Month: March 2020

Lowest and advantageous rates for a repurchase of credit

by Edward Debose

You have already made loans with your bank or financial organizations and you want to group all your credits at the most attractive rate. Ask your finance or broker to find you the lowest rates for a loan buy-back from their lenders.

The repurchase of credits makes it possible to regroup its various credits in a single loan, over a single duration and a single monthly payment. Thanks to the repurchase of credits the monthly payment decreases, but the duration of the credit increases. After combining the credits, the future debt ratio decreases and at the same time the remainder of living increases.

The interest rate for a loan repurchase

The interest rate for a loan repurchase

Thanks to the fall in interest rates, the nominal rate of loan repurchase is often much lower than the average rate of your credits that you hold when you redeem your loans.

In addition, if your current credits are made up of revolving credits, then they have very high rates and insurance costs. Your broker advises you to combine all your credits into one loan which will allow you to benefit from a loan buy-back offer at the lowest interest rate. The cost of insurance and invalidated death guarantees will be reviewed at this time.

The nominal rate (TN) is the interest rate of the credit, but beware that this does not include the fees. This is the difference with the global effective annual rate (APR) which includes all the costs: the bank fees, the brokerage fees, the insurance cost and in some cases the warranty fees (in depending on the type of credit). The overall effective annual rate determines the best loan offer at the best rate.

The nominal rate (TN) often attracts borrowers, but do not be fooled and compare your refinancing proposals or your loan offers, be sure to have all the costs that are properly attached to your new credit.

Namely: The nominal rate is the product of appeal for banks: they attract prospects with a very attractive offer in order to be able to market their other products. It's trading…

What is the rate of a consumer credit buyback?

What is the rate of a consumer credit buyback?

The rate for the repurchase of consumer credit essentially varies according to the new term of the loan. The shorter the term of the new loan, the lower the interest rate. It should not be forgotten that the principle of buying back consumer loans is to extend the term to reduce the monthly payment and that the interest rate is not the determining factor in buying back your loans.

The lowest rate for a loan buyout can also be determined based on the quality of the record and the borrower profile that you are. In the case where you are a borrower who is a tenant, the redemption interest rate will be slightly increased between 0.15% and 0.70% more than the rate of loan consolidation for a borrower owner.

You may find this unfair, but banking statistics have proven that borrowers who are not homebuyers or homeowners have more arrears than other borrowers. These remain statistics and not a generality. Each bank has its own criteria and its own funding rates.

What is the rate of a credit consolidation with a mortgage guarantee?

Combining loans with a mortgage guarantee provides a better rate than combining loans without collateral. The duration, as well as the quality of the file, will determine the interest rate of the new loan repurchase.

The share of the mortgage taken over in relation to the total amount of loans repurchased indicates what type of loan offer will be published and what rate structure will be applied.

If the repossessed home loans are greater than or equal to 60% of the total amount of the loan then we will be on a grouping of home loans with a lower and more advantageous rate than on a grouping of consumer loans.

How to get the best rate in loan consolidation?

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A good presentation of your file is essential to obtain an advantageous rate, but that is not all, the rate of the credit will also depend on the quality of your file.

Put the odds on your side to build your loan consolidation case to get the lowest rate. Trust your professional Finance OR broker who knows all the criteria of all his lenders and who will get you the best rate for consolidating your loans.

Your expert analyst in loan consolidation accompanies you first of all to constitute all the documents to have a complete file. Above all, don't forget to report all the credits and account statements you have. He advises you and tells you what type of loan is best suited to your situation.

The advice of your analyst is precious, he offers you a duration in line with your debt ratio, the amount of cash that must at least be expected (you never know what can happen next, so plan the equivalent of 1 to 2 months of salary in cash allows you to anticipate small unforeseen events), and before sending your file to its lender your analyst tells you precisely the interest rate of your credit grouping.

Help with payday loan debt -Try our payday loan consolidation program today

by Edward Debose

Try our payday loan consolidation program today

We live in an era where you can reach for financial products like bread in a bakery. They are easily accessible, do not require the submission of many documents, and formalities are carried out very efficiently. Some consider it a big plus because we can reach for it whenever we need it. Only sometimes we do it too quickly and suddenly, when we regain common sense, it turns out that the amount of our debts exceeds our financial capabilities.

Then what? It would be best to reach for a product that will allow us to get rid of payday loans. Is this possible? Yes of course! Our payday loan consolidation program is a good method for your financial rise and to get rid of your payday loansTake a look at our site, as it can be a source of valuable information for you.

Bad credit history, lack of creditworthiness or refusal by the bank means that we are increasingly looking for non-bank financial products. This should not surprise anyone, after all, banks are setting very strict conditions for their customers.

Not only that they expect the submission of many documents, they thoroughly scan us and expect us to be clients who have an impeccable credit history. The truth is, however, that if we apply for a loan, it means that our finances are not good. Therefore, sometimes the requirements of banks are difficult to meet and then the question arises - where to look for help?

If the public financial sector is not able to help us, then we can do nothing but seek support on the non-banking market. It is not as difficult as it may seem. The loan market is doing very well, so we have not only banks but also private financial institutions at our disposal. They are called para banks or loan companies and it is their consolidation loan that we can help us solve all financial problems.

What does a consolidation loan look like in a loan company?

What does a consolidation loan look like in a loan company?

It may surprise some, but the loan consolidation loan company resembles with its principles the loan offered by traditional financial institutions, ie banks. Here, too, we are dealing with a financial product that allows you to sort out your liabilities and regain financial liquidity.

A consolidation loan from a loan company also allows you to combine all your liabilities and turn them into one with a better repayment schedule. Even those commitments that we can consolidate agree with the banks' offer, ie we can combine both cash loans and car loans, mortgage loans, payday loans, installment loans, online installment loans as well as credit or debit card charges.

Visible differences can be seen, however, in the requirements imposed on clients and in the formalities related to applying for a loan.

Loan companies do not impose such stringent requirements on their clients as banks do. They do not expect to submit many documents. Most often, the basis for concluding a loan agreement is a valid ID. This means that we do not need either an employment contract or income or employment certificates.

Therefore, we save a lot on completing all documentation and we do not have to explain to anyone what we need these certificates for. The lender also does not check our creditworthiness and does not expect an impeccable credit history. Registers of debtors are not even checked, so those in debt or those with a bailiff have the chance to receive financial support here.

A consolidation loan in a loan company - what to do to get it?

A consolidation loan in a loan company - what to do to get it?

What exactly do we have to do to get a consolidation loan? The loan company's requirements are not high, so we can deal with the formalities very quickly. The consolidation loan provides the opportunity to combine our various commitments into one, but for this to be possible, we must provide the lender with all related documents.

Therefore, our first step should be the proper preparation of documents. First of all, we should look more closely at our commitments. Check which we want to consolidate and make sure that their amount does not exceed the maximum loan amount. If this happens, we will be faced with a selection of commitments, which means that we will only be able to consolidate some of them. It is also worth preparing for such a situation, choosing priority debts and leaving yourself those that we will be able to meet.

When we are ready to meet the lender, we can do nothing more than go to the nearest outlet and complete the formalities. One of them is filling out the loan application, and when the loan company considers our application and issues a positive decision, all we have to do is sign the contract and all outstanding liabilities will be repaid. We'll have a completely clean account and one monthly installment to pay.