A repurchase of credit makes it possible to lower its monthly payments and to find a little cash or to finance another project. It combines several loans in a single monthly payment: consumer credit, revolving credit, real estate and even bank overdraft. Asking for financing always involves providing supporting documents to reassure the lender.
How then to subscribe a credit buyout without proof?
Eligibility criteria for a loan buy-back
The credit eligibility criteria are similar to all other loans:
- a stable professional situation;
- minimum income;
- an acceptable debt ratio, in principle 33% of household income;
- good banking history.
The lender must therefore be able to verify all of these elements before granting a loan. Evidence is therefore necessarily to be provided.
When do we not require proof of credit repurchase?
No proof is requested during the simulation of the loan buy-back. This step aims to study the feasibility of the borrower’s project. Analysis of outstanding loans and the ability to repay will determine whether the borrower will find it advantageous to consolidate his credits.
At this stage, he must therefore provide the amounts of the loans in progress to calculate the amount of capital borrowed. The choice of the duration of repayment and the amount of the monthly payments will be chosen after the agreement in principle of the lending organization.
To constitute the final file, all the proof of solvency will then be required. It is only from there that the final answer will come.
Credit redemptions without proof
Some brokers offer credit redemptions without supporting documents. After studying the borrower’s file, they present them to banks. Few are accepted, and when they are, it is most often at very high rates. However, the interest of the grouping of credits is to obtain a lower rate than the outstanding amounts.
Banks are indeed more wary of borrowers in financial difficulty, so they tend to raise their interest rates or demand even more supporting documents. The only solution in this case is to get unrestricted credit, the rate will be much more attractive.
If a loan with a buyback guarantee is delayed by more than 60 days, the loan is automatically bought back by the loan originator from the investor at the nominal value of the outstanding principal, plus accrued interest income.