Loans without a penny – how does it work?

Online loans enjoy unflagging popularity in Poland. This is a very simple and convenient way to get an extra cash injection. To get a loan online you need to complete only a few simple formalities. One of them is sometimes sending a verification transfer from our bank account. Thanks to it, the loan company confirms our identity.

Until recently, confirmation of our identity was possible only through verification transfers. It consisted in the fact that we received the data for the transfer and sent a penny or USD 1 to such an account. The decision to grant the loan was not received at the time of posting the transfer. This mechanism was a kind of block for people who had an overdraft or a block imposed by a bailiff.

How do loans work without a penny transfer?

How do loans work without a penny transfer?

Recently, however, the situation has changed. All thanks to the new Good Finance application. What is this? In the article below, we discuss loans without a penny in detail. We invite you to read carefully!

Many people are certainly wondering how to get a loan without paying a penny. Below are detailed instructions in this regard. When we enter the lender’s website, we must first, of course, choose the amount and complete the necessary forms.

For loan companies servicing Good Finance, data from our ID card is usually sufficient. We do not have to worry about the security of our bank account.

The internet connection is encrypted and the application does not download any data from our account. Nor does it retrieve the operation history from it.

Account when applying for a loan – guide

Account when applying for a loan - guide

How to use Good Finance when applying for an online loan? Contrary to appearances, it is really very simple. When filling out the basic personal data in the loan application, we go to the verification stage. In this situation, we must choose a USD 1 transfer or the Good Finance application.

When we click the “verify using application” option, we will see a special field. Select the bank in which we run our account from the drop-down list. All banks operating in Poland will be on the list. There is no fear that our bank will not be on this list.

The next step is logging into your account via Good Finance. Don’t worry – the connection is 100% secure and there is no reason to be afraid. Never before has a client ever had his data leaked as a result of logging in via Good Finance.

When we log in via Good Finance, the application will automatically verify the accuracy of our personal data – the personal data from the application will be compared with those for which the bank account was created. Therefore, we must remember to log in to the bank account belonging to us.

Credit renegotiation tackled by Capital

There are many media outlets talking about the rate cut, M6 will broadcast on Sunday March 8, 2015 at 9:00 pm a report on real estate including the presentation of the loan renegotiation.

To know about credit renegotiation

 To know about credit renegotiation

It is a banking operation which consists in reviewing the terms of repayment of a mortgage. This is an amendment which sets out the new terms: rate, duration, monthly payment and therefore schedule. This is what is put in place when the renegotiation is carried out with the lender of the original loan.

Otherwise, a new credit contract is put in place if the borrower decides to use a competing institution (bank, banking intermediary). In this specific case, early repayment indemnities are to be expected, they cannot exceed 3% of the amount to be repaid.

The Capital issue on the M6 ​​channel will therefore present this solution, the advantage that can be drawn from it and the advantage of going through a broker, the economic situation lends itself very well to this operation.

How to successfully renegotiate credit?

 How to successfully renegotiate credit?

First of all, the mortgage must be in its first years of repayment (5 at most on average) because it is at the beginning that we reimburse the interest and it is therefore at the beginning that we can realize a gain on the cost of credit.

The initial rate must be at least one point higher than the new rate presented, otherwise the gain will not be significant and the borrower could even lose money with the various costs of the transaction.

Negotiate! And yes, today we can negotiate its rate, the application fees and the early repayment indemnities (of the new contract). You just have to play the competition (internet, broker and bank) in order to obtain an attractive offer.

Brokers, is this the right plan?

credit score

M6 takes for example a renegotiation of credit with a broker, this can be very effective for a borrower but it is advisable to take a few measures before getting started.

First of all, the Lagarde law categorized brokers, they are now intermediaries in banking operations (BIOs) divided into 4 categories: brokers (mandated by the client), exclusive agents (mandated by a single credit institution) , non-exclusive agents (mandated by several credit institutions) and intermediary agents (mandated by the 3 preceding ones).

This information can be verified with ORIAS, directly on the website, just fill in the name of the brand you have contacted to ensure that it is an organization in good standing. To return to the IOBs, they are remunerated by a commission (or mandate) on the renegotiation of credits. In other words, these establishments are more open to negotiations because they prefer to reduce their costs rather than losing a file. They are generally experts in their fields and are able to find very interesting offers. It is advisable to read the credit contract well before signing it.

Renegotiation is not a credit buy-back

Even today, borrowers but also the media confuse a mortgage loan renegotiation operation with a grouping (or repurchase) of credits.

If the renegotiation concerns only the mortgage, the repurchase concerns all types of loans. However, this is not an amendment but a redemption by the new lender of the old stocks with the carryover of the sums due over a longer period and offering a smaller monthly payment. During a repurchase, there is an increase in the total cost of the credit which is linked to the extension of the term but also very often to the addition of a new project by the borrower.

10 questions on buying back credits

Here are 10 questions and 10 answers associated with it concerning a credit buyback transaction.

1. Does the repurchase of loans involve a “banking file”?

No. It is a credit agreement, similar to a consumer or home loan offer.

2. Is it possible to include debts?

Yes. It is possible to add personal debts, family debts, a compensatory allowance, a cash payment, a buyout of a current account of a partner of SCI, tax arrears, co-ownership charges, etc. …

3. Is the change of bank compulsory?

3. Is the change of bank compulsory?

No. The reduced monthly payment will be debited from the account the following month, without changing the bank.

4. Is it possible to redeem only part of my loans?

Yes, we are talking about partial credit redemption. Indeed, you can keep one or more credits, such as your home loans and in particular, the employer loan or the PTZ, provided of course that the cumulative monthly payments relating thereto and that of the loan repurchase does not exceed the rate recommended debt, namely 33%.

5. Am I insured for the repurchase of my credits?

5. Am I insured for the repurchase of my credits?

Yes, all borrowings are accompanied by insurance in the event of death, disability, incapacity for the borrower and the co-borrower, depending on the situation and need.

The LCC (or Lagarde) law of July 1, 2010 gives all borrowers the freedom to choose the insurance for their loan repurchase (the Hamon law provides for a change within 12 months).

6. Can I include a personal amount?

Yes, for all kinds of needs or projects.

7. Is the mortgage compulsory for a buyout of a mortgage?

7. Is the mortgage compulsory for a buyout of a mortgage?

No. It is possible to obtain a buyout of mortgage without mortgage of the same amount and duration as a buyout of mortgage credit thanks to the bank guarantee.

There are also consumer credit consolidation operations, without guarantee or guarantee, but whose total ceiling amount is less than a repurchase of mortgage and whose maximum duration is then limited to 12 years. The monthly payment must not exceed the recommended debt ratio.

8. Can you sell your house with the mortgage?

8. Can you sell your house with the mortgage?

Yes. A mortgage does not prevent the sale or rental of the property to which it relates. In the event of resale, you have the choice between paying off the mortgage in advance with part of the proceeds of the sale, or even offering the lender a substitute mortgage on a new property providing him with a similar guarantee for the price existing at the time of the transaction.

9. Can I offer a deposit?

A mortgage guarantee can be offered if the loan amount is too large to fit into the maximum duration of loan repurchase operations without collateral and the borrower does not own a home himself or if the value is too low.

In this case, the surety, who is also a natural person with a sufficient amount of real estate on which a mortgage can be taken, will not be required, unlike the joint surety, to pay the installments in the event of default of the borrower and will therefore not be prosecuted, but his property may be subject to foreclosure and be sold at auction to reimburse what remains of the lender.

10. Up to what age can you redeem your credits?

10. Up to what age can you redeem your credits?

The loan end date should generally not exceed 90 years. 95 years for certain establishments.

What to do to get a loan from a bailiff?

Everyone may experience temporary financial difficulties, which is why even people with a bailiff can take advantage of loans. What to do to get a loan from a bailiff?

Applying for a loan with a bailiff

Applying for a loan with a bailiff

Persons with an assigned bailiff should not apply for a first-best loan. The loan offer should be selected with a thorough analysis:

  • loan amount,
  • repayment period,
  • loan company.

It should be checked whether a given company verifies the Credit Checker database, especially if the previous commitment has still not been settled and there has already been a significant delay in its repayment. You definitely should not apply for a bank loan. This solution is not possible, so there is a non-bank payday pay with a bailiff.

Although loan companies also control the financial capacity to repay their liabilities, they do so in a slightly different way. Not all of them check the client in the Credit Checker database.

The decision to grant a loan with a bailiff

bank

The loan institution’s decision is not only influenced by credit history. Having a stable income and a small amount of debt is important for a positive loan decision.

The chance for a loan with a bailiff will be increased by the fact that the borrower has a small debt on his account, and will reduce the debt amounting to several or several thousand dollars. We have a higher probability of a positive decision when we apply for a loan from a company that has the right type of loans in its offer.

Loan bailiff offers – threats

People in financial difficulties who have a bailiff are particularly vulnerable to unsafe offers. They sound tempting, but can be associated with:

  • unclear provisions of the contract,
  • high call or sms costs,
  • obligation to pay before taking a loan.

It should be remembered that not paying attention to such aspects may worsen the situation of the indebted person. A loan with a bailiff should not be questionable.

Loans with bailiffs – payment of funds

money

Usually, borrowed money cannot be withdrawn to your account. The bank account is taken by a bailiff so that such a transfer would be automatically taken over against the debt. The borrower should choose a different route to transfer money to him. For this purpose, a loan for a check will be appropriate.

Thanks to it, we can collect the entire loan amount at the post office and we can use it for any purpose. Such payment is easy. Having a check from the lender, we go to the post with an ID card. We pay a check payment and we can enjoy the funds received. Home-based loans are an alternative.

Then the representative of the loan company will appear at the address indicated, verify our identity and transfer the money straight to your hand. The instant cash loan can also go to a bank account if it is to be used to pay the bailiff and it is in the appropriate amount.

Wait a minute to pay the bailiff

Anyone who intends to take out a loan to get rid of the previous debt should think carefully about their decision, so as not to eventually fall into the debt loop. The new liability should be repaid on time, the funds obtained from the loan should be credited to the account.

The bailiff will automatically collect the amount due. If you use the cash withdrawal option, you must settle the creditor directly. Instantaneous payment with a bailiff can be a salvation for a borrower and deal with unpaid debts.

Real estate project and repurchase of credit: is it compatible?

 

Many borrowers are asking questions about the feasibility of a real estate project through a grouping of credits, here are our answers.

Buying a house, an apartment: buying back loans?

Buying a house, an apartment: buying back loans?

The purpose of this credit transaction is to take all of the remaining capital to be repaid and to extend the repayment term, which has the effect of reducing the amount of the new monthly payment. In this configuration, an amount can be added to the financing in order to finance a project. Simply, the amount of this project cannot exceed the value of the property offered as collateral. This implies for the borrower to be already an owner and to be able to financially takes on a new substantial loan.

Some credit institutions specialize in these types of financing only dedicated to owners with a significant portion of property outstanding. For tenant households, the amount will be limited to a small project such as the purchase of a vehicle or the purchase of furniture.

A solid assembly to validate the project

A solid assembly to validate the project

This type of financing is possible but requires the use of banking intermediaries specializing in the study and research of solutions for their customers. Bank advisers are not trained for these types of real estate projects and will not have solutions to provide to their customers, simply because this operation requires specific products.

It is important to specify that the consolidation of credits can lead to an increase in the total cost of the credit, the borrower must be aware of this and do not forget to compare his situation before and after consolidation of his loans. Within the framework of this project, an evaluation of the real estate is necessary, it is advisable to specify as of the seizure of the form the value of the good in order to obtain an estimate as close as possible to reality.

Home loan buybacks: falling rates

Home loan buybacks: falling rates

This is nothing new, real estate rates are extremely low and this drop is also being propagated for mortgage buyback operations. It is more profitable to consolidate loans at this time rather than two to three years back. The financing conditions are favorable to owner households whose certain profiles (significant income) can hope to obtain rates close to 2%.

For all your steps, think of the free simulation available by following this link. It is without obligation.

What are the reluctance of borrowers to buy back credits?

If consolidating your loans is already a thing of the past for some borrowers, for others some reluctance slows down the act, here are the main reluctance to buy back loans.

A little-known operation

Credit loan

Finance is a complex universe and only professionals really know the underside of a banking transaction, the grouping of credits is no exception to the rule. At first glance, this funding remains complicated to understand, but not impossible for ordinary people.

It is a logical reluctance on the part of borrowers who are still novices, but websites like this one allow a better understanding of the repurchase of credits.

A bad image

Although the operation has been democratized for several years, it suffered from a very bad image at its beginnings in the 2000s. . Today, a borrower who has gone through this stage has become aware of a lopsided situation and has to remedy it. It is always better to say that you have pooled your credits rather than being in debt.

The cost of buying back credits

The cost of buying back credits

If you read on a web page that buying credits will save you money, that’s totally wrong! The lender takes over your debts and spreads them over a longer period of time, therefore the cost will be increased, perhaps in a moderate way but in all cases you will repay an amount greater than the sums before redemption.

It is the only solution to reduce your monthly payments and rebalance your budget, again you have to see the financial situation over time and realize that it is necessary.

Lack of reliable information

credit score

This reluctance is closely linked to the first, by having bad information or partial information, one cannot get a precise idea of ​​the grouping of loans. Whose fault is it ? Professionals who cannot always communicate freely or with very rigorous and strict legislation in this area?

Difficult to make the share of the things but the report is there, many sites are present but do not answer frankly the fundamental questions on the grouping of loans.

The fear of being refused

Many borrowers are refused, but the choice of organization is the primary cause of refusal. Indeed, it is never comforting to be refused your request but by multiplying your requests with different structures of establishments (Bank, intermediary, credit institution), you optimize your chances of obtaining an agreement.

You should not limit yourself to your bank but go to a banking intermediary (broker, agent) who can have up to 8 mandates with establishments specializing in credit consolidation. A refusal is not a sign of abandonment, the slightest change in criteria or development of the situation can lead to an agreement.

Conclusions: reluctance to buy back loans

It is normal and human to be reluctant before embarking on the unknown but the grouping of credits is a banking operation which meets a real need: that of reducing your monthly payments. The simulation allows you to get started without getting involved and free of charge.

How can an existing loan be taken over?

In Switzerland, anyone who wishes and is able to do so can repay their debts and change lenders. In the context of a ” consumer credit recovery”, the loan taker can without any problem instruct another bank to take over the loans in progress. Often this reduces the financial cost of credit.

Change possible at any time

According to the Federal Law on Consumer Credit, the customer can at any time repay his credit in advance and change the lender. This ensures that the customer can accept a better offer from another bank.

Regulated procedure for taking over credits

credit

To be able to take out a consumer loan, the customer communicates his desire for change to his new bank. The latter then contacts the old bank and the two banks settle everything between them. A new waiting period of 14 days starts as soon as the signed contract has been returned. At the end of this waiting period, the balance due is paid by your new bank to your old lender. You don’t have to do anything else.

Good reasons to change lenders

Good reasons to change lenders

There may be good reasons to change lenders. In most cases, lower interest and a lower monthly charge are decisive. However, you should also check whether several credits in progress or many credit card invoices could not be grouped together and so that you could not keep only one contact and only have to control one account movement.

Changing the duration of your credit

Changing the duration of your credit

Often the desire for a lower monthly payment can be met by extending the term of the loan. However, by extending the term of your loan, you also increase the total interest charges. Our monthly payment calculator lets you see it directly. Some credit takers, on the other hand, are interested in a credit of shorter duration when, for example, they receive money from an inheritance. Conversely, a credit of shorter duration goes hand in hand with higher monthly payments.

In all cases, it is recommended to regularly compare the existing offer with that of other providers, taking into account here not only the interest rate but also additional services, such as the credit-now security package. 

What should you know about private loans?

For the granting of credit, each credit supplier makes a commitment, not only visit its customers but also visit society. With the help of a serious demand check as well as detailed information on the desired credit and its risks, we ensure that you can also honor the credit. Responsible behavior when granting credit is totally in your favor.

Credits are used to overcome financial difficulties or to achieve personal goals

However, they should not lead to over-indebtedness. To guarantee the eligibility of your credit, information about your person, your financial situation, your income, and your employment will be collected. We order the legally prescribed check to know whether the main criteria for granting credit are met.

To assess your solvency, your overall financial situation will be estimated and an individual risk profile is drawn up. In this way, we can together calculate and plan your personal budget and determine if a loan is a right solution for you.

Personal advice

Personal advice

Personal advice is important to us. In an interview, your needs and possibilities will be themed and ambiguities removed. Responsible crediting also means that you are informed about the application process and the necessary clarifications. In this regard, we take the time for your questions and inform you in detail about the possible risks. With our call-back service, we guarantee that you will always get a response from your advisor within 24 hours and that we will not leave you alone in the event of further questions and uncertainties.

Complete documentation

With the contract, you will receive all the information relating to your credit application. You will find all the information on a sheet: the amount of the monthly payment, the depreciation, and interest shares as well as the management fees.

Additional security

money

During an outstanding loan, unforeseen events such as loss of employment, accident, illness or divorce can occur and lead to a change in financial situation. It is precisely there that we consider that individual advice is particularly important in order to find a fair solution.

The monthly payment guarantee in the event of death is included in all now financing solutions. If you have chosen now Classic, a complete and free security package protects you. Thus, for example, you have the possibility, during the term of the contract, of deferring the monthly payment twice, without additional costs. In addition, we advise you to cover the credit, against payment, against unemployment as well as incapacity for work and earning.