Rachat de crédit | over-finance

How does Over-Finance credit redemption work?

Credit repurchase is a possible solution to control the management of your budget if:

You have taken out several loans and you are paying moretheir monthly payments
You want to manage a single loan with a single contact

This operation consists of substituting a single loan for several contracts ofpre-existing credit or debts, of different or identical rates and durations. It is carried out by a single establishment, which then repays in advance the sums due under old credits.

With the loan repurchase, the borrower only pays one monthly payment. Its amount is often lower than the total amounts previously withdrawn. Generally, this operation is accompanied by an extension of the repayment period as well as an increase in the total cost of the credit.

In principle, credit redemption is possible for all types of loans (consumer, real estate). In general, the repurchase of consumer credit concerns several credits or consists of grouping this type of loan with a real estate loan. However, each credit organization is free to set its own acceptance criteria.

Before taking out a loan repurchase, prepare your request carefully, taking stock of your situation. List your current loans, your monthly payments, your income and your expenses, then calculate the percentage of your income devoted to repayments. This information is necessary for the lending organization to offer you the financing solution best suited to your situation.

The advantages of Over-Finance credit redemption

The credit repurchase is a depreciable credit. It is a loan for which we know the APR, the total cost of the loan, the duration and the monthly payment before committing. The APR is fixed. Thus, the amount of your monthly payment will not change during repayment. The lender offers the borrower scenarios in line with their budgetary situation and the borrower chooses from these proposals.

More serene management

Credit redemption allows you to spread out the repayment of various loans (excluding real estate loans) taken out by transforming them into a personal loan with a single rate. The operation generally results in a reduction in the amount of monthly payments but an extension of the repayment period. With this nnew loan, you have a fixed rate and monthly payments. Throughout the loan, you know precisely the date and amount of each due date which are specified in your credit redemption file.

A controlled overall cost

For a personal loan, the first monthly payments are mainly used to repay the interest on the loan and not the capital borrowed to cover the price of your purchase. By repurchasing your credits at the start of repayment, you will pay less interest overall than if the repurchase takes place on a loan that has been largely repaid. It is therefore better not to include loans that have almost finished repaying in the repurchase operation.

The ability to meet other needs

Beyond helping you better manage your loans, the groupOver-Finance credit payment can also provide you with additional cash to finance other needs.

Ensure your credit redemption, for a secure future

When you take out a loan repurchase, you have the option of taking out borrower insurance either with the lending organization(2) or with another establishment of your choice.

If it is not obligatory and inevitably generates additional monthly costs, it can nevertheless be a saving grace for you in the event of a setback. You benefit from protection against certain risks of everyday life such as death or disability, or even loss of employment if you include this option in your contract.

It is therefore appropriate to think about it carefully, taking into account your assets, your resources and the amount borrowed.