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When you need to take out a consolidated loan at the bank, at a loan company or through the new concept of crowdfunding, where individuals can borrow money for other private individuals, you must always be able to repay the money.

But it is different whether you place a home or car as a security on your consolidated loan.

Pros and cons

There are both advantages and disadvantages in providing security. One of the benefits is that your bank or company you are trying to borrow money will feel more confident about getting the money if you are lending with certainty. Therefore, they will most likely be more likely to give you a good price. Interest and fees can thus be less.

The advantage of unsecured consolidated loans is quite simple. For you do not have to put in any great value to take a big consolidated loan. On the other hand, you must also be aware of slightly higher interest rates, as your bank or consolidated loan company takes a larger rate by giving you the money.

What can security be?

In general, it can be said that security must be of high value, otherwise it may not pay for the bank or the company to bet and give you the money. Usually it is a car or a home, but in theory it can easily be other things. So if you have a pair of Rolex watches, you can easily throw them in as security if the bank otherwise agrees.

The consolidated loan ceiling online – 350,000 kroner

You can borrow huge amounts on the internet, but there is still a limit. At Santander Bank you can borrow up to 350,000 kroner. But it is also the largest amount you can find with providers online. If you have to spend more than DKK 350,000, you must be in the bank where there is the possibility of even larger amounts.

The consolidated loan ceiling in the bank – determines your private finances

That said, the bank is the place where you can really borrow the huge sums. But it requires a check of your personal finances. It is common practice among providers that a credit rating is made, where you look at your financial conditions.

Here you think of your income, your savings and everything else that has to do with your finances. If you need such a large consolidated loan, it can often help to provide some form of security.


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