My WordPress Blog Sun, 29 Mar 2020 16:51:06 +0000 en-US hourly 1 Can we take advantage of a credit buyout when we are senior? Sun, 29 Mar 2020 16:51:06 +0000


Over the course of life, credits tend to accumulate so that it sometimes becomes difficult to find your way around and pay them back. One solution is to consolidate all of these loans into one. This is called the credit buy-back. An operation accessible to everyone, even seniors.

Credit repurchase: principle and operation

Credit repurchase: principle and operation

To give a little oxygen to your finances, opting for a loan repurchase can be interesting. The objective of this banking operation is to reduce the monthly payments paid by a household to reimburse all of its consumer or real estate loans or both. The idea is to consolidate all the loans into one credit which can even include other debts such as taxes, family debts, bank overdrafts and other unpaid debts. When the financial organization agrees to redeem all the loans and debts in progress, the subscriber will benefit in return for a credit, rate, schedule and single repayment.

He will no longer have to pay different monthly payments to the various establishments to which he has subscribed, but will only be liable to a single bank. The advantage of buying back credit is that it reduces monthly payments by up to 60%. How? ‘Or’ What? Simply by extending the repayment period which lowers the monthly cost to pay. This gives a breath of fresh air to purchasing power, which is very often affected by this accumulation of receivables. The subscriber also manages to manage their finances more easily by having only one contact at whom to pay their debts. But beware, access to this solution is not easy. Some banks may ask for guarantees from a surety or a third party before granting the buyout. Likewise, they can also demand a mortgage.

Up to what age can you group your credits?

Up to what age can you group your credits?

One of the elements examined by the banks before agreeing to buy back credits relates to the age of the subscribers. One of the fears of financial organizations in fact is the non-reimbursement of monthly payments. Granting a loan to an elderly person can present risks at this level. Anyway, all is not lost. Taking advantage of a credit repurchase when you are senior remains entirely feasible. For more information see this site.

In any case, there is no law which prohibits the provision of this type of banking offer to the elderly. The rules are just different from one bank to another. For example, some may agree to buy consumer loans from 85-year-old customers. If mortgage loans are involved, the limit can be up to 95 years. The problem is that to offset the risk of non-payment, financial organizations require very expensive insurance contracts to protect themselves. This is especially true for people with health problems. A parameter which significantly increases the monthly payments to be reimbursed. Before subscribing, it is therefore crucial to scrutinize all these different details to avoid unpleasant surprises and to take full advantage of the advantages that the repurchase of credit is supposed to bring.

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Find out how to redeem a loan or make a debt rescheduling Thu, 27 Feb 2020 07:48:17 +0000 We inform you here what needs to be considered and which conditions are important. With good planning, you can reschedule a Good Credit loan in such a way that it speeds up the settlement of the liability. Alternatively, a new loan can also be extended to lower rates. However, you should determine any costs in advance – we have researched for you at Good Credit.

It is advisable to check current loans regularly with regard to the conditions: Interest rates generally change, and special offers with limited time also open up special potential.

However, the contractual regulations in current loans must be observed so that the interest rate savings are not offset by unforeseen prepayment penalties. Not every bank grants free repayment or early repayment of the loan. The decisive factors are the contractual terms that we checked at Good Credit.

A loan from Good Credit: plan additional costs

Loan from Good Credit: plan additional costs

You have to expect restrictions for both the top loan and the car loan from Good Credit. Consider early redemption of the liability: Special repayments are only possible free of charge up to 50 percent of the remaining amount each year.

If you want to redeem the loan completely, prepayment penalties amount to one percent of the amount to be repaid in accordance with the price list.

To be on the safe side, you should contact Good Credit and ask for a replacement offer. However, you can use this value to research an alternative – after all, you want to generate an advantage on the bottom line.

Check standard market conditions: use comparison calculator

The best way to get an important overview of the current conditions quickly and easily is to use the loan comparison: You simply enter the amount still to be repaid and the term of the current loan, as well as the purpose of “debt rescheduling”. The list of results gives you information at first glance whether debt restructuring can lead to the desired success.

In any case, take into account Good Credit’s prepayment penalty, which reduces the savings potential. However, this way you also have the option of designing the term in such a way that the monthly charge is easier for you to bear – that is entirely up to you.

Check the conditions for debt restructuring


A debt rescheduling from Good Credit can only be successful if you select a cheaper alternative loan and get it approved. So make sure that

  • Your credit rating is still impeccable
  • the necessary documents, such as wages and salaries, the statement of income and expenses and your valid identity card or passport with registration confirmation, are available and
  • Your liquidity is sufficient to reliably repay the loan.

In the next step, you can select the suitable provider in the credit comparison and start a non-binding credit pre-inquiry – this will give you a reliable basis for your decision. If you calculate the possible savings based on the effective interest rate, and there is also an advantage with the prepayment penalty from Good Credit, nothing stands in the way of your project.

Proceed cautiously: reschedule debt smoothly

Proceed cautiously: reschedule debt smoothly

To take advantage of your Good Credit debt, the following procedure is recommended:

  • Determine or request residual debt and prepayment penalty from Good Credit
  • Research the alternative offer in the comparison calculator
  • Start credit inquiry
  • Submit documents and apply for a loan
  • Be sure to point out rescheduling to simplify credit checks
  • Let debt restructuring be done by the new lender

With the help of a power of attorney, you can ensure that the new bank contacts Good Credit directly and clarifies all the arrangements for debt rescheduling. The payment is then made directly to your previous credit account with Good Credit – you have done everything.

Even if you have to expect a prepayment penalty when repaying your Good Credit loan, the debt restructuring can still be worthwhile. Carefully determine in advance the potential, which can lie in cheaper interest rates as well as in more pleasant monthly installments, in order to generate the greatest possible benefit.

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What To Do If Your Personal Loan Payments Don’t Fit Your Budget Sat, 22 Feb 2020 08:03:09 +0000

Meeting the deadlines for each of your payments allows you to repay your loan according to the established duration, avoid additional interest charges and maintain a good credit score. We are aware, however, that your situation may have changed since you took out your loan.

Our loan specialists offer you their best advice on what you should do if your loan payments no longer fit your budget.


1. Opt for loan insurance

loan option

Unable to know when an unexpected situation will arise. An unexpected drop in income could prevent you from making your payments on time. By choosing loan insurance, you can cover some, or even all, of your loan payments in the event of an unexpected job loss, or if you suffer an injury that prevents you from working.

Unfortunately, you cannot add insurance to your loan if you initially refused it. You could, however, add it to a new loan (contact your MoreFair Financial loan specialist for more information). If not, read on for more tips on how to more easily integrate your payments into your budget.


2. Choose a longer loan term

2. Choose a longer loan term

You can reduce the amount of your payments by choosing a longer loan term. You will of course pay a little more interest, but remember that missed payments can also increase your interest costs. Better choose a longer loan term for which it will be easier for you to manage payments.

Of course, once the details of your loan are fixed, it is generally no longer possible to modify the duration; it is therefore a proactive strategy. However, you can contact your loan specialist to find out about your options if you are concerned about the term of your loan.


3. Change the frequency of your payments

loan payment

Did you know that biweekly and monthly payments are more affordable? In fact, when you pay every two weeks, you make two more payments per year, compared to biweekly payments. While this is a great way to lower interest costs and pay off your loan faster, it can also be a problem for your budget in the months when you have to take three payments out of your pocket. Ask your loan specialist about your payment options to see if this is right for you.


4. Opt for automatic payments

debt payments

Do you tend to spend your payroll before paying all your bills? If this is your case, you may be advised to set up automatic payments. You can configure your payments so that they are collected on the day that suits you best (such as your pay day). You’ll never have to worry about forgotten or missed payments, and you won’t be able to spend your money until your loan payment is made. What could be more advantageous?


5. Do you own a house? Opt for a secured loan.

5. Do you own a house? Opt for a secured loan.

A secured loan is protected by the value of your home, which allows you to access a lower interest rate. And a lower rate means you could take advantage of lower payments. Do you already have an unsecured loan? Contact your MoreFair Financial branch to find out if you can convert your unsecured loan to a secured loan.


6. Stay in touch with your branch

personal loan

It may seem embarrassing to let us know that you are unable to make a payment on time, but we understand that everyone has to deal with the unexpected. Are you facing an emergency or an unexpected expense that prevents you from making your payment on time?

Let us know so we can find a solution that will allow you to make your payments on time. It is best to contact us as soon as possible to avoid accruing interest, which will cause you to fall behind on your payment schedule.


7. Increase your income

earn money

Do you want to avoid changing the frequency of your payments or the duration of your loan? Try to increase your income so that your budget is less restricted. Ask for a raise, take a part-time job or rent an empty room in your home. Check out these 10 ways to earn extra income to help you pay off your loan faster.


8. Consolidate your debts

Consolidate your debts

Does paying other bills put you in hot water? Perhaps you could take out a new loan and consolidate all of your debts into one monthly payment. A debt consolidation loan offers you a more manageable payment schedule and could save you thousands of dollars in interest.

Want to know the ultimate method to make sure your loan payments fit your budget? A few good money management habits, choosing the right loan options and helping your loan specialist (of course) are enough! It might take a few attempts to find the right balance, but we’ll walk you through the process to make sure your payment schedule is right for you.

Interested in a loan? Try our free loan quote! You get a loan quote online in minutes that will tell you how much you are entitled to and the amount of your potential payments. No obligation and no impact on your credit score.

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A loan is a great opportunity to get what you want. Mon, 17 Feb 2020 11:20:48 +0000

Many people who want to buy real estate, for example an apartment, but do not have large financial resources at the same time, turn to the banks. Here they face the question “What is a loan and how is it different from a loan?”.


Bank loan

Bank loan

There are several options for bank loans: consumers, businesses, special needs and trust. All of these options have their pros and cons, depending on the situation. A loan is a certain amount of money that a bank makes available to a customer. This amount must be returned at the end of the time specified in the contract. Ideally, this is a bank transfer that differs from a loan in the absence of interest rates (they are not always required). A secured loan is one of the services provided by the bank. The pledge can be real estate, securities, valuables, etc. This is the least risky option for banks.


Bail loan

credit loan

You must fill out the required papers. Certain rules. Only then does the bank issue a loan. First you have to fill out forms with questionnaires on which you have to enter your personal data. Next, you need to prepare all the necessary documents and write a loan application. The customer must present his passport, a copy of the employment certificate, the men must have a military ID card (for people under 27), a document confirming registration and an income certificate for the past 6 months.

A loan is a free transfer of cash, funds or temporary property. Therefore, the comparison with a lease is more correct than with a loan because the interest rate is always there when you make a second interest rate.

Typically, a consumer loan is issued to pensioners or low-income individuals on average for five years at an interest rate of 14 to 19% (depending on the currency). Customers with a good credit reputation or who have a salary card in the bank where the loan is issued can also receive an escrow loan for an average of five years and interest rates in rubles up to 20% and in currencies up to 13. 5% You can get it without guarantees and collateral for urgent needs for a period of up to five years, only the interest rate will be slightly higher: in currency – up to 15% and in rubles – up to 21%. If there is a guarantee from the guarantor (the guarantor must be a legal entity), it is possible to get a cheaper loan – up to 14% in rubles, up to 11% in currency. It is issued for three years. Different banks offer different loans and credits, the customer chooses more profitable options for himself.


What is a loan?

What is a loan?

A loan is a type of financial Dealein civilian It is suitable if you need a large amount for a company or business. The representative opens an account with the bank where it is taken. Competent communication in the language of the bankers is required during the negotiations in order to present and establish oneself as a competent company or company and to present a business plan. For a large loan you need a down payment and a good reputation.

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What to do with a negative credit history? Sat, 25 Jan 2020 08:24:19 +0000

The effects of a negative credit history are far-reaching. It can prevent you from borrowing money for a home or car, getting a good insurance rate, and even getting a job. With a negative credit history, you could pay utility bills, cell phone companies can’t contract you (and therefore no discounts on cell phones), and landlords can refuse your rental applications. You can flip you credit history, but it won’t be easy.


What is a negative credit history?

credit history?

A negative credit history means that you have several pieces of negative information about your credit report – a document that contains details of your payment and account transactions with creditors and lenders.

Several things can hurt your credit, but a negative credit history is most often caused by overdue accounts such as late payments, debt collection, loading, repossession, foreclosure, judgments, liens, or bankruptcy on your credit report. These all come from missing payments to accounts. One or two late payments alone will not have a negative credit history, but some late payments will be, especially if you are late on several different accounts within a short period of time.

Having high balances on credit cards and loans, compared to your credit limit or original loan amount can also lead to a negative credit history.


How do you tell if you have a negative credit history?

credit history?

Your credit score check is the best way to measure your credit history. Your credit score is a three-digit number, the number marks the information in your credit report. Lower the credit score, the more negative your credit history is.

FICO Scores – one of the most common versions of your credit score – range from 300 to 850. The rating is based on the lower end of the range, usually below 650, showing a negative credit history. The Vantages is another type of credit score that ranges from 501 to 990. The Vantages a letter degree, similar to a school grade, along with the credit score number makes it easier to tell what your credit score means.

Your credit report is the second part to examine a negative credit history because it is the document that contains the negative details. Consumers in the US are entitled to a free credit report every year.  Many major credit card companies also include your free credit score on your monthly statement. The overview of your credit score can help you assess whether you have a negative credit history.


Improving Negative Credit History

Credit History

Exact negative details can remain on your credit report for up to seven years (or 10 years of bankruptcy). If the information blemishing history of your credit is inaccurate, you can dispute this information with the credit bureau to have it removed.

You could delete negative things from your credit history with a pay-for-delete or company letter. The former is a request to remove negative information in exchange for payment and the latter is a request to remove negative items as a matter of goodwill. Businesses don’t have to remove negative information from your credit report exactly as long as these items are within the credit reporting period. Even a delinquent account doesn’t change the fact that you were delinquent once.

The saying “time heals all wounds” is also true with a wounded credit history. As the negative information gets older, it will impact your credit score less. You can start to qualify for new credit cards and loans, but you cannot get the best terms on those. You can accept low limits and high interest rates until your negative credit history gets better and better. Use these accounts to show you can process credit and add positive information to your credit history. It will help you improve your credit and qualify for many better accounts in the future.

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Can I Learn Loans Taken From Someone Else Wed, 15 Jan 2020 08:13:19 +0000

Of course, it is possible for consumers to question whether there is a loan arising from a loan drawn on their behalf by various methods, but in some cases, loans belonging to different individuals may also be questioned.

Although it is not possible to obtain direct information in such cases, it is possible to understand whether or not credit has been made by alternative methods. In this context, it would be beneficial to enlighten some points for those who ask if I can learn the credits of someone else.

Querying Another Person’s Credit Report


Thanks to Good Finance, it is possible to learn both your own credit rating and some credit details of the people you are likely to be in a commercial relationship. In this context, it is necessary to know how to query for other people.

For other people, that is, the person will need to obtain the permission of the person in order to inquire about the credit rating for any other person. It is not possible to inquire Good Finance credit rating without obtaining approval from other people.

How to Get Approval?


There are two different things that consumers who want to question the credit rating of different people can do. The first method is to provide the credit report of the person whose credit score is to be questioned on his behalf through Good Finance and add the TCKN information of the person who wants to see this report among the people to be shared by entering the sharing settings.

The other and easier method is to enter the verification code in the SMS sent to the mobile phone of the person whose credit score will be questioned by Good Finance, by the person who wants to query someone else’s credit rating.

In order to obtain the Good Finance credit report, TCKN requests the verification code in the SMS sent to the mobile phone identified to this TC identity number. If these two information are shared, it is possible to question the credit report of different people.

Should the other person be a member?

In order to make a Good Finance credit report inquiry, the person concerned does not have to have previously registered with Good Finance or have made a credit report inquiry. Even if a credit report query is made for the first time, this transaction can be done only with the TCKN and GSM numbers.


Good Finance credit report inquiry is chargeable and it is not possible for people to obtain a credit report without paying this fee. For this reason, even if a different person’s credit report is questioned, the 10 TL report inquiry fee must be paid to Good Finance online.

What Information is Included in the Report

In the loan report provided, the loans used in the previous periods, the loans that are active and whose debt is ongoing, the use of credit cards and the current debt status of these cards, credit score, check, etc. access to all kinds of financial information can be provided. People will see all this information in the report in a very legible and understandable way.

Can I Learn My Wife’s Debt?

Can I Learn My Wife

It is not possible to access information about credit payments without your consent and without sharing the verification code included in the SMS sent to your mobile phone even if your spouse is your spouse.

However, very rarely, if the court rules this, it is possible to remove the debts of the spouse. This is often possible in cases of divorce, inheritance or similar. Under normal circumstances, the request may be rejected if the court is applied for information only.

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Purchase on installment = Borrow with a high interest rate Mon, 30 Dec 2019 11:03:30 +0000

“Buy now, pay later!” It cannot be missed if you see that slogan regularly appear. Sounds attractive, right? Especially with a large edition such as furniture or a television, or if you are short of cash. But how wise is it to make your purchases this way? Buying on installment is simply borrowing money.

What is the installment purchase?


Purchase by installment means that you do not immediately have to pay in full for a purchase. You repay the purchase price in installments. In the meantime, you can already enjoy your new television, couch or car.

Particularly with large expenditures, staggering or paying later is popular. But this option is also often offered online.

Expensive form of borrowing

By making your purchases on installment you can postpone payment. That might be useful if your purchase is necessary and your salary only comes in a few days.

But the benefits stop there. As mentioned, installment buying is basically just borrowing money. A very expensive form of borrowing even! You usually pay the maximum interest for this loan.

A loan with maximum interest

Since 1 January 2015, the legally permitted maximum interest rate has been 14 percent. You understand, with such an interest rate your purchase amount increases quickly. Just a calculation example.

Suppose you buy a television for 500 dollars. If you agree to pay that 500 dollars later at a 14 percent interest rate, you will pay an additional 70 dollars for your television. In total, your purchase costs 570 dollars. Sin! There are cheaper alternatives.

Saving or normal loan

Saving or normal loan

Saving money for your purchase naturally remains the cheapest way. It is wise to ensure that you always have some money in mind for unexpected expenses. Or postpone your purchase and save the amount together.

Can the purchase really not wait? Then opt for a normal loan instead of buying on installment. For example, you already have a continuous Good Finance from 4.5 percent interest. That is a difference of almost 10 percent!

Request a loan quote

Want to know more about concluding a continuous Good Finance? Request a quote and receive a suitable proposal within 24 hours. We are happy to help you find the loan that suits you, guaranteed at a lower interest rate than the aforementioned 14 percent. So you can do fun things with your money.

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