Loan consolidation help -How to consolidate loans with us today

How to consolidate loans with us today?

The monthly payments of your payday loans are too high? With the payday loan consolidation, ConsolidationNow offers a financing solution to collect all of your loans in a single loan and reduce the number of your monthly payments.

Negotiate your rate and consolidate your payday loans into one

– 1 credit only to lighten your monthly payments,
– 1 monthly payment to better manage your budget,
– 1 fixed single rate, best-guaranteed rate.

Realize your new project without waiting

In addition, this new reduced monthly rate allows you to mount a new project, without waiting for a full refund of your current credits!

Understanding the payday loan consolidation

Which credits can I group?

Bank Credit Redemption allows you to consolidate your loans, that is, all types of consumer loans.
out of mortgage: credit work, auto, personal loans, revolving credit, bank overdrafts, etc.

Pay back at your own pace and adjust your monthly payments to the evolution of your income:
your repayment can be adjusted upwards or downwards, while respecting your debt ratio.

Adapted monthly payments

– Amount from $ 10,000 to $ 75,000

– APR fixed from 4.90% (1)

– Refund on 24 to 180 months

Simple management

– No change of bank.

– Advantage +: possible transfer of 1 month of the payment of your 1st monthly payment and choice of the day for your deduction.

Remember to ensure your monthly payment!

Borrower Insurance is optional insurance offered to you at the time of signing your loan consolidation agreement (or loan redemption). It can take care of your monthly payment in case of illness or accident, disability or death. It is financial security for you and your loved ones in the event of unforeseen circumstances.

An example to better understand

An example to better understand

The operation of the credit pool

Grouping of credits from $ 10,000 to $ 75,000. TAEG fixed from 4.90% to 5.95% (1) , ie a fixed rate of payment from 4,794% to 5,794%: repayment duration from 24 to 180 months. Monthly payments from $ 87.06 to $ 3,538.22 excluding insurance. 0 $ of application fees *.

Example of financing for a total amount of credits of $ 10,000 (1) APR fixed of 4.90 %, fixed debit rate of 4,793%. Refund in 48 monthly installments of 229,36 $ . The total amount owed by the borrower excluding optional insurance of $ 11,009.14 (2) . 0 $ of application fees *.
Cost of optional insurance of 17,00 $ per month in addition to the monthly payment (3). The effective annual rate of insurance is 3.910%. The total amount due for the insurance is 816 $.

The practical guide to the repurchase of credit

The practical guide to the repurchase of credit

What is called credit redemption or credit consolidation?

Definition of this financial product

The Bank loan redemption is a straight-line loan: the customer reimburses the same amount every month at a fixed rate (APR). The credit consolidation allows the customer to consolidate its loans with a single financial institution and thus restructure its debt. It can finance the purchase of restricted credits, personal loans and revolving loans (real estate loans can not be bought back). It may also include the repurchase of debts (type back tax) and finance a part called “cash”.

The names of the repurchase of credit

We are talking about buying back credits or buying back loans, consolidating loans or consolidating loans. All consumer credits are eligible for redemption of credits.

The purpose of grouping

The objective of the credit consolidation is to collect all of its current loans under a single credit, in order to repay only one monthly payment at the end of the month, less than the sum of the monthly payments repaid before the transaction. grouping. This financial solution has been growing strongly for several years thanks to the simplification of administrative procedures via the Internet and thanks to the drop in interest rates, which are currently low.

What types of credits can be grouped?

All types of consumer credit are eligible for loan redemption: personal loans and other types of consumer credit, bank overdrafts and revolving loans.

The purchase of consumer credits

The mortgage is not concerned by this financial grouping, it is called redemption or consolidation of consumption credits. All types of personal loans may be involved: personal loan, credit, car loan, motorcycle loan, motor home loan, work and decoration loan, travel credit, boat credit, leisure loan, wedding loan, eco energy loan, revolving credit and any other consumer credit.

How to perform a simulation of credit redemption?

The online Credit Redemption Simulation Tool allows for multiple tests to identify the ideal pooling scenario for your situation. These simulations do not engage you and you can achieve unlimited. If a scenario seems appropriate to you, do not hesitate to continue your request so that your Casino Bank advisor can study your net file back to you as soon as possible.

What are the advantages of loan redemption?

The benefits of the loan consolidation are financial and administrative

The purchase of consumer credit allows you to simplify the management of your budget: you will have only one monthly payment to repay for all of your credits. In addition, the consolidation of your monthly payments is done by a single contact who advises you throughout the process to benefit from a single credit at the most advantageous fixed rate.

Benefit n ° 1 : a single monthly payment adapted to your budget To optimize your purchasing power or avoid over-indebtedness by rebalancing your finances.
Benefit # 2 : One Fixed Rate Loan To make it easier to track your credits and repay a single monthly payment.
Benefit n ° 3 : a single interlocutor to accompany you To benefit from a single interlocutor who accompanies you throughout the process.

So what are the constraints of a credit redemption?

The grouping of your credits, whose repayment periods vary from one loan to another, naturally leads to an extension of the repayment term of the single loan and thus the total cost of credit, which increases proportionally to this lengthening of the duration.

How is a credit pool calculated?

The debt ratio is one of the important indicators

The first step is to know your current debt ratio. The accompaniment of Bank allows you to be followed and advised in this process.

Step 1 : Total expenses The objective is to add together all outstanding debts, that is to say the amounts still to be reimbursed, all types of credits taken together, to study the expenses of the household concerned. Adding current expenses (predictable and incompressible), such as rent (if you are a tenant) or monthly bills.
Step 2 : total income This is the total of the income earned per month: mainly the salary but also any other financial assistance received or various financial inputs.
Step 3 : the debt ratio Once the expenses and revenues have been recorded, it is sufficient to apply the calculation method defined below: (Total amount of expenses / total sum of income) x 100

It is important to maintain a debt ratio of less than 33% to qualify for a loan buyback, but especially to maintain a stable financial situation. The other indicators and the study of your request for the repurchase of credit are then carried out by your interlocutor Bank, according to the administrative documents transmitted and the results obtained during this financial analysis.

What is the difference between credit redemption and loan renegotiation?

Renegotiating or consolidating credits are two different approaches.

Renegotiation
The renegotiation of loans in progress is made with the credit institution concerned by the loan and consists in renegotiating interest rates, monthly payments and repayment terms initially contracted between the bank and the borrower.

Loan buyback
The purchase or regrouping of credits makes it possible to regroup its loans and to benefit from a reduction of the monthly payment to be refunded monthly. This operation generally leads to an extension of the repayment term and the cost of credit, contrary to the idea of ​​a renegotiation of credits. The repurchase of credit makes it possible to make play the competition and to ask various establishments their offer of redemption according to your situation. This is the ideal strategy if you want to reduce the total amount of your monthly payments and thus benefit from more cash and a lower debt ratio.

What changes with a credit redemption?

The caller
If you decide to group your loans with a different bank, then this new contact person is responsible for closing your credit agreements with the institutions concerned.

The credit agreement
It becomes unique and common to all of your personal loans and other consumer credits.

Borrower insurance
It becomes unique too. Bank will terminate your old credit insurance contracts.

Advance your projects

Advance your projects

Who is the credit redemption for?

Types of credit pooling

What is the best credit redemption rate?

Need help

Need help

  • Can I get involved with several credit redemption organizations?

    You have every right to make different requests for loan redemption from several organizations. It is recommended, however, to engage only one. A loan redemption is a solution that allows you to group your different loans in a simple way. Making several loan purchases at the same time can be detrimental to your situation, as you risk not only not benefiting from the most advantageous situation, but also finding a difficult financial situation, or even over-indebtedness.

  • Can I prepay my credit redemption?

    You can of course decide to repay all or part of your balance before the end date of this purchase of credits. To do this, contact your Client Advisor who will specify the terms of early repayment or if necessary, will propose a solution tailored to your needs.

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