You have taken out several consumer loans and want to reduce or simplify your monthly payments? The redemption of credits is the solution!
In the face of exceptional events in life, the repayment of your goods purchased on credit could one day be impacted, Morgan Credit offers you to buy back your credits to allow you to repay your loans. Here’s all there is to know about credit consolidation!
Are you blacklisted and need a consolidation loan? We can help you
Consolidation loan is a type of loan offered by ConsolidationNow online that can consolidate several loans, in order to reduce the monthly payments of the borrower.
Thanks to this operation, the latter will be able to lower the rates of its various loans, because the meeting of these will lead to a single credit and therefore a single monthly payment, better adapted to its financial situation and its budget. For the borrower, this is a comprehensive and sustainable solution, designed to escape a potential debt situation or even over-indebtedness.
How does this banking operation take place?
A credit buyback record is established by a financial institution other than the one or the ones that originally granted the funds. This organization (traditional bank, an institution specializing in credit, loan platform), may be required to settle with creditors all credits contracted. And this, even if they are different in nature. These credits, thus terminated, take the form of a new contract.
The repurchase of loan can be concluded on shortened or lengthened duration. It all depends on how much the borrower can repay each month. To accurately assess your future monthly payments, but also to know the total amount of the refund following a possible redemption, it is more advisable to use a simulation tool for repurchase credit.
An offer of loan consolidation is also accompanied by customizable optional insurance. Because no one is immune to a decline in income, whether as a result of a job loss, the death of the spouse or a total disability! This insurance provides substantial financial security for the borrower since in the event that he is confronted with one of these situations, all or part of the outstanding loan amount (capital remaining due) is covered.
A solution open to all
Anyone with outstanding loans can claim a credit redemption. Whether you are a tenant, owner or housed free of charge, young or old, active or retired, in fixed-term or temporary (provided that the co-holder has a permanent contract), employee, civil servant, tradesman or even in a liberal profession, you are eligible.
Simply, the offer of redemption will be based on your own situation, as personal (married, single, divorced, with or without children …) as professional. This will not only take into account your outstanding debts with the different banking institutions (ie the outstanding capital), but also, and in particular, current and predictable current expenditures (energy, transport, food …), the rent, and the alimony paid.
All these elements will then be deducted from your income (salary, state aid …) in order to know your level of debt, your remaining life and your ability to repay. We then talk about the debt ratio. This indicator is the main criterion for accepting a credit surrender.
Redemption of credits: a good way to relax your monthly payments
The establishment of a repurchase of credit file allows a better management of its budget: the sum of all your refunds of credits is regrouped in a single levy. So, no longer need to count the loans contracted, you know in advance the amount and the date you will be charged by Morgan Credit.
The purchase of consumer credit will also allow you to take advantage of the overall decline in rates compared to previous years.
Morgan Credit will be able to offer you a single monthly payment taking over your loans, and this amount will often be lower than the totality of the previous deadlines.
Know that the decline following a buyback can go up to 60%. However, the repayment term will be extended and the cost of credit may be increased accordingly.
Finally, the repurchase of loans is an operation which makes it possible to put an end to revolving or revolving loans, which have very high rates and can be renewed without limit until the complete repayment. Here, the purchase of consumer credit is a simple credit whose repayment will be easier and potentially less expensive.
What types of loans are eligible for credit redemption?
Credit redemption is open to a large majority of credit types. It adapts as follows:
– any form of mortgage (fixed or variable interest rate, with or without a mortgage);
– a bank overdraft situation;
– to a revolving credit;
– to a personal loan;
– to a car loan;
– to credit works.
The grouping of credits, therefore, responds to many cases. Let’s take two concrete examples …
Since buying your home, you have found that borrowing rates have been revised downward. Problem: the renegotiation made with your financing organization is unattractive. Redeeming your home loans may prove to be an advantageous option since the annual percentage rate of charge (APR) would be recalculated for all of your loans. This would imply a potential decrease in the total cost of your mortgage.
Another assumption: in addition to your mortgage, you have taken out consumer credit, and you find yourself in a difficult financial situation. Taken by the throat, you have trouble repaying your debts, and even more to carry out the renovation work planned for your main residence. Consolidate your loans by backing a new work loan – always with a single monthly payment – you would rebalance your budget, and thus fund your project.
Redemption of Credits: The Benefits of Choosing Morgan Credit
Today, Morgan Credit is positioning itself as a serious solution compared to traditional credit institutions, proposing an innovative refinancing model. This allows professional investors (individuals, but also legal persons: companies, insurers, foundations, pension funds, etc.) to directly finance consumer credit for French, Italian and Spanish households.
With us, you will not find any revolving loans, we only offer depreciable loans, fixed-rate and constant monthly payments.
Buyback credits: a good solution?
It should be noted that a buyback of consumer credit must involve at least two loans and reduce the total amount of monthly payments.
However, the use reveals that the repurchase of credit becomes much more interesting with three loans.
As a reminder, whether in the case of a consumer credit redemption or a car loan redemption, the total repayment period of the global amounts borrowed will automatically be extended, and the cost increased. But overall, the borrower benefits from a reduction in monthly payments and a reduced total cost. As mentioned above, a redemption of credits also involves a single deduction. A loan consolidation operation thus optimizes the management of its budget.
Why make a credit redemption simulation at Morgan Credit?
Morgan Credit’s proprietary technologies today make it possible to ensure the simplest online subscription of the market, and to provide an ultra-fast response to funding requests. Thanks to our 100% online course, you will be able to perform a simulation in a few clicks, after which we do not make you wait: you receive an immediate answer in principle.
To facilitate the process and finish the paperwork, we propose to electronically sign your contract online. Similarly, you will be offered to download your receipts directly via your mobile phone or computer. Upon receipt of your complete file, we can give you a definitive answer within 24 business hours *.
For all your questions, whether it concerns your file, your loan offer, the duration of the purchase or your project, we have an answer. We offer support throughout your loan application: our customer service is 100% based in France, and we are reachable by phone, Facebook Messenger, chat, or via our contact form.
This alternative has already convinced over 150,000 customers who, to date, have borrowed more than 1 billion euros! So do not wait any longer, simulate your credit buy-back and focus on speed, simplicity, and security! Thanks to more favorable borrowing conditions, you will avoid any debt or over-indebtedness situation, and will thus gain a lot of peace of mind. It is also an opportunity to think, in the long run, of financing a new project!
The three key points to remember about the credit buyback transaction:
- It aims to consolidate all its loans into a single contract, which makes it possible to reduce its monthly payments, to avoid as much as possible debt or over-indebtedness and to think of new projects.
- Most forms of credit are eligible (personal loan, real estate credit, debts related to a bank overdraft, etc.).
- It opens up to all borrower profiles, and can possibly be combined with another loan to finance a new project when disposable income is not enough.