What about credit when you lose your job?

Losing a job is always a difficult and unpleasant event, especially if we tied our future with a specific company. However, the situation becomes even more difficult if we have a loan to pay back. The bank will certainly claim its payment after delaying the repayment of even one installment.

Telephone prompts, in writing and, as a last resort, a visit by a debt collector from a bank are troubles that a borrower will have to face, who cannot pay the installments. While in the case of loans for a smaller amount this may not be a long-term problem, the matter becomes more complicated in the case of a mortgage. So what to do so as not to sink into credit arrears? What about a mortgage if you lose your job?

Losing your job – contact your bank

Losing your job - contact your bank

Losing a job and mortgage: first of all, face the problem and do not avoid contact with the bank. Although banking institutions are not obliged to suspend the repayment of installments, they want the loan to be repaid. So if you don’t have the money saved to pay back the installments peacefully while looking for a new job, then go to the bank.

Explain the matter with his employee. Submit a letter requesting suspension of installment repayment. If you have already found a new job, but you start it after some time, then attach an employment contract or a preliminary contract, signed with the employer.

This will make your application credible and prove your willingness to continue paying your debts. In many cases, banks go hand in hand with their clients, although a negative decision may also occur.

Consolidation secured by a mortgage

Consolidation secured by a mortgage

If we have a property that we can use as collateral, it’s worth trying to get a consolidation loan. Although the obstacle may be the lack of income or income low enough that we do not have creditworthiness, it is worth asking a family member to take a loan.

The bank will consider the income of all borrowers. You can also take a loan secured by a mortgage on a real estate belonging to someone other than the borrower. However, this person must agree to this.

Mortgage – an extension of the repayment period after losing a job

A way that does not completely eliminate the need to pay installments, but reduces their size is to extend the loan period. Although it increases the total cost of the loan, it can be a lifebuoy if all or part of your income is lost. When we find a job, you can always pay off the whole loan or pay two installments per month instead of one, avoiding paying interest.

Loan insurance against job loss – is it worth it?

Before signing a loan agreement, you should consider buying a job loss insurance. Is it worth insuring against job loss in the case of large cash loans? This question cannot be answered unequivocally, because there are many different factors involved. People who decide to buy unemployment insurance must remember that it will not cover the cost of the entire loan, but a certain number of installments, usually for a period of twelve months, although there is insurance covering installments up to twice as long.

In addition, insurance guarantees payment of the benefit only in certain cases. The employee must lose his job through the fault of the employer and obtain the status of an unemployed person. It is worth reading the GTC of the insurance carefully, as they usually contain the whole list of exclusions.

Sex Cams

Free Live Sex Cams – Free Sex Cams Are Perfect For Finding Couples Online

Free live sex cams on the internet are becoming more popular and they are helping millions of people from all over the world to find people, couples or singles, who are looking for them. It’s not surprising that the first thing most of us look for when looking for something is someone to go to with what we have. Unfortunately, when we’re alone, most of us don’t know how to approach anyone, let alone find someone to go to.

When you use sex cams, you can meet singles that would make your life easier and help you find people you want to talk to. For starters, you won’t be out in public with a stranger, which is great if you live in a small town where you might feel the fear of being stared at.

A chance to meet them in person

A chance to meet them in person

The other advantage is you can’t find out that this person is just an online person until you meet up with them in person. It’s also true that by using sex cams, you can avoid finding a partner through email as well, because they allow you to call up and chat right then and there.

You can find free live sex cams for any kind of city, either large or small. Even those who are on the internet but live in a very rural area can get a cam that will give them a chance to see others in real life, making it easier for them to choose to meet.

Many websites offer free sex cams that will give you a chance to see others as well as those who have already met online. With these you can get a chance to see what it’s like to date in real life, and this could make you wonder why you’ve never done this before.

Find free sex cams?

Find free sex cams?

You can also find free sex cams that will allow you to get to know others before you meet them. By having a chance to try it before you meet anyone, you’ll be more open to meeting others who might seem interesting to you.

Sex cams also allow you to give yourself time to think about what you’re about to do before you say yes. They are like blind dates, only you’re with a real person and they’re online with you so you don’t have to worry about meeting someone in a coffee shop or the local park.

Sex cams allow you to chat with someone you like and see what they look like, which makes it easier for you to decide whether or not you like them. You can even meet them by the pool, if you want and have a date with them.

Sex cams are perfect if you want to meet someone that is very young, if you want to meet someone that is older, or if you want to meet someone in a private setting. There are free sex cams available for those who wish to see a live person instead of an online profile that people have filled out, and that’s the best place to meet someone.

Although you can find free sex cams that will allow you to meet people online or offline, there are many others that will only allow you to meet them at sex cams. You can use one or all of them, depending on what you want to do.

Avoid scammer

Avoid scammer

The most important thing to remember is to never get scammed with free sex cams. You can usually find some legit sites that will let you know that they’re safe and that you can talk to someone online in real life.

Online sites are becoming more popular because they allow you to meet someone no matter where you are on the internet, and that’s what makes them so popular. They are an easy way to meet someone, whether you want to go out and meet someone that you’ve met online or find someone from a website that will go out and meet you!

Borrowing at a fixed rate is more advantageous today


The fixed rate loan allows you to better know what your loan will cost you, both on the total credit and on the amount of the monthly payments. It allows you to know how long the reimbursement will be made. In short, a fixed rate allows you to precisely anticipate each element of the loan.

Fixed rate and variable rate: reminder of the differences

Fixed rate and variable rate: reminder of the differences

The stability and forecasts that a fixed rate allows are what differentiate it from the variable rate, which decreases or increases according to a benchmark index chosen by your bank. All the criteria mentioned above are therefore unpredictable in the context of a variable rate.

Very simply, the interest of a variable rate rests on the fact that if the benchmark index decreases, your credit will be cheaper. But a loan signed with a variable rate also works the other way around and can cost you more depending on market developments. The other advantage is to benefit from a lower rate than a fixed rate at the time of subscription.

The benchmark chosen by your bank is very likely to be interest rate: it is the interest rate at which financial organizations lend themselves money in the short term. Beware of lenders taking indices from foreign currencies as a reference.

The choice of the type of rate depends mainly on the context

The choice of the type of rate depends mainly on the context

The choice of a variable rate is justified especially when the fixed rates are high and called to fall in the years following the signing of the loan. If you want to borrow at variable rates today, know that fixed rates are still low. Given the current rate environment, the only scenario in which this type of rate can be advantageous is short-term borrowing with the certainty of not encountering repayment difficulties whatever the rate. You must therefore present an excellent dossier to your banker.

In the context of a variable rate loan, you must always make sure that you do not allow yourself to be overwhelmed by changes in the rate. To do this, clearly define with your banker the rate cap: the rate may vary but within a certain limit, whether it is upward or downward. So, you can hope to limit the fluctuation to 1% difference with the rate obtained when signing the loan.

Remember that the choice between fixed rate loan and variable rate loan is based on the level of current rates. Currently, the fixed rate is much more advantageous for the majority of borrowers with its low level!

Free interest-free loans?

List of interest-free loans with the first free credit

List of interest-free loans with the first free credit

Below we show you a complete and updated list of fast loans and mini-credits without interest or commissions that can be obtained for free and at 0% interest.

As you can see, options to get free credit exist. Even so, it is always advisable, before launching to ask for any loan, inform yourself in depth and compare among all the available alternatives. Always read the fine print and discuss with an expert those parts of the contract that are not understood, will avoid surprises and will make our experience with the financial institution more likely to be satisfactory.

Are there really interest-free loans?

Are there really interest-free loans?

This is the first question that appears in anyone’s mind when they receive the information that there are entities capable of lending money without receiving anything. A more than logical reluctance, since the figure of the lender has never been characterized by altruism, and let’s not kid ourselves, in this case, neither is the desire to help what motivates them to launch said offers.

In large part this lack of confidence is given by many companies that, under the protection of an attractive facade, have created a series of products, which then have a series of hidden charges in the fine print of the contract.

When the dreaded commissions appear – whether for opening, cancellation, study costs or any other reason – customers end up feeling cheated, since what advertising had presented as a highly advantageous product, turns out not to be so much.

Does this mean that interest-free loans are a hoax? Absolutely. They are real and without cheating, but obviously, there is a reason for their existence. In general, free credits are framed within the policy of financial institutions to increase their market share, and these operations take place under very specific conditions.

Loans and interest are two sides of the same coin that we have always believed inseparable. However, it should not be forgotten that interest is the price received for a loan, and therefore, as in the case of any other product, the lower this price, the more attractive the consumer will be. acquisition of said product.

Becoming attractive to the consumer is, ultimately, the origin of a financial product that a priori seemed unthinkable a while ago: loans without interest and without commissions.

With increasingly fierce competition between banks and financial institutions to attract customers, launching irresistible offers that attract potential new customers is a very efficient way of creating a first bond of trust and developing a relationship that can be extended in the long term.

The target audience for these promotions is the group of people with a pressing liquidity problem that can be solved with small amounts. Today, there are already enough entities that in less than 15 minutes make it possible to obtain the granting of a loan at 0% interest (0% APR) and for which it ends up paying back exactly the same amount that was loaned.

In short, there is no cheating behind the offers of entities that lend money for free. There are no small print or hidden fees. There is simply a business strategy that aims to ensure that certain people who have specific money needs can satisfy it through their specific company, and as a way of achieving this, they offer a promotion that is difficult to resist.

Here are some tips for you to get a free loan with all the guarantees:

  • Compare all financing alternatives
  • Inform us and read carefully the fine print of the contracts
  • Check that the APR is equal to 0% and there are no hidden fees
  • Seek the opinion of an advisor who answers our questions

Free loans, how loans are born without interest

Free loans, how loans are born without interest

The progressive increase in the demand for borrowed money and the great acceptance of fast online loans are the main reasons why more entities and financial companies dedicated to this sector appear every day.

Faced with such demand and with the great increase in supply, many of them have been forced to innovate in order to attract clients. One of the ways they have chosen to stand out from the competition is to offer loans at no cost, thus free fast loans arise. without interest or commissions.

These credits usually consist of small amounts of money (which is why they are popularly known as mini-credits or microcredits ), normally ranging between 300 and 800 euros depending on the company in which we request the credit.

These loans are very useful to get out of an occasional trouble or to face an exceptional situation. And it is that, although it seems paradoxical, exceptionalism ends up being part of our life at one time or another, and it is from this circumstance that this product has its raison d’être.

The interest – free loans are completely free since they do not include expenses of any kind (0% APR). It is advisable to pay attention when signing the conditions of the loan that we contract, which although it does not have interest (0% TIN) may cause us additional expenses or commissions that we have not taken into account despite being included in the conditions of the contract, possibly in the fine print.

Commission-free loans are offered both by banks and by private equity companies and even by financial services of different types. In all cases, the recommendation is to read the conditions before contracting the loan.

We must bear in mind that the financial companies and banking entities that offer these products do not keep loans at 0% permanently, even becoming part of a covert advertising campaign to increase the number of clients in a timely manner.

That is why, given the large number of interest-free loan offers available in the financial market, and as a consequence of the rapidity with which changes in their conditions will occur, we need to compare the largest number of loans and their conditions in real time..

Of course, from the point of view of the recipient of the credit, it is necessary to make sure that things are done well so that what a priori is a magnificent opportunity does not become a problem. It should be borne in mind that the condition of gratuitousness will only be preserved if the amount requested is returned within the agreed period, and that in case of non-compliance with said condition, it would have to face quite high expenses.

Therefore, it is necessary to be very clear before requesting it, that the mini-credit is going to be able to be returned without any problem in the foreseen term. In most cases we refer to a term of about 30 days, although it is increasingly common to find lenders who offer us interest-free loans that allow us to pay back in installments 

When is a loan really free?

When is a loan really free?

Free quick loans sometimes hide hiring fees or commissions that should be considered before hiring. In addition, it is advisable that we pay attention to the financing conditions that they offer us and confirm that we do not apply other management costs.

For a loan to be free, the APR and TIN applied will equal 0%

In any case, we need to make sure that we can comply with all the clauses of the contract. Otherwise, some of the following commissions may apply to us:

  • Commission for modification of conditions or for change of guarantees: when the initial financing conditions change, we assume the payment of commissions in various concepts to modify our initial contract or carry out new risk studies.
  • Commission for delay: we must be aware that the breach of any of the conditions of the contract with the credit institution will entail having to assume high interests. In relation to the delay in the payment of the loan, it is usual to assume an average interest rate of 1.1% for each day of delay.
  • Commission for cancellation or early repayment: fast credits that have short repayment periods (less than one year) will not be able to allocate commissions greater than 0.5% of the amount reimbursed in advance.
  • Other commissions: before the imminent signing of a specific loan, it is convenient to review all the conditions in which we contract the financing, and assess the possible commissions linked to the loan in question.

It is advisable to carefully read all the information collected in the contract before it is signed and returned to the financial institution, which once it receives it, proceeds to send the money immediately.

How to apply for a free and commission-free loan?

How to apply for a free and commission-free loan?

When we need urgent money to solve economic unforeseen events, the best solution is to request an interest-free loan. If we have not yet decided which commission-free credit is best for us, it is best to compare the free loan offers available in the market.

We will be able to choose from a wide variety of offers for quick mini loans even if they appear on defaulters like Financial Credit Institution.

The hiring of interest-free loans is a very simple and safe process that we carry out online. Once the mini-credit that we want to contract is chosen, we will access the online contracting form and we will provide our personal and bank details required to formalize your request.

Once the request has been sent, it will be necessary to wait for a response from the credit institution, which after verifying the authenticity of the data and checking our level of solvency, will respond to our request in a few minutes.

In the case of granting the credit, it is usual for us to have the money in our account in less than 24 hours.

Requirements to request a free first loan

Requirements to request a free first loan

The requirements for requesting a fast interest-free loan will be more or less strict depending on the risk policy of the entity or financial company to which we go to request the loan.

To process the application for a free loan, as a general rule, we must meet the same requirements as if it were a conventional loan and in most cases are the following:

  • New customers: Quick interest-free loans are often offered as a special promotion in the form of a free first loan for new customers, as they are a highly attractive hook. Faced with the demand for such a tempting offer, these companies are contacted by a large number of people, many of whom will become recurring customers when they need financing again.
  • Applicant’s age: To be eligible to apply for a loan at least 0%, we must be 18 years old. However, each financial institution sets the minimum and maximum age range of the applicant as it deems most appropriate. In many cases the minimum age range is set between 21 and 25 years and the maximum between 60 and 75 years.
  • Place of residence: It is an essential requirement to be a Spanish resident to be able to access a mini loan.
  • Income level: To apply for any type of financing, we must demonstrate that we have fixed income that allows us to meet the repayment of the loan. It is possible to access a 0% mini-credit without payroll, in any case the regular source of income that we accredit can come from a pension, aid or recurring unemployment benefit.
  • Not being included in any list of defaulters: Although being included in a list of defaulters reduces our possibilities of financing in general, there are financial companies that grant free quick loans with Financial Credit Institution.

These are the most common requirements requested by most banking and financial entities when processing a loan application without fees. In case of fulfilling the requirements we will not have problems to obtain the financing.

What documentation do I need to apply for a quick 0% loan?

What documentation do I need to apply for a quick 0% loan?

The management of free online loans is characterized by carrying out the processing of loans without commissions in an agile and paperless way. In the case of interest-free loans with 0% APR, we will only need to present the documentation that proves that we are solvent and that we meet the requirements of the lender.

Usually the documents that we must prove are the following:

  • Personal identification document: we need to verify our identity to verify that we are of legal age and residents in Spain.
  • Document accrediting our level of income: proof that proves that our income is fixed and we will be able to face the repayment of the loan.
  • Bank account statement: we need to justify the monthly income and expenses so that the lender can evaluate its risk policy.

Before applying for an interest-free loan, we must ensure our ability to repay the loan. Although we are talking about loans without interest, we must not forget that if we do not face the payment of its return, we can acquire an over-indebtedness that can bring us problems. Therefore, it is important that we do not forget that both the requested amount and the refund fees must be in accordance with our income level.

Calculation of your monthly mortgage payments: the formula to follow

The annual effective insurance rate (TAEA) allows you to assess the share of insurance in the total cost of the loan. It, therefore, allows you to better compare the different loan and insurance offers.

TAEA calculation method:

TAEA calculation method:

TAEA = TEG * with insurance – TEG excluding insurance
* TEG corresponds to the cost of your loan and includes all of the elements of the cost of the loan.

In order to obtain the loan insurance amount for the calculation of your monthly mortgage payments, banking organizations, as well as insurance companies, also take into account several criteria which are as follows:

  • Age of the person to be insured
  • The statute
  • The professional situation
  • The term of the loan
  • The loan amount
  • If the insured is a smoker or not

Insurance plays an essential role in the calculation of your monthly mortgage loan because it can represent up to more than 30% of the cost of credit.

The interests

The interests

The interest on a mortgage is the method of remuneration of the banking organization which grants you your loan. This interest is paid in addition to the amount you borrow for your purchase.

Depending on your profile and the amount you wish to borrow, the interest rates applied may vary. The more you want to get a large sum of money, the longer the repayment of this sum and your risky profile for the organization that lends you money.

He will, therefore, want to compensate for his risk with high interest. And vice versa for the opposite situation: over a lesser period, a profile with higher earnings can succeed in negotiating more attractive interests.

These interests are important for the calculation of your monthly mortgage payments because they represent the major part of the cost of the latter (next to application fees or loan insurance).

Depending on your profile and your situation, you may end up paying much more for your acquisition than its original value. This is why it is essential to properly calculate and negotiate this interest rate.

Your contribution

Your contribution

What is called a personal “contribution” corresponds to the sum that a borrower invests through his investments in the acquisition of his property?

How much I can borrow without contribution:

We also speak of “110% financing” (the bank finances 100% of the property and 10% of additional costs).
A contribution reassures the bank when applying for a mortgage concerning your savings capacity. However, it can agree to lend you the sum for your mortgage under certain conditions which are as follows:

  • Have a stable job
  • Keep certain stability between the price of your mortgage and the price of your old rent
  • Keep enough food to live

In the case of a mortgage without contribution, it is the debt ratio that the banking organizations will look at to estimate the amount to which you can claim.

For information: in most cases, the borrower does not reimburse an amount greater than 33% of his monthly income. Obviously, it depends on his profile, your Fine Bank broker is there to support you.

How much I can borrow with contribution:

The contribution should ideally represent the “ancillary” costs of your mortgage (notary fees, guarantee, file, etc.).

It can be expressed as a percentage of the total amount of your mortgage. If in theory, the share of your contribution on the total amount may vary, banking organizations generally ask for at least 10% of personal contribution which is used to cover the so-called “ancillary” costs (all costs in addition to the amount of your property: notary fees, warranty, dossier, etc.).

The larger your contribution, the easier it will be for you to negotiate competitive interest rates and also facilitate the acceptance of your credit by an organization.

The term of the loan

The term of the loan

The duration of the loan can vary from one borrower to another depending on his situation and the amount he wishes to borrow. Other factors can also affect the duration of your loan such as your income, your contribution or the number of borrowers (single borrower or borrower and co-borrower).

To assist you in calculating your mortgage, Fine Bank offers you a calculator to estimate your borrowing capacity and another calculator to estimate your monthly payments!

Thanks to this you will be able to assess the total cost of your mortgage from the amount needed up to your monthly payments!

Why be accompanied by a broker?

Why be accompanied by a broker?

In practice, many other elements can come into play in the calculation of your monthly payment. The best is to call on a professional like Fine Bank who will be by your side to support you in your efforts.

In addition to this support, it will help you find the best offers on the market that match your profile for your mortgage by making the competition play in your favor!

Urgent credit redemption

The operation consists in quickly buying back by a third-party lender all the credits in progress to merge them into a single loan (what is called the repurchase of credit). While the repayment term can be extended, the subscriber benefits from a reduction in his repayment monthly payments. Thus, he can respect his claims urgently without risking falling into a negative spiral leading to a situation of over-indebtedness.

What are the specifics of an urgent credit buyout without supporting documents compared to a traditional loan grouping? What mistakes should not be made and what conditions should be respected? Follow the guide to find the best urgent credit buyout offer for your situation!

The emergency credit buy-back: how does it work?

The emergency credit buy-back: how does it work?

The search for urgent credit buyback involves contacting one of the following actors:

  • the lending institution with which the borrower has taken out most of the loans it wishes to consolidate. We then speak rather of renegotiating credit in an emergency: the bank can only renegotiate a mortgage loan, but it can buy consumer credit.
  • a third party lender competing with the previous one which can make an offer to buy back an urgent loan;
  • an establishment specializing in the repurchase of mortgage loans or the repurchase of consumer loans;
  • an intermediary such as a broker who is an expert in fast online credit redemption or collaborating within a network of brokerage agencies and making available on his website a credit redemption simulator;
  • a local organization specializing in helping and supporting people facing a situation of over-indebtedness.

Urgent loan buy-back: for what reasons?

Urgent loan buy-back: for what reasons?

Loss of employment, divorce, imperative housing work, health costs: there are many cases that require an urgent financial contribution to meet your expenses but also the maturities of credits in progress to be reimbursed.

Faced with a drying up of cash inflows or a sudden increase in fees to be paid (or even both!), The emergency credit buy-back remains a solution to consider. The reasons for using emergency loan redemption are many and varied.

How to obtain an urgent credit buy-back?

How to obtain an urgent credit buy-back?

In order to get a loan buyout quickly, it is necessary to follow a number of steps. These allow the borrower to optimize his journey and thus respond urgently to the situation in which he finds himself. How to request an emergency credit buy-back?

  • Prepare the elements relating to the loan: copies of the mortgage or consumer loan contracts as well as the associated amortization tables should be made. At this stage, it may also be interesting to carry out online simulations in order to check the viability of a loan buyback operation.
  • Prepare a complete file: in order to maximize their chances of obtaining a loan repurchase at the best conditions, borrowers can provide proof of income (salary slips, tax notice), charges (receipt of rent, tables of depreciation) and assets (property tax, copy of bank statements, etc.).
  • Request the intervention of a bank or a specialized organization via a physical appointment, a telephone interview or a contact directly on the internet. This last option makes the procedure more fluid and saves precious time.
  • After studying the file, the financial organization gives an answer in principle, establishes a financing proposal and builds up the credit file.
  • Once the file is validated, the borrowers receive the loan offer.
  • In the case of a home loan, borrowers must wait an incompressible period of 10 days before returning the offer. For a consumer loan, this period is 14 days. It is however possible to give it up in order to gain speed.
  • The funds are then released by the lender who repays the credits by following.

What are the recommendations to follow to make an urgent loan buy-back?

What are the recommendations to follow to make an urgent loan buy-back?

It is not always easy to trust your interlocutor. Finding a quality organization to buy back credits without supporting documents means taking into account several criteria, including:

  • commercial offers made;
  • the proposed Emergency Credit Redemption borrowing rates;
  • the cost of application fees;
  • the nature and cost of the guarantees required;
  • the overall cost of the new loan granted;
  • the flexibility of the new loan taken out, in particular the fact that you can adjust your monthly payments or postpone them;
  • the possibly borrowable amount;
  • the length of the repayment period and the loan termination age;
  • the reputation of the lender;
  • any promotional bonuses and other welcome bonuses.

Urgent or not, the repurchase of credit requires a reflection. Merely the criteria of loan rate and amount of monthly payments are not enough to make the best choice. The subscriber must first observe and compare the interest rate applied and the overall cost of the credit (including the various costs inherent in the consolidation of credits).

For this, it is recommended to rely on the TEG (annual overall rate), which is an excellent basis for comparison between several credit offers. In fact, it takes into account all of the fees, and not just the interest rate.

Be careful, in a rush, borrowers tend to want to solicit many specialized financial organizations. They imagine that they can speed up the process and be able to make offers more quickly. This is counterproductive. Why ? Because the banks can be given the same file by several intermediaries.

The financial institution deduces the urgency of the file to be processed. However, the urgency and appreciation of errors generally do not mix. This situation is a source of confusion, likely to lead to urgent credit buy-back offers ill-suited to the situation of the subscriber.

The ideal remains to avoid taking out a credit buy back in an emergency, and to give yourself enough time to prepare your supporting documents before committing.

How to shorten the deadlines for granting urgent credit buy-back?

How to shorten the deadlines for granting urgent credit buy-back?

The accelerated credit buy-back procedure must follow the classic steps of a classic loan buy-back. The lending organization studies the feasibility of the operation, then makes an offer if necessary.

The borrower has a compulsory reflection period of 10 days before signing the offer if the loan buy-back is made by a mortgage, and a withdrawal period of 14 days once the offer is signed. it is done through consumer credit. In fact, the release of funds only takes place when the withdrawal period ends.

The saving of time cannot therefore be carried out on this part. On the other hand, the preparation of the file and the choice of the right interlocutor are the two fundamental criteria making it possible to obtain an urgent repurchase of credits.

How to make an urgent and rapid loan buy-back to avoid default?

How to make an urgent and rapid loan buy-back to avoid default?

A person whose debt ratio soars is no longer able in the long term to meet the repayment deadlines. This is the runaway and the long descent to over-indebtedness. The fact of not being able to honor its debts also causes it to be entered in the File of incidents of repayment of loans to individuals (FICP).

How do you end up at the Best Bank? In case:

  • non-payment of two consecutive monthly payments;
  • overdue situation for more than 60 days in the case of a repayment by non-monthly installment;
  • abuse of authorized bank overdraft following a formal notice from the bank in the event of non-regularization of the situation within 60 days for an amount equal to or greater than 500 $;
  • non-reimbursement of the capital remaining due after formal notice to pay the creditor.

If the individual does not regularize the situation within 30 days, their registration with the FICP is effective. The filing lasts a maximum of 5 years, during which time any urgent credit buy-back appears complicated to obtain. To obtain his cancellation from the FICP, the individual must regularize all his payments.

Good to know: in the event of over-indebtedness, the borrower is automatically registered with the FICP.

Given the consequences of being filed with the FICP and the deadlines for granting an urgent loan buy-back, it is essential to anticipate a negative development in its financial situation. As soon as a personal budgetary deterioration is felt, the option of restructuring their credit charges should be considered. The urgent repurchase of credit has the advantage of reducing monthly payments by lengthening the duration of repayment, in fact removing the danger of conceding payment incidents.

In addition, the fact of grouping its loans (mortgage, consumer loans, bank debts) in a single loan brings more readability and transparency. It is by having clear ideas that the subscriber can restore the situation more effectively.

Finally, the emergency loan buy-back can include a reserve of money to finance a personal project such as the purchase of a vehicle so practical in the context of looking for a job or to undertake urgent work in its accommodation. This cash flow is a real breath of fresh air, provided, however, that the debt ratio is respected after the urgent credit buyback operation, the theoretical threshold of which is set at 33%.

Can I buy emergency credits online?

Can I buy emergency credits online?

Yes, credit redemption is faster online even if the procedure remains strictly governed by the Consumer Code. In reality, these platforms do not carry out urgent credit redemption but simply make the funds available to the borrower. The funds are then used to honor the maturities of the outstanding credits pending the formalization of the real urgent credit buy-back.

The reflection and withdrawal periods (see above) are the same for a loan buyback contract concluded with an online bank.

Online credit players also offer an almost instant response in principle, while a bank’s response time is on average 48 hours. Finally, the borrower must wait 7 days to sign and return the commercial offer proposed by a bank, then wait for the final agreement and the release of funds.

In comparison, the online response for direct credit can be picked up within 24 hours after receiving the file, the funds of the urgent credit can therefore be released a week after the agreement.

Good to know: the speed with which funds are released is not taken into account in the calculation of the rate applied for an urgent credit buy-back.

Frequently Asked Questions

Urgent credit redemption without proof: is it possible?

Online banks rely on the dematerialization of the online credit application process much faster and the legal minimum in terms of supporting documents. The time saving compared to an exchange with a traditional financial institution is obvious, although the degree of commitment is not the same.

Buying back credits without supporting documents does not mean that the file must be botched. On the contrary, a complete file passes more quickly in commission within the lending organization. Incomplete, the file returns to the stack pending the delivery of all supporting documents. Remember that the file is used to assess or even prove the creditworthiness of the applicant.

Without being exhaustive, the supporting documents necessary for a rapid credit repurchase are the following:

  • an identity document (valid national identity card or passport);
  • documents related to the place of residence (invoices dated less than 3 months);
  • documents relating to the family situation (marriage contract, divorce certificate, etc.) or property (property tax);
  • documents showing the income of the borrower or the household (salary slips, tax advice, certificate of social assistance, retirement pensions, unemployment benefits, rental income, etc.);
  • documents notifying the banking situation (bank statements, amortization table for outstanding loans, financial guarantees, etc.).

Can I make an emergency loan buy-back if I am prohibited from banking?

A banking ban, or “IB”, is to be distinguished from a FICP file, as described above. Indeed, the banking ban is recorded in another file, called the FCC: Central File of Unpaid Checks. Such filing appears in the event of bounced checks or improper use of a bank card. Without regularization in the meantime, it is registered for a maximum duration of 5 years.

Although it is not legally forbidden for a person registered with the FCC to take out a bank loan, it is almost impossible to do so. Indeed, the banking ban means a very difficult situation for the borrower. As a result, financial organizations do not generally grant loans to this clientele, hence the importance of anticipating their difficulties and solving them through an urgent loan buy-back.

It is however possible to obtain the lifting of a banking ban before the 5-year period. For this, the person concerned must regularize incidents with his bank. It will then be much easier to get a quick loan buy-back.