Getting Refinancing Options with the Best Loan Choices


The term “refinancing of loans” is not appropriate, it is better to use the term of credit consolidation.

Credit refinancing: no operations

According to the legislation in force regarding consumer credit and mortgage credit, the term “refinancing” is not in any way associated with a credit transaction. It is, therefore, an abusive use of this term. The concept of “refinancing” may be associated with the loan consolidation operation, which consists of repurchasing several loans to obtain a credit offer. This is financing and not a refinancing of loans. From you can have the best deals now.

Credit financing: new ways

The principle of grouping loans is to propose to a household a new loan financing, including new repayment conditions: the rate, the extended duration, and the reduced monthly rate. The transaction can be set up by a bank, an online credit institution or a bank intermediary. The operation may result in an extension of the repayment term and an increase in the total cost of the loan.

Do you want to do a loan consolidation? Here’s what you need to know

Applying for a loan repayment allows households to consolidate all their loans into a single loan, the duration of which will be extended and the monthly payments reduced.

Finally, the subscriber will have to pay only one smaller monthly payment, which has the effect of increasing his purchasing power, but also his ability to save.

Who can I call for a loan repayment application?

The loan repayment request can be made to traditional banks or online banks, but they do not offer all this financing solution. Credit institutions specializing in consumer loans are often quite competitive.

If you want to save time or if you have a complicated file, the easiest thing to do is to call a specialized broker who can advise you, can help you to improve your credit consolidation application and will contact the institutions most likely to respond favorably to your request.

How to choose from the consolidation credit offers?

To get the best ones for you, it is important to use a consolidation credit simulator that will compare all the offers on the market. Even if you do not choose to subscribe to this type of online credit, you will have a basis for negotiating the terms of the loan with the future lender, considering some examples of consolidation credit and an idea of ​​the rates offered by the competition.

Keep in mind, however, that rates for this type of credit vary greatly depending on the borrower’s situation. The more difficult it is and the more unstable its revenues are, the more likely it is that the rate applied will be higher. If you make a loan repayment request from the bank, the steps will be simplified as your financial advisor will have some of these elements.

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