If you have multiple ongoing loans and are facing a high debt-to-income ratio, you might consider credit consolidation. No matter the nature of your loans (mortgage-related, for personal needs, or consumer type), you can always opt for credit consolidation.
Contrary to what we might sometimes think, owning a car or a house does not shield us from financial difficulties. Anyone can experience a decline in income and face repayment challenges. Since lenders and banks typically do not tolerate late payments, consolidating and repurchasing these through a single financial institution can be the solution.
How Online Credit Consolidation Works
You may have had several opportunities to take out loans from various financial institutions in Belgium, such as a purchase project or home renovation, getting a car or other equipment, school or university expenses, and even vacations. Consolidating these different loans is the best solution to ease your financial burden.
In essence, credit consolidation, also known as credit buyback, is a debt repayment strategy. It involves changing all or part of your existing loans into a new, single loan.
This system effectively allows you to combine your installment loans and credit lines into a single loan. It is a solution to lighten your financial load and avoid both over-indebtedness and the accumulation of interest from various separate loans.
Benefits of the Process
Completing a credit consolidation in Belgium is really simple. The process offers one credit, one point of contact, for a single, fixed monthly payment known in advance. It allows you to adjust your monthly repayments according to your income. The single point of contact will now handle the payments to your former lenders, making repayment management easier.
Credit Consolidation Simulation
It’s important to have a comparative view of offers from different financial institutions. To take advantage of a favorable offer from a Belgian credit institution, considering the diversity of available offers, you need to compare several online proposals.
Each financial institution offers different rates and overall interest. In order to make an informed decision, it is necessary to simulate your credit consolidation in Belgium. The comparison requires certain key information, such as the Global Effective Annual Rate (TAEG) or loan duration, to find the best solution tailored to your personal situation.
If you are set on having your debts repurchased, the buyback simulation is necessary to clarify the operation and all the necessary details. It simplifies your calculations, provides information on consolidating your loans, the new debt ratio, remaining debts, new repayment duration, etc.
A few clicks are enough to calculate your debt ratio, determine the debt consolidation option that seems best suited to your situation, restore a balanced budget, and gain a clear understanding to estimate your potential savings. Plus, everything is free and without obligation, but also reliable and efficient. Thus, you know all the information in advance before committing. Each financial institution offers a guide or advisor to assist you with dossier preparation. Credafin can help you!
