Although the solution of buying back loans is generally considered in order to help borrowers in difficulty, it is also possible to use this kind of operation as a management tool aimed at optimizing one’s budget or even to improve one’s profile. financial during an investment project for example.
Combine your credits to improve your quality of life
Certainly, credits make our lives easier by increasing our consumption capacity and by giving us access to goods that we could not have acquired for cash. However, when they become too numerous, repayments can weigh heavily on a household budget and undermine a cash already well started by the rise in prices and the various consequences of the current crisis. Under these conditions, it is entirely possible to envisage the grouping of all of your outstanding credit (home loans, consumer loans, payment cards, revolving loans) in order to transfer the claim to a single amortizable loan, better spread over time and with a more attractive interest rate. The monthly borrowing burden can then be reduced very significantly, sometimes by more than half, thereby creating a much more comfortable living-room each month.
Buying back loans to optimize your borrower profile
Whether it is buying real estate, doing work or even considering a business plan for example, it is almost always necessary to turn to the banks for financing. However, they have considerably tightened their conditions for granting loans and in particular they require applicants to now have a high borrowing capacity before granting them any financing.
Clearly, borrowers must receive sufficient income so that the loan requested does not put their personal financial situation in jeopardy, which also implies that they must have a cash reserve likely to help them cope to possible life accidents (illness, unemployment, etc.). Thanks to a loan buy-back, it is possible to improve your borrower profile by eliminating arrears of overdrafts, debts and other revolving credits from your charges. We then arrive in a few months at a situation which inspires more confidence in the banker, all the more so if the cash thus freed up made it possible to constitute a personal contribution, a condition now essential to obtain a loan.