If you are not yet familiar with consolidated credit, check our complete guide on consolidated credit or watch the explanatory video to understand how it works. Then, continue reading to find out how you can add a new amount to the loan.

Can I ask for extra money by consolidating my credits?

Yes, it may be possible to include an additional amount in the consolidated credit. This option may be interesting for those with a new financial need and prefer to avoid taking another separate loan.

Imagine you have three credits at different institutions and, right now, you need 5,000 euros for a new expense. Instead of consolidating only the credits you already have, it may be possible to request a solution that includes:

Current credits + additional amount = new consolidated credit

So, you can combine the credits you already have into a single loan and, at the same time, request an extra amount for what you need.

What can you use the additional amount for?

Extra money can be used for different purposes according to the loan conditions.

Can, for example, be directed to:

Renovations or remodeling;
Car purchase or repair;
Unexpected expenses;
Education or training;
A personal trip or project;
Other family needs

The key is to set in advance how much you really need to borrow, to avoid increasing the loan more than necessary.

Can I ask for any amount?

Not necessarily. The additional amount available depends on the credits you want to consolidate and especially on your financial capacity.

The first step is to understand how much you can ask without overburdening your monthly budget. The credit institution may consider factors such as:

Your earnings;
Monthly fees;
Credits you intend to consolidate;
Effort rate;
The term of the new financing;
Your credit history

Therefore, the amount you intend to get should always be analyzed together with your payment capacity.

New personal loan or consolidation with additional amount: what is more profitable?

The best option depends on your financial situation and the conditions you can get, but there are some important differences.

Apply for a new personal loan

In this option, keep the credits you already have and take out a new loan to get the money you need. It can be a simple solution when the amount needed is small and your current credits already have favorable conditions. However, you will now have an additional monthly payment, in addition to the credits you already pay.

Consolidate credits and add a new amount

Here, instead of keeping several credits separate, you can gather existing credits and also include the extra money you need. By consolidating, you may be able to reduce the monthly installment amount, depending on the conditions of the new financing and the chosen term. In practice, you will have a single monthly installment, instead of several installments associated with different credits. This option can be interesting for those who are looking not only for additional financing, but also to simplify budget management and reduce the weight of credits in the monthly budget.

Then, what is the best option?

There is no one-size-fits-all answer. If you take out a new personal loan, you can access extra money without changing the loans you already have. On the other hand, you will have an additional monthly expense. By consolidating and adding a new amount, you can combine your loans into a single solution, but it is important to carefully analyze the conditions of the new financing, including the installment, term, interest rate, and total cost.

Therefore, before choosing, compare the two options and see which fits your financial situation better.

Need help to understand which is the best option for your case?

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