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Should one be over-indebted to make a credit redemption? | Loan consolidation

Eligibility for credit redemption is determined by the financial situation of the borrower and the credits he is currently repaying. Should we be in a situation of over-indebtedness to set up this type of operation? Explanations.

The conditions to be eligible for the repurchase of credit

The conditions to be eligible for the repurchase of credit

To buy back its credits, it is logical to have loans in repayment. A buy-back can be considered from two credits to which it is possible to add an amount devoted to a new financing. The latter must be at least 1,500 USD and can extend over a maximum period of 35 years as explained by one of the leaders in the purchase of credit on the internet: soluan

The nature of the credits does not impact the operation. In fact, it is possible to combine unallocated and affected consumer loans, but also real estate loans or conventional loans.

As is the case when subscribing to a conventional bank loan, organizations and institutions require that the borrower has a stable income and a long-term employment contract. Its financial situation is also examined thanks to a feasibility study. Analysts calculate the rate of indebtedness, the rate of rest to live and the mortgage rate for homeowners.

Simulate eligibility for credit redemption

It may be wise to do a feasibility study on credit redemption, the latter being free and without commitment. Indeed, no fee can be claimed from the applicant until the credit offer is returned signed and the withdrawal period exceeded. Simulating his project thus makes it possible to obtain an estimate of his future reduced monthly payment and to compare it with his current financial situation.

It should be noted that the eligibility criteria for loan redemption may vary each month, depending on the policies of credit institutions. A refused application may be accepted a few weeks later. The borrower can do a simulation at any time to be informed of the standards in force.

It is therefore not mandatory to be over-indebted to set up a credit redemption. This operation can be undertaken in order to simplify the management of its finances, to have only one interlocutor or to finance a new project such as the completion of work, the purchase of a car or an investment immovable. In any case, a thorough study of the borrower’s situation is necessary.