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Thanks to the repurchase of credits, it is possible to consolidate and repurchase its loans. Also called credit consolidation, refinancing or debt consolidation, credit repurchase in the country corresponds to a personal loan at the best rate which allows you to consolidate all or more of your credits, loans or open installment sales.
A credit consolidation loan balances all of your outstanding credits and which offers you a single loan. In this way, you keep only one credit, with a single fixed interest rate and a single repayment duration adapted to your needs and your financial situation.
Credit consolidation, therefore, allows you to reduce your monthly repayments. It is a useful solution when you have difficulty repaying your loans on a regular basis. It can, therefore, help you find balanced and less complicated budget management and avoid a debt situation.
By grouping the credits into a single file, it is possible to:
- Redeem your credit, decrease your monthly payments and rebalance your monthly budget by adapting the repayment to your income;
- Take advantage of a single more advantageous interest rate;
- Obtain additional cash;
- Having only one intermediary for your personal loan.
What are the different types of loan redemption in the country?
There are 2 types of loan redemption in the country:
Grouping of consumer credits
Thanks to the grouping of consumer credits, it is possible to group together your current consumer credits and buy back your loan. This concerns personal loans (new or used car loans, work, energy, holidays, motorbike, studies, etc.), credit facilities and tax debts.
Consolidating all these consumer loans will allow you to have only one loan, considered as consumer credit. Generally, the amount that can be borrowed varies between 500 USD and 100,000 USD and the duration varies between 12 months (1 year) and 120 months (10 years). But each financial institution determines these criteria: they are therefore liable to vary from one bank to another.
The repurchase of mortgage credit
The repurchase of mortgage credit includes a mortgage as well as consumer loans. For this type of credit repurchase, the lender will take your property as collateral. The mortgage then serves as security in the event of non-payment on your part.
With the repurchase of mortgage credit, you will obtain a single mortgage loan whose duration generally varies between 60 months (5 years) and 420 months (35 years).
How does a credit grouping work?
It is possible, thanks to credit consolidation, to buy back your loan. In practice, buying back credits works in the same way as all other consumer loans. You are requesting a grouping of loans from a bank or a financial institution. If you submit your request online, you will then be contacted by the latter. If your request is accepted, the bank will ask you to provide various supporting documents. An offer of credit will be made to you and you must return it signed.
It is the bank that is responsible for contacting the institutions with which you have outstanding loans and for repaying your loans. You will, therefore, have only one installment and one monthly installment to repay. It is, therefore, a very practical way to buy back your loan.
Who can request a loan buy-back?
Anyone with at least two outstanding loans (consumer loans, home loan, tax debts, installment sales, the opening of loans, etc.) can request a loan buy-back. This type of loan is therefore not intended for a specific borrower profile. It can indeed be used to consolidate all types of debts in order to pay more than a single monthly payment.
However, note that the repurchase of credit in the country is subjected to the same conditions as a typical loan, namely: the borrower must be more than 18 years old, have sufficient income for the good repayment of the credit, and finally, he cannot be placed on the National Bank blacklist.
Can I get a loan buy-back from all banks?
Generally, most banks and credit institutions offer the purchase of credits. However, many do not allow you to simulate online credit consolidation. You must, therefore, go to an agency to be able to make a simulation and submit a request. But it is quite easy to redeem your credit.
In order to find the best credit buyout loan in the country, we would advise you to compare them online using our free comparison tool. You will then be able to find the loan that best suits your needs, but also to obtain an overview of the rates prevailing on the market, useful information for your negotiations.