Redeeming credits means collecting all of your current credits to buy a new loan. It will replace all deadlines, thanks to a single monthly payment that can be revised downward. For this condition to be fulfilled, the duration of the credit put in place must be extended, which means an increase in the total cost of the loan. In order to find a repurchase of credits at the best rate, a comparator is a tool offering a quality service. It allows in a few clicks to make a first feasibility study of the project, while comparing the offers of various partners to offer the best rate.
The principle of redemption of credits
When a borrower chooses to buy credits, there is often a chance that the borrower can benefit from a number of different perspectives. Firstly, it is a solution that will allow him to take better care of his finances because a single interlocutor is always easier to manage. Indeed, the financial institution that will grant credit will be responsible for paying off all debts to the various creditors. The borrower will have only one debt with him exclusively and he will only have to pay every month a single repayment monthly.
To initiate a procedure for the redemption of credits, the applicant must be in the process of repayment of two minimum credits and generally be in a situation where monthly payments are too high compared to his income. There are many credits that can be included in a buy-back transaction, such as personal loans (loans taken out without having to justify the use of the amount borrowed), credits for a particular purchase or service. like a car, a motorcycle, works, etc., other consumer credits, renewable credits. In addition to all these loan categories, the purchase of credits may also include various debts, such as loans from family or friends, late payments of rent, bills, tax debts.
The redemption of credits is a banking operation that will allow the refinancing of its debts, for this reason it is also called loan consolidation or debt restructuring. It aims to really reduce the repayment of a loan. It is granted to the owners as well as to the tenants, to the employees as to the civil servants or the independent workers. In certain cases and under certain conditions, it is also accessible to over-indebted individuals who are included in the personal credit repayment incident file.
Thanks to the setting up of a financial package, the borrower will be able to know the exact amount of his monthly withdrawal in advance, having only one monthly payment to repay. It will also be able to define its own criteria, because by choosing the amount of its monthly payment, it will be able to reduce its debt ratio on one side, while on the other hand it will benefit from a better purchasing power. To access in a few clicks the best offers of the moment, a free online comparator is a very useful tool.
The operation of the comparator repurchase of credits
In general, it only takes a few minutes to compare the offers to buy credits without any proof. Refinancing proposals on the best terms are posted very quickly depending on the partners and their award criteria. To use an online comparator, you will need to fill out the form first. The information to be informed is: the number of credits to be reimbursed, the family and professional situation, the identity of the applicant.
The second step is the display of the result with several offers. An advisor will contact the applicant to verify his needs but also his ability to repay. When the project is deemed feasible, it will return to the information recorded and the profitability of the transaction, presenting a comparative comparison of the most competitive credit. The future borrower can then make his choice and decide on the offer that best suits him. Once he has received it he will have to respond within 10 days. He will have to sign it and send it back to the lender.
Before signing a contract, it is essential for a borrower to know the mode of operation and especially the benefits of the purchase of credits. The retraction period is 14 days after signing, after which the financial institution reimburses the creditors and releases the funds, plus additional cash if it has been included in the financing plan.
Before using online comparators, it is very important to know all of your debts. Thus, a total amount can be set to optimize the redemption of credits. Then we must not trust everyone and instead turn to a recognized organization and especially experienced when receiving the result of the request. Competition is tough in this industry, to find the best rate, do not hesitate to really compare all offers. It is important to ensure the total amount to be repaid and not just the monthly payments and the interest rate. Do not forget the cost of borrower insurance which can also increase the overall price of the purchase of credits.
A quick and free comparison
In order to carry out a proper study and to use the comparator effectively, it is necessary at the outset to define the nature of the credits to be repurchased and their total amount. Will all consumer credit need to be consolidated? The mortgage? Only or both? The proposed interest rate will be determined by different elements including the criteria of duration and amount borrowed. Finally, the consolidation project can include additional cash that will also be defined at the outset.
For the first information to be provided on the comparator, it is not necessary to provide supporting documents, these will only be required at the time of the constitution of the file and the signing of the contract. These vouchers can be prepared upstream, before starting the process, which will speed up the demand at the right time. At first, and especially to obtain an immediate response thanks to the comparator, only some elements are to be informed.
In addition to the balance sheet of credits in progress, the applicant will have to indicate his identity and his personal details, in order to be able to receive the offers of redemption of credits by the partner organizations. This step allows the user to no longer have to solicit banks and financial institutions by itself, the comparator is responsible for making the request and collect all offers to offer the most advantageous.
The rental status is also to inform, if it is important, it is because the fact of being owner can allow a repurchase of mortgages. The property put in mortgage can already have been used as guarantee, in this case there will be just to make a transfer. The composition of the family is also to be informed, as are all resources. These are taken into account for the entire household, as are current and recurring expenses.
It is with all the elements together that the comparator will be able in the space of a few minutes and quite free, give a result of the offers of its financial partners.