Do you pay high interest rates on many small loans and you have trouble paying them back? You can combine your loans by getting Fixura through a peer-to-peer loan and paying all your lower high-interest lenders once. Debt repayment can also help the so-called ” debt snowball strategy.
Why is peer praise a good option?
Fixura’s peer credit is a sensible alternative when you want to combine many small loans. Borrowing is economically viable. Our loans are so-called peers – lenders are private individuals. Fixura’s purpose is therefore to maintain a money-transmission system between ordinary people.
In the peer model, borrowers and lenders agree on loan terms and Fixura carries out all relevant paperwork. So you decide on the amount of loan, sum and interest itself. Borrowers and lenders remain anonymous in the peer-to-peer process.
You can choose a repayment period for your loan: it can be 24 to 60 months. The amount of the loan may be between 1,000 and 10,000 euros. Loans raised through Fixura will be repaid monthly. Our loan calculator lets you see what kind of payment plan you have with different loan terms.
Debt balls melt down loans
Debt-snowball strategy that is the debt snowball is one strategy to repay the debt. The key idea behind the Velcro Ball is to pay the smallest debts back first. The power of the approach is based on the fact that paying off small debts first gives you a sense of success. Success, on the other hand, creates the belief that the debts are repairable. There is a positive spiral that ends with the debts being off.
Liabilities are therefore set in the order of the loan sum from the smallest to the largest. The aim is to shorten the minimum debt possible as much as a month. Other debts are reduced at the same time as the minimum amounts in their terms. When the smallest debt has been paid, the payer will be paid the next lowest.
The snowball method may become more expensive than if it started to repay the largest single debt. However, the purpose of the Velcro Ball is to help repay the debts – and to complete the repayment of debts. Liabilities are paid one by one, from the smallest to the largest.
You can read more about the Verification Act on our website . We also provide tips on making a loan application on the blog .