The maths is clear. You had 3 loans: 5 000 PLN (10% RRSO, 500 PLN/month, 12 months), 8 000 PLN (18% RRSO, 850 PLN/month, 12 months), 3 000 PLN payday (60% RRSO, 550 PLN/month, 6 months). Total: 1 900 PLN/month, total interest to term about 3 400 PLN. Consolidated: 16 000 PLN over 36 months at 15% RRSO — payment drops to 555 PLN. But total interest rises to about 4 000 PLN, because you pay it over 3 years instead of 6–12 months. Consolidation lowers the monthly load but usually raises total cost.
When consolidation makes sense. You have lost part of your income and cannot afford current payments — consolidation buys air. You have several high-RRSO debts (payday, cards) and the bank offers consolidation at a lower RRSO — then even total interest may fall. You want to tidy up finances: one date in the calendar instead of five.
When it does not. You can meet the current schedules — consolidation is wasted interest. Consolidation RRSO is higher than the weighted average of your current debts — the maths says no. The offering bank requires insurance or a commission over 8% — the extra cost eats the saving. You are consolidating debts driven by loose spending — consolidation does not fix habits, and you will likely stack new debt on the freed-up limits.
Frequently asked questions
Usually 24–120 months. Longer term = lower payment but higher total cost. 36–60 months is the sweet spot.
Consolidation is easier to get than a fresh cash loan because the bank sees the payment record. At 450+ score and DTI under 45%, chances are good. Below 350 — banks unlikely, non-bank lenders possible but at high RRSO.
Yes. This is a common play — if you have 3–5 payday loans at once, consolidation beats rolling. The bank will check the payday loans are closed by the consolidation transfer, so they show as closed in BIK.