Consolidation of loan – what you need to know
Consolidation of loan
The loan providers offers you the possibility of consolidating several outstanding loans such as a car loan, a consumer loan, a revolving loan or a mortgage … These are detailed in the section “The repurchase of real estate loan with the loan providers” . You can also request additional funding to complete a new project. Read wbts-forum.org for a critique
With such a purchase of loans, you manage your budget more simply and thus more efficiently. Indeed, it allows you to benefit from a single interlocutor for all loans but also to pay only one monthly payment, whose date, duration and amount are defined according to your needs and your projects . The loan repayment period is between 12 and 172 months while the loan amount can vary between € 1,500 and € 250,000. The fees are negotiable.
This financial product offers you the opportunity to reduce the total amount of your monthly repayments by extending the repayment period. This is a viable solution against overindebtedness.
Each region of France has their own loan providers agencies, each offering different offers according to regional specificities. You can find the offer in your area on the dedicated web page of loan providers.
Minimum amount borrowed: € 1,500
Maximum amount borrowed: € 250,000
Minimum loan period: 12 months
Maximum loan duration: 172 months
Application fees: Negotiable
Consolidation of real estate loans
The consolidation of real estate loan loan providers allows homeowners to consolidate all their loans and enjoy the many benefits provided by the grouping of loans: lower monthly payments, contact with a single interlocutor … Your advisor will suggest a fixed or variable rate for your mortgage repurchase. The repayment term of the loan is 15 years.
Fixed rate for repurchase of mortgage, 4th quarter 2015
Duration of the 15-year loan consolidation
Highest rate: Not communicated
Lowest rate: Not communicated
Practice the fixed or variable rate on the repurchase of mortgage
Loan providers asserts daily its willingness to support all its customers in all their projects. The loan restructuring proposed by the loan providers allows French households to control their debt. Many families have opted for this refinancing solution and have emerged from their problematic situation after a few years. They have even been able to envisage new projects thanks to the adaptation of the monthly payments according to their incomes and the personalized follow-up of one and the same advisor.
The repurchase of loan proposed by the Popular Bank offers you the possibility of paying a single monthly payment generally lower than the sum of the current monthly payments and to define the date of the levy of this one with your adviser.
Proximity being the watchword of this banking group, the online “My loan providers account” allows you, among other things, to contact your advisor, to follow the progress of your refund and the flow of the monthly payment to any moment.
Example of consolidation of loans
For a grouping of loans of € 15,000 and a duration of 60 months at the fixed annual rate of 7.46%, you repay 60 monthly installments of € 300.28. Annual Total Effective Rate (APR) of 8.02%. Booking fees 100 €.
Cost of the optional group borrower insurance: Death, Total and Irreversible Loss of Autonomy (PTIA) insurance, of a monthly amount of € 10.50 which is added to the monthly payment and the total amount due under the insurance on the total duration of the loan: 630,00 €. + Effective annual rate of insurance (TAEA): 1.58%. Total amount owed by the borrower, excluding optional insurance: € 18,116.80.
Example for illustrative purposes and without contractual value.
Simulation of consolidation of loans
loan providers offers online loan simulation to its customers. This service makes it possible to prepare in advance its request for the consolidation of loans and serves as a guide in the choice of a financing adapted to each situation. It offers you the possibility of calculating your future monthly repayments in order to refine your project independently. This gives you a good overview of your future grouping request. In loan consolidation simulations, loan insurance is rarely included. This insurance, often optional, can be purchased if you feel the need but it may happen that it is imposed in the terms of the contract.
However, it is advisable to make an appointment with a financial advisor of the loan providers to make a more personalized study of your situation, by phone or agency. It is recommended that you go directly to an agency to study your various loans and debts as well as to negotiate certain elements such as the expenses of files. Refer to the “Contacting loan providers customer service” section.