Mortgage Loan – Explanation and conditions of a non-purpose mortgage

 

A mortgage is, in other words, a non-purpose mortgage secured by real estate. It is a term that is often used in our country. The reasons for the practice are different, but they have a common denominator. This is the law on housing loans, which specifies exactly what a housing loan secured by real estate can be used for. There simply has to be a defined purpose associated with the acquisition of real estate, whether it is construction, purchase, inheritance settlement, reconstruction, or refinancing of a previously granted loan for these purposes.

What is mortgage and what can I use it for?

What is  mortgage and what can I use it for?

A mortgage is something else. The bank is not so interested in what the money will be used for. It is a consumer loan secured by real estate. Practically money can be used for anything. They are not purpose bound.
THE mortgage is often used to buy a car, buy real estate abroad, or to repay previously granted loans, which are not mentioned in the law on housing loans.

Advantages and conditions of a non-purpose mortgage

Advantages and conditions of a non-purpose mortgage

The biggest advantage of A mortgage is the futility of the mortgage. However, in the case of A mortgage, the applicant must meet the conditions as in the case of a normal mortgage, which are:

  • must have documented income for the required period
  • must meet the DTI condition
  • must not be in arrears with payments for existing loans or for those still visible in the history of the credit register
  • must have at his disposal the real estate which he will offer to the bank as security. This property is also subject to the same conditions as a classic mortgage. It must be a real estate in the territory of the country, there must not be such a burden on the title deed that the bank would not accept.

Although the interest rate is slightly higher than with a classic mortgage, it is incomparably lower than with other types of consumer loans. The loan amount can be set much higher than with consumer loans.

Another use of a non-purpose mortgage

Another use of A non-purpose mortgage

It follows from the above that we can use the mortgage even in difficult life situations, such as repaying expensive loans from non-banks, but we can use it to fulfill our dreams. For example, buying property abroad, whether it is a cottage or apartment on the beach or in the mountains. Alternatively, we can start or oppose our business with it.

With a reasonable setting, it can also be used as an investment when the return on money that the bank provides us is higher than the interest that the bank demands and generates a profit for us. An example could be investment real estate, or investments in the financial market in the form of various derivatives.

Are you interested in A mortgage and need help? Write to us and our mortgage specialists will contact you.

Find out more about buying back credits.

The redemption of credits like any credit commits you and must be repaid. Even if it offers opportunities to improve everyday life, you have to know what it includes. He cannot resolve all situations.

As soon as your month ends become complicated, react, do not wait to be over-indebted to find a solution. By contacting a professional; your banker or a broker in credit consolidation, you will be supported and followed. Together you will find the solution adapted to your needs.

The limits of the repurchase of credits.

The limits of the repurchase of credits.

Some people in specific cases are not admissible. We present these situations below:

  • Borrowers who are already subject to a banking ban for issuing bad checks, or who have already contacted the departmental over-indebtedness committee.
  • People who are registered in the National file of credit repayment incidents to individuals, managed by the Banque de France.

Finally, depending on the financial situation, a loan buy-back transaction will not be attractive for certain individuals. For a restructuring of consumer loans for example, it is enough to add all the capital due and divide it by the number of monthly payments over twelve years (maximum duration), if the amount exceeds 30% of the income, it will preferably be necessary contact the debt commission.

This is why we must react at the first signs of complication, a job loss, a divorce, or even a need for cash.

Depending on your profile, you will use different types of redemptions. The repurchase of credits by mortgage, or with surety. The objective is always the same, to regain financial balance over the long term.

Some examples of redemptions

Some examples of redemptions

Credit consolidation by mortgage

In a situation of excess consumer credit, added to a mortgage, when the pain of a divorce or a layoff falls on your back. Rather than living in a situation of excessive debt in the long term, you can benefit from a loan restructuring offer at a very competitive fixed or variable rate, subject to the guarantee of a mortgage on your property.  

Bonded loan consolidation for owners

You took out a mortgage 10 years ago to buy a house that you always paid off without worry, but you had to take out a consumer loan to buy a car or to change the windows and thus save energy. Everything was fine until you got sick. The money comes in less and yet the monthly payments continue to fall. To give you some air, you can guarantee the repurchase of your car and work loan by your house.

Credit consolidation with deposit

You live alone in an apartment and you find yourself cornered with many consumer credits: car, revolving credit.  To have a very attractive fixed rate for the repurchase of your credits, you ask your parents to post their property as a deposit.

If they accept, this will allow you to have a lower rate and be able to repay your single monthly payment more easily. To know your profile and the solutions available to you, fill out our online form.

Free simulation

No payment of any kind whatsoever may be required from an individual before obtaining one or more loans of money. The decrease in the amount of the monthly payments leads to an extension of the repayment period and increases the total cost of the credit. The reduction depends on the remaining term of the loans purchased.

Student loans – where can students apply for them?

Students are increasingly demanding demands not only in terms of study, but also in terms of finances. Although there are forms of scholarships designed to help socially disadvantaged university visitors with the cost of studying directly at a university and paying all fees for boarding or private accommodation, this is seldom enough to cover all the expenses incurred. Students often find themselves on the edge and often have to think about some adequate financial assistance.

If you belong to university students from weaker financial conditions and sometimes you find yourself in some more difficult periods associated with a lack of money intended for study, it may be quite probable that the idea of ​​obtaining a favorable loan will occur to you repeatedly . However, obtaining a loan as a student is not so easy at all, as only a minimum of students, in addition to attending school, perform some permanent work activity that brings regular earnings. Due to this fact, there are a large number of rejected applications from university students, who often did not go and had to find an alternative solution, thanks to which they were able to solve problems.

Fortunately, today there are exceptional loan products specially designed exclusively for the financial requirements of university students, which are provided to students, and all the parameters of the entire loan are adapted accordingly. The conditions for obtaining such a unique program also meet the needs of students, so they take into account age, form of study and other necessary criteria. As students generally belong to a privileged social group, the level of interest rates and the total repayment period proposed by the provider also meet these applicants as much as possible and try to simplify the conditions for them.

Where should students apply for a loan?

Where should students apply for a loan?

The question of how and where to go in order to obtain financial assistance through a loan is certainly justified, as you are well acquainted with the not most favorable situation regarding student lending. However, the situation in the country is also improving in this area and the rivalry between competitors simplifies the rules towards a less demanding assessment of the application.

If we take into account the requirement to get to comparably higher figures exceeding 1000 $, we will not find many of the right providers at all. Although, to be honest, it will not be to the detriment of customers at all, because a few are worth it and would be the perfect choice if you are looking for a loan thanks to valuable experience, prudence and maximum flexibility of the entire portfolio .

Some banks offer loans that are not specifically for students, but are also available to them, provided, of course, that all required conditions are met. As for non-banknotes, their better accessibility to financially weaker sections of the population is well known, and when we look around for small loans with immediate equipment that do not need any proof of income, students have the door wide open. They just have to make do with low borrowing amounts, which, as non-official citizens, should be enough for them in the interests of solvency.

The importance of student loans

The importance of student loans

If a student chooses a special loan product that meets his or her economic demands, he or she will probably be forced to make this final decision for some of the above reasons.

Funding for studies – The period when anyone who had a genuine interest in acquiring new knowledge could study without any problems is over and today higher education has also become a budgetary issue. Of course, studying is still intended for everyone without any social or national differences, because we are a free country, but the overall study preparation for our lifelong profession requires a fairly decent amount of money.

It’s not just about talent and knowledge, nor about the best work done. Study financing

is becoming an increasingly difficult issue, which so far only low-income citizens feel. Completion of any field of study brings regular expenses in the form of constant purchase of new literature, travel costs and individual fees included in the field of study, which are not high, but in the case of quarterly fees, the amount is interestingly collected. However dissatisfied we may be with the study conditions, it is a reality and if we want to have an education, we must also spend money for these purposes. A student loan is really an option for everyone who has nowhere to turn for help.

Money to improve living conditions – To go through the semesters peacefully and the subsequent successful completion of the school requires a certain standard of living, which should make the hours of hard work more pleasant for the students. Housing also greatly affects our performance, so we should take care to constantly improve living conditions, if, of course, the current situation allows us to do so. Let’s say openly that the residential condition of dormitories is a bit backward and that more demanding students can be caused by living in an unsuitable environment with proper concentration problems in learning. Also, private housing may not be the most ideal, and both “population groups,” boarding houses and private ones, deserve something more.

Therefore, they can use the services of lenders and use them to buy better appliances, buy better quality furniture or simply beautify the space according to their ideas. Of course, the loan is also available in the event of another lack of funds, for example to pay for accommodation if you are late or know that there were no funds left for this month due to other increased expenses. Why not, if you don’t make money and need a few hundred that you can easily repay.  

Financial resources for exceptional purposes – Undoubtedly, university life and leisure time also include social events where classmates get to know each other and strengthen the team in higher grades. Ski tours, trips abroad or other festive parties are a costly affair, as you will recognize for yourself. Missing such a unique adventure could freeze in the future, so many students are determined to raise money through a loan. Another unique event in the life of every successful student is graduation. These include a spectacular celebration with loved ones,

enjoying several years of effort and a good party. It would be unfair to wish for graduation because of a lack of funding, as the person in question has actually worked for a few years and deserves such a celebration. What about money when it’s missing? Even in this case, the loan is a solution that can be found and thanks to it, the applicant will enjoy positive impressions from completing a long study.

Loan as a help in solving family problems 

Loan as a help in solving family problems 

This reason why people reach for a loan is not quite common, but there are many student applicants who ask for money for a simple reason. In the company they applied for, they have set approval criteria so that the only possible member of the family to whom they approve the loan is the student. Parents or siblings may be unemployed or earn in the form of an employment relationship that does not meet the requirements of a particular society at all. You have to decide for yourself whether it is appropriate to take out a loan as a means of helping family or friends with the lack of money. The study itself will deprive you of enough money, but this option is available and it is only up to you to decide whether you plan to consider it the right one to solve the current obstacles.

In short, a student loan is one of the possible ways to get out of an awkward situation and try to solve your financial problems without unnecessarily burdening your closest acquaintances. This solution is supported by the friendliness and flexibility of the services of financial institutions, which have not forgotten about students as a socially weaker group.

Do you have the very negative experience with approving a loan associated with the rejection of an application precisely because you are a student and did not want to lend to you? So far, have you had any problems agreeing with a particular provider to obtain a loan on reasonable terms? The approach of financial companies to studying citizens is not very welcoming, but there is a suitable solution for how, despite this social status, it is quite easy to get money, provided that a certificate of income is presented.

Choose an immediate online loan from us as the most ideal solution for the problem-free financing of university studies and use our efficient services, which guarantee you money immediately within 24 hours of approving the application. Money up to 1500 $ with other interesting additional benefits for all who are looking for financial assistance. You can fill out a loan application here.

Instant Loans Without Credit Check.

Anyone who needs a loan but has negative Credit Bureau entries must expect a loan rejection. The loans in Germany are usually only granted after a Credit Bureau query, which should also be positive. So if you have negative Credit Bureau entries, you normally have little chance of getting a loan.

Instant credit without credit check as an alternative

Instant credit without credit check as an alternative

In the event of a negative Credit Bureau entry, instant loans without a credit check can be considered as an alternative. This type of loan is often offered by foreign banks, but there are also more and more German providers for it, since the demand for these loans has increased drastically in some cases.

Requirements for instant loans without a credit check

Requirements for instant loans without a credit check

In order to get instant loans without a credit check, some requirements have to be met. As a rule, this means that the borrower is in a permanent employment relationship, which must not be terminated or limited. The borrower’s income must also exceed certain limits in order to be able to repay the loan. Males under the age of 23 need a certificate that they have already done military service or alternative service or are exempt from it.

What needs to be considered for instant loans without a credit check?

What needs to be considered for instant loans without a credit check?

Furthermore, it must be borne in mind that instant loans without a credit check are usually somewhat more expensive than normal loans with a Credit Bureau query since the bank does not run a higher risk with regard to the default risk of the borrower’s payment if the customer does not carry out a credit check. It is therefore all the more important that a comprehensive credit comparison of the numerous providers of instant loans without a credit check is carried out, since the costs incurred can sometimes differ drastically between the different providers.

The comparison is very quick and easy on the Internet on numerous websites with special comparison portals. It is just as important to inform yourself about the respective providers accordingly, since unfortunately there are also many black sheep in this area who are only careful to rip off the people who are in need of money. Therefore, you should get enough information about the different lenders. This is also very easy to do on the Internet. There are numerous forums in which users share their own experiences with certain providers.

Preparation and competition for a successful loan buyout.

Prepare your loan repurchase file well

Prepare your loan repurchase file well

Most of the time, the bank’s decision is linked to insufficient guarantees. But it still happens all too often that the refusal results from a lack of preparation of the loan buy-back dossier. Indeed, in addition to respecting a certain formality, the borrower must also be able to provide all the documents necessary for the study of the loan repurchase request file.

He must also know how to highlight all the strong points likely to win the agreement of the bank. An additional reason to call upon negotiation professionals who will analyze the situation of the borrower and know how to defend his interests as equals with the banker when requesting the repurchase of credits.

Do not hesitate to approach several banks

Do not hesitate to approach several banks

In the same way, if it is actually recommended to request a credit repurchase from his bank in priority (because this one is more able to know at the same time the profile of the borrower but also its history), it does not do not hesitate either to file a credit repurchase file with competing establishments.

Indeed, the various crises of the last three or four years have damaged French people’s confidence in the banks: in January 2012, a study by Fine bank Info showed that 73% of French people were suspicious of their banker (49% even said never trust him). Banks must therefore redouble their efforts to keep customers more and more dissatisfied with their services and especially less and less loyal.

Because the time is now long gone when we kept the same bank all our life. Today, more and more users have current accounts, savings or loans in several establishments at the same time, and they no longer hesitate to use competition to obtain the best conditions. Thus, in 10 years, the rate of loss of bank customers has almost doubled, going from 4% to 7%, and 1 in 3 French people has already changed banks at least once.

Consequently, if your profile interests a competing bank, it is possible that it makes an effort to have you as a customer, and therefore accepts to buy back your credits on more attractive conditions than your own bank.

A loan with an entry in the register: get out of it first

 

 

The credit register or debtors’ register has been operating in the country for several years. For banks and non-banking companies, the information in it is worth its weight in gold, but for ordinary people applying for a loan, the credit register can be a big hurdle, especially if your name is on the list.

You don’t even have to be a big borrower, often just forget to repay, or be the guarantor of a loan that stops repaying the original borrower and the problem is in the world. But what does this mean for you?

Including the fact that the bank registers your late payments, it will also upload this information to the central credit register, thanks to which other banks will also find out about you. When applying for a loan again, for most banks you are so-called a risky, untrustworthy client whose application is in many cases rejected.

How to get out of the credit registry?

How to get out of the credit registry?

If you find yourself in such a situation, don’t despair, you have a few more options. One of the best solutions for you may be to delete your credit registry entry as quickly as possible.

There are several ways to do this:

1. Declare personal bankruptcy

Since 2017, the Personal Bankruptcy Act has been amended to make it simpler and more accessible for a significantly larger number of people compared to previous years.

Thus, any natural person or entrepreneur who is able to document the inability to repay the loan can get rid of the unpleasant debts in the new way, faces an execution order and has a really honest intention to borrow.

Once these conditions are met, it is necessary not only to apply to the court, but also to pay an advance of 500 . If you do not have such an amount at your disposal, the Legal Aid Center will allow you to borrow for 3 years. Including the provision of the loan, the Legal Aid Center will also acquaint you with the possibilities of repaying the amount due, either in the form of quick liquidation, monetization of assets, or through a repayment schedule. However, this option is suitable for people who have a regular income and are therefore able to repay at least 30% of the total debt over a period of time.

Read more personal bankruptcy in a separate article.

2. Consolidation of your loans

It applies especially to those who do not benefit from the repayment of only one loan, but have several around them. In such a situation, getting rid of all debts can be much more difficult both financially and temporally.

The ideal solution is to combine all the debts into one, while reducing your monthly payment , and even more, saving on interest and significantly reducing the repayment period. However, it should be noted that, as with the above-mentioned repayment schedule, in the case of consolidation , a regular monthly income , constant communication with the bank and a willingness to repay the set amount due on time are necessary .

How long does the credit register entry remain?

How long does the credit register entry remain?

It doesn’t matter how long you are late in repayment, or whether you are a guarantor or a debtor directly on the loan, once your name appears in the debtors’ register, it cannot be removed so quickly. Credit registries record your late payments up to 5 years after the total loan repayment. Deletion on request is not possible.

Another case is if you find yourself in the register wrongly and you pay your liabilities properly. In this case, you must submit a written objection to your bank and credit registry to correct the information.

If you want to apply for a loan and you are not sure what the credit register knows about you, request a statement . The register will prepare a standard statement for you within 30 calendar days for 4 $   and express within 5 working days for 14 $.

What are my options to borrow more money?

What are my options to borrow more money?

On the one hand, stricter lending conditions can be an advantage, as they protect you so that you have the necessary financial reserve. However, if you are caught by an unexpected situation and you really need to borrow it can be a big problem. Especially if your name appears on the so-called black list of the credit register, in which case the bank will definitely not lend it to you. So what are your other options?

1. You can apply for a promissory note loan

At first glance, the easiest and fastest way to get the finance you need is a promissory note loan. Compared to loans, you do not need a receipt, a clean credit register or a real estate guarantee to approve it . It is for this reason that this type of loan is very attractive, but also risky.

A bill of exchange is a security that must include the name of the creditor (who will lend you the money), the name of the debtor, the exact amount and the deadline by which this amount must be repaid. When signing the bill of exchange, make sure that it actually contains all the necessary items, especially the amount of the loan.

If the exact amount due is not written on the bill of exchange, the creditor can write it down at any time, which poses a very high risk for you, as you undertake to return an unspecified amount of money. Including the amount, be careful to sign only one original bill of exchange, copies do not exist in the case of bills of exchange , they are other bills of exchange. In addition to the original single bill of exchange, you would have to pay the amounts due on both bills of exchange.

2. Loan from a private person

As with a promissory note loan, you get a loan quickly and without unnecessary paperwork. However, do not be seduced by the vision of big money and low interest rates , but check everything thoroughly before signing.

When applying for a loan from a private person, be primarily interested in the amount of interest, the method of guarantee, the maturity period, or even possible sanctions in the event of inability to pay interest. By insufficiently studying the contract and the stated conditions, you may lose all your property.

3. Loan from a non-banking company

Non-banking companies will also provide a loan to those who have a record in the register of debtors. As you also pose a risk of default on the non-banking company, it will be scrutinized more strictly. Confirmation of income is most often required, as well as confirmation that they have worked for the current employer for a long time.

Conclusion

Every loan poses a certain risk. So before you decide to apply for it, carefully consider whether you really need it. If you still take such a step, do not forget to recalculate the individual installments well and keep a certain financial reserve in case of emergency.

Do you need a sufficient amount of money quickly? Fill out the online application and you can have the money in your account within 24 hours. If you have enough income, you can get a loan even if you already have debts.

PrePaid credit card and checking account for children: useful?

It’s a sensitive issue: prepaid credit card and / or the children’s account ! Does this make sense? There is no dispute that children should learn how to use money responsibly. Pocket money is usually the first way to deal responsibly with this means of payment.

But for many parents, this soon leads to the following question: How do I make the money available to my child? Cash or rather in an account? Or maybe on a prepaid credit card? What may seem incomprehensible at first glance, however, is a real problem for many parents.

This is confirmed by the fact that a large number of banks have corresponding products in their program. Be it the so-called children’s account or the PrePaid credit card for children and teenagers – everything is available, you just have to use it. But the question arises whether these products are really “useful”?

Not every bank product for children makes sense

Not every bank product for children makes sense

If it is up to the banks, the handling of money cannot begin early enough. Accordingly, financial institutions offer the first bank product, a so-called child account, from the child’s age of 7 years. Some banks even go so far as to make it possible for children to receive a prepaid credit card from this age.

The idea that a child is just learning to count but is already using a credit card seems extremely incomprehensible. It is therefore not surprising that experts make a clear recommendation here that children of elementary school age generally do not have a card for financial transactions – neither a prepaid credit card nor a “simple” bank card.

In the case of children of middle age from (14 years), however, a youth account should definitely be set up. Thus, the pocket money or the collected savings can flow into this account and be used if necessary. In this case, however, the parents, together with their own child, should have a corresponding mutual availability. It should also be ensured that this account is provided with a corresponding bank card. However, no payment function should be integrated here.

Attention with a prepaid credit card for children

Attention with a prepaid credit card for children

Once the basic handling of money, account and card has been learned and financial confidence in your own child has been established, the choice of a PrePaid credit card for children can be made in a further step. But here too there are dangers that you should be aware of.

For example, a prepaid card for children is not generally as secure in terms of its use as it is often presented. Which is not due to the card itself, but rather to the system behind it. But what does it mean? However, unfortunately it still happens that shops do NOT immediately check the current amount that should be paid with a prepaid credit card for children online.

It follows that in the worst case scenario, more money can be withdrawn than is available in the account. If additional fees are charged for this “tolerated overdraft”, children quickly slide into the red. In addition, a large number of prepaid credit cards on the market can be classified as very expensive in terms of their fees. It is therefore important for parents to find out in advance about possible fees for the use and to put them in an honest connection to the planned use.