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Is the repayment of multiple loans contracted increasing your family budget? Think about payday loan debt consolidation from https://paydayloanconsolidation.net/payday-loan-debt-consolidation/. This operation makes it possible to reduce the monthly payments.
Home loan, consumer loan, car loan… the loans that accumulate end up adding to the family budget. In case the situation is no longer “viable”, consider a grouping of credits to reduce the number of your monthly payments against an extension of the repayment period. Certainly, this operation will increase the cost of your loans, but it will allow you to rebalance your budget.
The rates charged are generally higher than those of home loans. On the other hand, they are more interesting in comparison with those practiced for revolving credits. For this reason, it is advisable to target the offers making it possible to negotiate a reduction in rates, and thus minimize the additional cost linked to a longer repayment period. Perform credit consolidation simulations before embarking on this process.
Compare to identify the best offer
In addition to banks, it is possible to carry out such an operation with various operators, including credit institutions and brokers.
The deposit of a file being free, think of requesting several establishments, to compare the various proposals, in order to find the most interesting offer.
Negotiate to reduce costs
In order to optimize the cost of the operation, do not hesitate to negotiate the costs. If the early repayment indemnities and the guarantee costs are incompressible, know that it is possible to negotiate the administrative and brokerage costs.
Choosing borrower insurance
Note that with equivalent guarantees, the borrower is free to choose an insurance contract other than that offered by the lending institution. Take the time to compare insurance offers to get better rates, and thus save money. You should know that insurance represents up to 0.5% of the cost of capital.
Know how to decrypt offers
It is a matter of watching out for fraudulent offers. A study on the repurchase of credit reports that one proposal out of five does not comply with the regulations in force. Certain shortcomings are certainly harmless (use of prohibited information such as “Find purchasing power”), but others are more serious.
In particular, go your way in the face of contracts that are not explicit with regard to the cost of credit consolidation and the new repayment terms. Ditto for establishments that fail to mention in the contract that the customer is entitled to a withdrawal period of 14 days for transactions concluded remotely.