Credit buyback for a single person

Often, once debts accumulate, it becomes more and more difficult to meet deadlines, especially when you have a financial problem. Faced with these problems, the best solution will be to consolidate its loans. Indeed, it is an unavoidable option to win a favorable rate and a longer repayment period.

It should be noted that the extension of the duration can lead to an increase in debt. However, when talking about loan consolidation, most of the time, it is thought that this is only done for those who have a co-borrower. This is not the case at all because it is perfectly possible to start the procedure by being a borrower alone.

Borrow alone: consolidate loans

Combining into one loan all or part of the credits in progress so that the borrower pays only one monthly payment at a single rate, from a single bank, is the principle of the repurchase of credit. The good news is that all borrowers can use this banking operation. Indeed, contrary to what one thinks, a single person (that is to say without co-borrower) can perfectly regroup his loans. The transaction involves setting up a new contract to which the terms of repayment are adjusted. That said, the repayment period is lengthened, the monthly payment is reduced and the rate is unique. Of course, like any other loan, the redemption is a commitment and must be repaid. For this, it is important to determine its capabilities before embarking on the project.

Gather credits by being alone

Credit consolidation is done for all types of households: families, couples or single people. At first sight, the expert analyzes the situation of the borrower, i.e. the number of credits in progress, household income, and expenses. Of course, these analyze, performed by an expert analyst, and are carried out confidentially. Subsequently, the professional proceeds to the examination of the file and verify the supporting documents provided by the borrower. Finally, the file is sent to the financial institutions to have the financing agreement. However, although these stages are long and delicate, you must be patient.

Read Also: What is a loan in fine: definition advantages disadvantages

Leave a Reply

Your email address will not be published. Required fields are marked *