transfer of the loan pay off?

However, I can take out a loan to pay my debt. When will it pay off for me? Of course, how will this loan be cheaper for me. If I find an offer under which I repay the loan at the same time, but based on a lower installment, the change may be profitable for me. However, I must remember that the new bank may charge me a different fee, e.g. commission for granting. I should therefore recalculate whether, after the commission paid, if of course it occurs, it is still trying to repay the loan with another loan will be profitable for me. Therefore, credit transfer can be profitable, but it doesn’t have to be.


Debt consolidation

Debt consolidation

We already know that it is possible to repay the loan with another loan, i.e. to transfer the loan to another bank . What if I have several loans and in several banks for different amounts and with different repayment periods? I can try to get a so-called consolidation loan. The bank will give me money to pay off all or several of the loans I have indicated and will replace them with one. Thanks to this I will pay one installment, and sometimes I will get cheaper during the procedure.


Experts Opinion:

The current number of financial entities operating on the Polish market, including banks, allows for free choice of financing. It allows not only to obtain funds, but also to later transfer credit, e.g. as part of consolidation of liabilities. When making a decision to obtain a loan, you should carefully analyze its conditions, preferably using the professional assistance of a financial adviser.

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