Consolidate your various loans and finance your projects with a credit consolidation tailored to your profile. Credit consolidation: explained by Credafin’s broker.
Simulate your credit consolidation online
Credit consolidation is a process in which a borrower has one or more of their current loans bought out by a lending institution.
Credit consolidation explained before getting started
First of all, before starting such a project, you must carefully study all its different aspects in detail. To put together your file and increase the chances of approval by the institutions approached — such as the Central Credit Register at the National Bank of Belgium — your financing needs must undergo a detailed analysis.
To do so, your financial situation as a borrower must be deeply assessed. Your monthly expenses and income are key elements that deserve your full attention.
How does credit consolidation work?
As mentioned in the introduction, a loan buyout solution allows you to consolidate your loans.
Loans consolidated using this method are generally of higher amounts than those of a standard personal loan, whether it’s a installment loan or another consumer loan.
Understanding the different benefits of loan consolidation – explained
Loan buyout offers advantages both for borrowers and financial institutions.
Overall, approval criteria are less restrictive for credit consolidation applications.
Simulation: a crucial step in the loan buyout process
As with any credit application, financial institutions conduct a thorough analysis of the file submitted by the loan buyout applicant. That’s why it’s important to carry out a credit consolidation simulation. It gives you an idea of your debt capacity.
In general, online tools allow you to complete this process quickly. Since you need an accurate picture of your financial situation, you must provide real data.
However, make sure your data is not incorrect, such as your monthly expenses, income, or the value of your property. Lastly, don’t hesitate to contact a Credafin expert who can assist you throughout this process. They have the necessary expertise to advise and guide you step by step in your application.
Simulate your credit consolidation online
