Eligibility for loan consolidation is determined by the borrower’s financial situation and the credits it currently repays. Here are the main terms and conditions for loan buy offers.
Eligibility for Credit Redemption: Loan Conditions
To regroup its credits, it is naturally necessary to have loans to buy back. A grouping can be made from two loans, to which it is possible to add an amount dedicated to a new financing (optional). In terms of amount, this funding can be established from 1 500 € (evolutionary criterion according to the standards of credit institutions) and can extend over a period of 420 months maximum (35 years), for a grouping real estate loans. The nature of the credits is not a hindrance to the operation, it is quite possible to combine real estate loans, consumer loans affected and unallocated but also loans conventionné (see our infographic on the credits eligible to the repurchase of loans).
Eligibility for repurchase of loans: financial conditions
Just like a conventional credit, the borrower must meet standards to obtain financing. Credit institutions require a stable income and a long-term employment contract for the borrower and/or co-borrower, ie permanent, permanent civil servant, liberal profession, auto entrepreneur (with seniority), etc. The state of health of the finances is also examined during a feasibility study, the analysts calculate the debt ratio (it must not exceed 50%), the rate of rest to live (that is to say the amount remaining after deducting expenses) and the mortgage ratio or quotient for the owners.
Simulate eligibility for credit consolidation
The feasibility study for the loan consolidation is free, ie the borrower can not be charged until the credit agreement is signed and the deadline retraction exceeded. He can thus simulate his project and obtain an estimate of his future reduced monthly payment. This makes it possible to compare its current situation with that proposed. Eligibility criteria may vary from month to month (depending on credit institution policies), a failed application may be feasible a few months later. The borrower can simulate at any time his project to stay informed of the standards in force.
- Divorce by mutual consent and credit surrender
- Credit Redemption Organization