Very low interest rate
What definitely distinguishes Millenial’s offer from the competition is the very low interest rate on the consolidation loan, which is at the level of 5.99%. The amount of commission is determined depending on the amount of the entire loan. Although these conditions are extremely beneficial, to use them you must meet a number of conditions that make this promotion available only to a few. The reduced interest rate applies only to loans taken out to repay other loans taken out in Millenial Bank, specifically for car loans and installments, debt on an account or on a credit card, or cash loans. For liabilities to other entities, the final interest rate is determined based on the weighted average.
Maximum loan amount and repayment period
At Millenial Bank, you can consolidate loans from PLN 20,000 to 120,000. zł. The maximum amount for the competition is on average, as is the maximum repayment period, which is 7 years. Installments can be repaid in equal installments, or, if it suits us better, in decreasing installments. The bank also has a lot of flexibility towards the borrowers – the contract allows for postponement of the installment, although it can happen at most once a year, the use of a two-year grace period, that is, de facto postponement of the 24-month repayment period and repayment of the entire loan within 4 years at no additional charge.
Before we decide on the offer of Bank Millenial
We should remember that the promotional interest rate applies only to credit incurred to repay debt to Bank Millenial. If we want to consolidate debts to other banks – the offer we receive will turn out to be much less attractive. If, however, we decide on a consolidation loan in Millenial, it will mean the necessity of creating an account in this bank. To sum up – consolidation of loans in Bank Millenial is very profitable, but only for people who have already been clients of this institution. For those outside, Millenial offers conditions that average on the competition.