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Credit Redemption – Credit Consolidation

Reduce monthly payments by up to 60% with the purchase of credits 1

The repurchase of credit as it is often called or regrouping of credits is a banking operation which consists in grouping several loans in one, causing a readjustment of the conditions of repayment, that is to say that the borrower disposes after financing of a single rate, a rescheduled repayment term and a reduced monthly payment. It is possible to group different loans, ie real estate loans (home loan, loan relay …) and consumer credit (personal loan, revolving credit, car loan, etc …) . It is also possible to add a possible bank overdraft and a new project to finance (find out more). This banking operation is aimed at all types of borrowers, whether they are owners, tenants, housed or even in official housing, the same goes for the profession, whether the borrower is an employee of the private sector or the public. , professional (craftsman, liberal profession) or civil servant.

Two credit repurchase operations are possible: the repurchase of real estate credit and the repurchase of consumer credit. It is the share of real estate loans to be taken over which determines the type of loan consolidation, if the share is greater than 60% of the total credits to be taken over, then it will be a repurchase of real estate loan. If this share is lower, then it will be a buyback of consumer loans. In the context of the presence of real estate, a mortgage guarantee can be put in place (passage to the notary).

For the consolidation of their consumer loans, they obtained unsecured financing of € 22,416 over 60 months. Fixed APR of 6.90% (fixed debit rate of 3.70%), monthly payment of € 409.80 excluding optional insurance, total amount due by the borrower € 26,157.12 including € 1,569.12 in administrative fees and mandate. Monthly amount of optional insurance 54.95 (Effective annual insurance rate of 5.54%) and total cost of insurance € 1,569.12.

1. Why use credit pooling?

credit,loan

This banking operation offers households the opportunity to readjust the repayment of their monthly payments, ie to reschedule the repayment term, to negotiate a single rate and thus to reduce the amount of the monthly payment, which also becomes unique. By pooling its loans, a borrower has the opportunity to take back his finances, simplify the management of his loans and especially to reduce his credit terms, which can sometimes weigh on the budget of a family or a household. With a lighter monthly payment, a borrower confronts more serenely the financial contingencies of everyday life.

2. Can we redeem all types of credits?

The strength of the credit buy-out lies in its ability to adapt to the borrower’s situation, ie it is possible to buy back mortgages, consumer loans (auto, works, personal, renewable), to include debts (delay of rent, tax, others …) but also to include an amount allocated to a new project. It is a tailor-made solution and the borrower has a say when setting up the financing, the ideal being to propose a bespoke takeover offer taking into account the needs of the applicant and allowing him to find the balance.

3. Who is the credit redemption for?

This financing is intended for any borrower having loans in repayment and wishing to reduce his monthly payments or even increase them, according to the needs of each. Whether the borrower is the owner, tenant or lodger, there is no distinction on his personal situation. The same goes for the profession, whether the borrower is an employee of the private sector, a civil servant, a craftsman, a liberal profession or even a manager, everyone can obtain the consolidation of his various credits.

How is the redemption of credits?

redemption of credits,loan

As a first step, it is essential to establish a simulation of online or telephone repurchase of credit, in which you will communicate information related to all your current loans. This first approach will contribute to give first answers to your financial situation. A first response will be provided by a counselor who will personally take care of the funding file, from beginning to end. The correlation of your personal situation and the eligibility conditions of all our banking partners allows analysts Jules Maigret to offer you several financing offers. All the possibilities will be discussed with you in order to respond in a completely personalized way to your request, taking into account your repayment capacities, the desired monthly payments and the total duration of the single loan. The loan offer summarizes all the terms of the loan consolidation/financing operation and Jules Maigret is responsible for sending the application to all its financial partners to assess your eligibility. In the case of a positive answer, you benefit from a period of reflection and retraction in order to study in detail your new contract and check if the operation meets all your expectations. After signing the new contract, you end up with a single loan and a reduced monthly payment. Your monthly budget will be adapted to your expenses allowing to find the balance in your finances. Our schedules

Mortgage Loan Redemption

What is the purchase of mortgages? How is it setting up? Quasimodo offers you its expertise on this banking operation.

Mortgage purchase: principle

Mortgage purchase: principle

You should know that a mortgage is a guarantee on real estate for the creditor who lends a sum of money to the debtor. In a loan pooling project involving a mortgage loan, a mortgage release is applied. It is simply an act to lift the mortgage (to withdraw) following the prepayment of the loan concerned. The purchase of credits will make it possible to settle the old loans and to postpone the remaining amounts due on a new credit agreement including a rescheduled duration and a smaller monthly payment. The new lender will therefore set up a new mortgage to guarantee the repayment of the repurchase of loans.

Up to 60% off your monthly payments Your project

  • Redemption of credits Finance a project Renegotiate an immo loan Currently, do you pay back mortgages?
  • * No Yes Real Estate Credit (s) Remaining amount (s) to be reimbursed
  • * € Amount of monthly payments * € Currently, do you pay back consumer loans?
  • * No Yes Examples: auto loan, loan work, revolving credit, etc … Consumer credit (s) Remaining amount (s) to be reimbursed
  • * € Amount of monthly payments
  • * € If you want to include an amount for a new project, please specify New project € Project type 

Mortgage repurchase specialist

Mortgage repurchase specialist

Quasimodo is a non-exclusive agent in banking and payment services (MIOBSP) mandated in the personal loan buyback solutions. This expert has several years of experience in the business of aggregation of credits involving a mortgage. Quasimodo financial advisers are specialists in the investigation of cases involving mortgage guarantees. They will be able to offer you a loan consolidation offer with a mortgage guarantee adjusted to your needs and allowing you to rebalance your budget. A redemption of credits is a way to take back your budget and Quasimodo advisors are at your disposal to provide answers to your questions.

Loan consolidation with a mortgage: study and simulation

Loan consolidation,mortgage

The website Quasimodo.com allows you to directly create a simulation of loan consolidation online. This first estimated approach makes it possible to preview the amount of its future reduced monthly payment. A request for a study will then be necessary to ensure that the project is feasible but also to confirm the amount of the proposed monthly payment. Whether the simulation or the study request, the steps are completely free and without commitments with Quasimodo.

Small Business Loan: See How to Increase Your Chances

Anyone who believes that getting bank credit for a legal entity is an easy task can find out, in the worst possible way, that it is not so. It is so bureaucratic that many people mistakenly believe that banks are not interested in lending to small businesses. See http://labeurettenue.com for a summary

In fact, what happens is that financial institutions act with caution against the high probability of default. It is up to the company itself to try to prove that it is capable of honoring its commitments.

Thus, we will dissect throughout this article the main criteria used by banks at the time of approval. In short, we will also present the reader with a much less bureaucratic credit alternative. Are you interested? Check out!

Actual guarantees

  • Personal Guarantees
  • Handling of cash
  • Business plan
  • Company History
  • Collective loans: an alternative to be considered

Actual guarantees

 

The chance of approving a loan solicited by a company is noticeably greater when we give out collateral . That is, when we include in the contract properties of the company, such as vehicles and real estate, that will respond for the debt in case of default.

Personal Guarantees

Personal Guarantees

 

The function of personal guarantees is basically the same as the real guarantees. The difference, in this case, is that instead of prosecuting the company with the intention to pawn the assets in the contract, the bank triggers people: the guarantors or guarantors, who become the responsible for the debt in case of default.

Handling of cash

 

The chance is great for the bank to request supporting documents of the company’s cash handling as a condition for releasing a loan or financing. The purpose here is to check if there is a possibility that the company will pay the debt.

The requirements are varied: some banks accept statements from bank transactions while others require documents signed by the company accountant, to better analyze the origin of each debt or credit.

Business plan

Some financial institutions also require a copy of the company’s business plan. The goal is to have access to important information such as marketing strategies, product portfolio offered and the financial plan of the organization. This is another means used to evaluate the company’s ability to generate the necessary return for debt repayment.

This type of requirement has the purpose of avoiding credit approval for a company that is, for example, investing heavily in old-fashioned or obsolete products.

Imagine, for example, granting a millionaire loan to a company that wants to produce large-scale typewriters. Will the company be stagnant or generate results and pay its debts in a year?

Company History

The entrepreneur must add to the request those documents able to prove the history of transactions of the company, such as credit card bills duly paid, negative debit declarations issued by the public authority and also the “nothing is” issued by the credit restriction registers, since the application will hardly be approved if the company is denied.

Collective loans: an alternative to be considered

Finally, we could not, of course, speak of collective loans. It is a market that keeps growing and one reason for success is precisely the reduction in bureaucracy – not to mention the best rates in the market!

By registering on a platform like Nexoos , the company now has access to resources made available by investors interested in betting on credit for courageous small businesses that are looking for growth or just a breath to get through a difficult time.