In Belgium, there were more than 11.3 million credits outstanding in 2016. If we compare this number with the number of inhabitants in Belgium, which at the same time amounted to 11.3 millions, the calculation is easy. In 2016, there were as many credits as inhabitants in our country! If we take into account only adults who are of a credit age, the proportion of credit per inhabitant is still growing. This shows that some people have several credits at the same time and it is even a fairly common phenomenon!

However, if the situation is common, managing multiple credits at once can be complicated. The credit consolidation can be a solution to help you better manage your repayments on time and above your daily budget. You hesitate? It’s normal! Before you start a credit union, you must obviously have all the necessary information. In this article, we explain the operation and benefits of Credilend credit consolidation so that you can make an informed decision.

Credit consolidation, what exactly is it?

Credit consolidation, what exactly is it?

In short, credit consolidation is, as the name suggests, a single credit that includes all your credits. In reality, we buy back your credits so that you have only one monthly payment to repay.

Let’s take a concrete and rather classic example. You have taken out a first car loan to finance the purchase of your vehicle. You then decided to become a homeowner and therefore took out a home loan. An unexpected happens, your computer crashes and you must replace it immediately. You have no choice and opt for an installment loan. You then have several credits in progress and have trouble repaying them at the same time. Here is a classic scenario that could quite possibly happen to anyone! The credit consolidation seems the ideal solution here. At Credilend, we redeem the various credits and offer our client to pay a single monthly payment for all his credits.


To achieve this, we decrease the monthly payment, but we extend the repayment period. This allows our client to reduce their debt ratio and not have a neck rope at the end of each month. Thanks to the extension of the duration of the new loan, monthly payments decrease.


At Credilend, we buy back your different credits with their interests and offer you a new one. The latter is the sum of the capital borrowed plus the interest due, but withdraws the amount already repaid. At this amount, you obviously have to add the new interest based on the rate in effect and the duration of this new single credit. At Credilend, the APR for a credit pool is 9.99%. As you can see, as the term of your repayment will increase, the cost of this new credit will also be higher. The credit consolidation is not a way to reduce your debts, but to have a larger living to live and especially to avoid getting to a file at the Belgian National Bank (NBB).

The benefits of credit consolidation

The benefits of credit consolidation

As we just said, the primary benefit of pooling credit is to continue to live with a sufficient amount. By decreasing your monthly repayments, you have a larger living income. This is important, because despite your repayments, you must be able to continue to live conveniently next to it, especially if your credit is high, and therefore, long. Your month ends will be easier and your daily budget easier to manage. Finally, and perhaps most importantly, credit consolidationavoids problems of registration at the NBB. In Belgium, each open credit is reported to the Credit Center for Individuals and the credit institution is obliged to report any non-payment of consecutive monthly payments. After 3 months of non-payment, you risk already a file. Once filed, you will not be able to borrow money anywhere. When you have paid off your debts and interest, and only then, you will have to wait another year before being removed from the blacklist.

In short, the benefits of Credilend’s credit consolidation:

  • A single credit, a monthly payment and a single interlocutor
  • Reduce your monthly payments by extending the term of the loan
  • Manage your repayments and your simplified daily budget
  • Rate, duration and fixed monthly payments
  • Custom contract

Credit consolidation, is it for you?

Credit consolidation, is it for you?

The example we described speaks to you, but you are not sure that this is the ideal solution for your particular situation? We will try to answer this question with you. The credit consolidation is for you if have taken different loans, no matter which: personal loans, car loans, consumer credit, cash reserve, home loan, home improvement loan… It works with all types of credit. The credit consolidation is also advisable for you if you are struggling to repay all your debt each month, if the amount is too high for you and managing your budget becomes a problem. In all cases, if you want to adjust the amount of your monthly payments to your income, theCredit consolidation is the perfect solution.

Feel free to do a simulation via our simulator above and apply for a credit consolidation. This request is free and without obligation.

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