Loan redemption is a transaction to restructure a loan with a bank. It also consists of a grouping of two or more loans into one. This solution proves to be the best in case of over- indebtedness since it makes it possible to extend the repayment period in order to pay smaller monthly payments.
Note however that this solution is not suitable for all. To find out if the repurchase of loans could improve your financial situation, it is advantageous to go through a broker buyback loans. Thus, you can benefit from wise advice and you will also enjoy the best loan consolidation conditions.
An operation framed by the banking regulation law
Loan consolidation brokers, as well as companies operating in the financial and banking brokerage sector, must submit to the regulatory law of October 22, 2010. Indeed, professionals in loan buyback brokerage must exercise under the statute IOBSP ( Intermediary in Banking Operations and Payment Services ).
It should be noted that a broker is an agent , who acts independently, on behalf of his client who is an individual. This professional negotiates rates and terms of redemption with various specialized banking institutions in order to offer its customers solutions tailored to their needs.
Benefits of buying back loans for individuals
The benefits for individuals of using a broker for the purchase of consumer and real estate loans are multiple. Indeed, this financial intermediary has the capacity to simplify procedures and formalities with banks.
Since he knows the market better than anyone else, he can give you better rates and thus considerably reduce the amount you have to pay to the lender every month. Any loans you have taken from one or more banks can be grouped together, which will facilitate the management of your finances. The redemption of loans can also help to reduce insurance premiums, since after its establishment, we will have only one loan to repay .
Tips for Finding a Reliable and Serious Broker
By making the decision to use a loan broker , you will have the opportunity to save time and money. Note however that not all brokers offer the same quality of services. Remember to choose an intermediary exercising legally. To find out, you can visit the website Orias.fr and check if the name of the broker is there.
The brokerage professional must also be a member of AFIB or the French association of banking intermediaries . The latter brings together intermediation professionals recognized by banking organizations and public authorities.
To find a broker , you must also check the opinions of customers on the internet. Mostly positive testimonials can mean that the broker is reliable. If the reviews are mostly negative, it is better to turn to another provider.