Consumer loan over 15 years, is it possible?

Nowadays common in the universe, consumer credit raises a lot of questions. These are mainly related to the total amount that can be borrowed and the duration over which the loan can run. If you want to know more about the consumer loan, follow the guide.

What is a consumer loan?

What is a consumer loan?

A consumer loan, colloquially called consumer loan, is a loan generally taken out with a credit company. Several types of loans exist, not being always subject to the same legislation. In this context, a consumer loan has nothing to do with a mortgage, for example.

Consumer credits are used to materialize various projects. They can be used to buy a car, for example, or for work. In which case, proof of purchase or completion must be presented to the organization. But it can also be personal loans, or said not affected. In this case, the borrower is free to do with this allocated sum what he sees fit.

Is it possible to have a consumer loan over a period of 15 years?

Is it possible to have a consumer loan over a period of 15 years?

A consumer loan can amount to a maximum of 75,000 dollars, knowing that the repayment period can, depending on the situation of the applicant, stretch from 4 to 84 months; ie from 4 months to 7 years. This very important sum is often requested for the realization of works, during the acquisition of a real estate or after its purchase.

It may seem difficult for a family to repay such a sum over such a short period of time. The amount of the monthly payments would undoubtedly be too heavy. However, it is possible to have more time to repay, if you ask for a loan repurchase which is also called loan consolidation. It is necessary to have at least two loans in progress, to be able to apply for them. If the operation is feasible, the financial institution to which you apply buys the various receivables and draws up a new loan contract. There is only one monthly payment to pay, you benefit from a fixed rate and the repayment period can then be extended over a period of 15 years.

How do I know if I can have a loan pool?

How do I know if I can have a loan pool?

If having two outstanding loans is already a first compulsory element, you must be able to repay the entire new loan that will be offered to you; And this; over a period of 15 years. The bank or the credit company must have the certainty of being reimbursed. This is why a study of your personal and financial situation will be carried out. You have to determine the rest of your living, depending on your resources, your fixed monthly expenses and the composition of your family.

If your creditworthiness is established and your debt capacity does not exceed the 33% framework as stipulated by the credit law, your file is likely to be accepted. If you want to be sure, before asking the organization, you can use a simulator, on the internet.

Updated: March 16, 2020 — 4:10 am
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