The consolidation of consumer loans is faster to implement since credit institutions require fewer supporting documents. The banking intermediaries quickly take care of all the steps to process the financing dossier in a shorter time.
Reduce your monthly payments by consolidating your consumer loans
Many households take out several bank loans in order to buy more or less expensive consumer goods (cars, furniture, etc.). However, by accumulating this type of financing, the monthly payments to be reimbursed add up and can quickly prove to be too high for certain households. To avoid possible delinquencies and regain a stable financial situation, borrowers can call on a banking operations intermediary to consolidate all of their debts into a single consumer loan.
This financial transaction is called the repurchase of credit or grouping of loan and makes it possible to reduce the amount of the maturities to be reimbursed each month by increasing the duration of the single loan. The decrease in the monthly amount payable increases the remainder of the household’s living expenses.
As with any subscription to a banking product, the repurchase of consumer loans is subject to certain conditions and requires providing supporting documents to the bank to establish the eligibility of the applicant. Note that a tenant who is on file at the bank will not be able to claim a consolidation of consumer credit.
Quickly obtain a consumer credit consolidation
Contrary to the repurchase of mortgage, the banks do not require mortgage guarantee or the valuation of the good if the candidate for the operation is owner. It is in particular for this reason that the deadlines are shorter and that the consolidation of consumer loans is faster to set up. Most of the time, it is the assembly of all of the documents that takes time and therefore lengthens the processing times for the funding application.
To be able to obtain a quick consumer credit buy-back, certain intermediaries offer borrowers the possibility of sending supporting documents by email and by post. It is thus faster to send the files to the partners and to receive the various loan offers in a shorter time.
In addition, the simulation tool is free and allows the debtor to have an immediate answer on the feasibility of financing. The simulator does not oblige the borrower to continue the process since it is without obligation. An estimate of the monthly payment will be sent to the home and a dedicated advisor will be able to build a tailor-made file adapted to the borrower’s financial capacity.