The deadline for releasing funds from a loan buy-back

How long to get a credit buyout response? There is no specific answer to this question. It all depends on the nature and the complexity of the case. The only certainty: the procedure for buying consumer credit will be shorter than that for grouping home loans.

Besides, taking the time to properly build up a file for a credit buy-back is a first step so that your file can be processed more quickly. From the response time to the withdrawal period, including the reflection period: what are the elements to know and the pitfalls to avoid? We tell you everything.

Release of funds from a loan buy-back: what does it consist of?Release of funds from a loan buy-back: what does it consist of?

The release of funds is the last step in a loan buyback operation. After contracting the new loan, the lender releases the agreed amount. This sum is dedicated to the reimbursement of debts included in the repurchase of credits.

The remaining capital due and any early repayment indemnities are financed by releasing and reimbursed from the original financial institutions.

More specifically, in the context of a buyout of a home loan with a mortgage guarantee, the sums are released through the notary. In the other cases (repurchase of real estate loan agreed with a surety or repurchase of consumer loan), the unblocking is directly carried out by the new bank. This will then send the reimbursement by bank check or by transfer to the financial organizations concerned.

What is the average time taken to release funds from a loan repurchase?What is the average time taken to release funds from a loan repurchase?

The time required to release funds from a redemption or a grouping of credits may vary depending on the financial institution and the contact person. However, it is possible to see an average of the time required to release funds for a loan buy-back:

  • for a repurchase of mortgage with mortgage guarantee, the delay of release generally varies between 2 and 3 days;
  • for a repurchase of real estate loan without mortgage guarantee or within the framework of a repurchase of consumer loans, the release of the funds takes place immediately upon reception of the compliant loan offer and signed by the borrower.

The deadline for releasing funds for a buyout of a mortgage with mortgage guarantee is therefore extended, in connection with the essential intervention of the notary in the circuit.

What is the response time of the lender?

What is the response time of the lender?

Before starting a procedure concluding with a loan repurchase, it is essential to check if your request is not in contradiction with the criteria which define the refusal of the loan grouping. What are they ?

First, you must have a stable borrower profile and be resident on French territory. If one of these two points is not attested, be sure to put all the advantages on your side by correcting your weaknesses and your failings to present the best profile it is. The debt ratio and the remainder of living are carefully studied by the banks, it is thus advisable to be informed on their method of calculation in order to present its file in its best light.

Then, you can send your loan repurchase project to your bank, which is then called “renegotiation”, or probe competing lending institutions for comparison. Then there is a waiting period, the time that the internal engagement committee of each establishment contacted consults and delivers its response. When the agreement is obtained, a deadline for processing the file must be respected.

It is therefore necessary to count about ten days when the file includes all the required supporting documents. This period of time is longer when buying back credit including real estate. Indeed, the lending establishment must carry out an appraisal of the house or apartment, then attest to its value and the checks as well as the formalities to be completed are longer. Ditto with a notary in the context of a cash purchase.

What is the waiting period for the loan buyout offer from the lending organization?What is the waiting period for the loan buyout offer from the lending organization?

When the credit consolidation request file is accepted by the bank, you will then receive a loan repurchase offer. It’s your turn to play the watch by taking the time to think carefully about the various proposals, to analyze them or even compare them with other offers delivered by other lending institutions.

Note that your commitment does not occur until you have signed the contract explaining the nature of the credit and the various clauses. As part of a mortgage buyout of up to 60% minimum, the subscriber benefits from a 10-day cooling-off period as stipulated in the Scrivener law, during which he can mature his choice to ultimately accept or refuse the commercial proposal made.

The signing of the loan offer formalizes the agreement. However, some organizations play the watch by relying on the legal withdrawal period. On average, the release of cash funds and the redemption of old loans take place over a month.

What is the withdrawal period for a credit buy-back?What is the withdrawal period for a credit buy-back?

The withdrawal period is 14 days for a consumer credit buy-back offer, this terminal being established by the Cogilaw company since May 2011.

To withdraw, you must send by post a registered letter with acknowledgment of receipt. Slide inside a letter of withdrawal to the establishment that made the offer. Generally, you just need to fill in the withdrawal form which is attached to the credit buyback contract.

Note that you have no reason to justify your decision or to pay any administrative costs and other compensation.

The only exception occurs when funds have been made available before the end of the withdrawal period. In this case, the borrower who retracts has 30 days to repay the sums collected to which is added the total amount of interest calculated over the period.

Good to know : activating your right of withdrawal with a view to consolidating a loan implies the termination of back-to-back services like various insurance policies.

What is the deadline for obtaining a mortgage loan repurchase?What is the deadline for obtaining a mortgage loan repurchase?

Obtaining time is necessarily longer because this category of credit buyback operation requires a mortgage guarantee. However, this document is an act necessarily drawn up by a notary.

This is an additional step in your journey as a borrower, because the drafting of the notarial deed comes before the signing of the buyout offer. The reorganization of your debt may therefore require an estimate of the value of the property, lengthening the deadlines accordingly. Before being issued a finalized loan offer, it is therefore necessary to allow a month.

How to reduce the time to make a credit buy-back?How to reduce the time to make a credit buy-back?

If it is not possible to take shortcuts in the procedure or to be generous with the deadlines set by law, certain common sense reflexes allow, failing not to gain, not to waste time. You must prepare your file beforehand by clearly defining your objectives:

  • reduce my monthly payments;
  • take advantage of a lower borrowing rate;
  • finance a new personal project, etc.

Begin to analyze your personal, family and property situation yourself, taking into account future developments:

  • transition to retirement;
  • change of job;
  • inheritance that feeds your heritage;
  • more dependent children, etc.

Consider making estimates on the gains brought by a credit repurchase by operating simulations online or through an intermediary.

Finally, bring all the supporting documents in order to constitute a complete file, which will allow the lending organization to study it carefully as soon as it is filed. And if you lack the time to do the procedure yourself, the option of the intermediary, the loan repurchase broker, seems ideal.

Pensioners loans – how to obtain?


One of the financial products that generates the most doubts and questions are loans for pensioners. This group of people has particular characteristics that, in themselves, make it not well considered by traditional banks.

Can I get financing if I am retired or if I do not have an employment contract? These are some of the questions that lie in wait for this type of user. That is why in this week’s article we want to talk about loans for pensioners and their special characteristics.

What are pensioner loans?

What are pensioner loans?

Let’s start at the beginning: pensioner loans are intended for those who collect a pension. This means that they are not only for retirees, but for all those who collect a pension, even if it is for disability or disability.

In our country there are several types of pensions: for retirement, permanent disability or death. The latter includes the widowhood or orphanage pensions that the family of the deceased would receive. It should also be taken into account that there are contributory and non-contributory pensions. The latter are granted to people who do not have sufficient resources to survive and are in a vulnerable situation. They can be accessed even if it has never been quoted or has not been done for a sufficient period of time. Non-contributory pensions can be for disability or retirement.

What should be considered when requesting loans for retirees and pensioners?

What should be considered when requesting loans for retirees and pensioners?

At the time of wanting to apply for loans for retirees and pensioners, we must take into account the type of pension being charged. The requirements will not be the same if the amount charged is for a retirement or disability.

In the case of loans for retirees, the lender will take into account the age of the applicant, both at the time of requesting the loan and at the time it is returned in full. In the case of disability pension loans, we will only be able to access financing if we are empowered to make financial decisions. Otherwise, it will be the legal guardians who must request that loan.

In addition, in the same way that happens with payroll, all traditional banks will take into account the amount of the pension to determine the amount of money that the applicant can access. In this case, pensioners are luckier than most workers: they have extra payments that will always be welcomed by banks.

Why apply for loans for pensioners?

Why apply for loans for pensioners?

Applying for loans for pensioners is the order of the day in our country. In our country there are a large number of families whose only source of income is a pension. Many pensioners have seen their purchasing power decline during the crisis, as pensions were frozen at the time, and then their increases have not been proportional to annual inflation. That is why many times these income are insufficient to reach the end of the month, especially if something unforeseen arises.

For this same reason, many of these users resort to loans for pensioners and thus have access to the liquidity they need at that time. Although it is true that most banks place limitations on age and amounts, there are more and more financing possibilities for pensioners in the financial market. Private equity financiers  can be an excellent option to apply for loans for pensioners.

Requirements to access personal loans for retirees

Requirements to access personal loans for retirees

With most banks or credit institutions, the requirements to access personal loans for retirees are the same as for any other client. In the case of loans for retirees, in addition, the age of the applicant will be taken into account.

Another requirement that the bank will take into account is the solvency of the pensioner. This will be calculated based on the amount of the pension you receive, your level of indebtedness at the time of requesting the loan and your credit history. In this article we detail how to request a loan.

We can afford to be much more flexible with these requirements, since our financing works with a mortgage guarantee. The essential requirement to access our mortgage loans for retirees is to present a property in property with no pending charges or with little pending mortgage to be able to cancel it. So we can offer our pensioner loans to many more people, even if they are included in delinquent lists. In this article we already talked about how to get loans for pensioners with asnef.   

Unemployed Loans – where to get it?


Getting a loan when you are not working is not an easy task. Many unemployed people find it difficult to apply for financing. But many times they are the profiles that need it most, precisely because they do not have a comfortable financial situation. So today we want to talk about loans for the unemployed.  

What are unemployment loans?

What are unemployment loans?

Unemployment loans, as its name indicates, are aimed at those who do not work. That does not mean that they are collecting unemployment, simply, that they are not working. 

According to the INE (National Statistics Institute), the unemployment rate in the country in the last quarter of 2019 was 13.78%. This means that the number of unemployed exceeded 3 million people. 

From these data it follows that there are many people in the country who do not have a comfortable financial situation, and may need extraordinary financing at some point. 

Who are the credits for the unemployed?

Who are the credits for the unemployed?

Unemployment loans are aimed at a wide variety of applicant profiles. Being unemployed does not necessarily mean that they are people who are not charging anything or that they are not spending their time for anything beneficial. They may be employed in other tasks, such as studying or starting their own business. Let’s give some examples of the unemployed: 

  • People who are collecting an invalidity benefit.
  • Retirees who have already reached the end of their working life.
  • Students full time.
  • Entrepreneurs starting to put their business idea into operation and they are in a very early phase of the process. 
  • People employed in their own home, looking after children or the elderly and who therefore do not have an employment contract. 
  • Unemployed in search of work and who are collecting the benefit, or not. 

Many times being unemployed implies taking greater control of household finances and spending more effort on saving. But this is not always possible and unforeseen events may arise that destabilize this planning. It is at this time that applying for loans for the unemployed can be a good solution. 

How can personal loans for the unemployed help you? 

How can personal loans for the unemployed help you? 

It is very common for unemployed people to need help to make ends meet. Whether it is to face an unforeseen event, such as a home renovation or repair or even to launch a new business idea. 

It is also not strange that taking advantage of the fact that one is not working, that time and resources are used to continue training or retraining professionally, in order to be able to opt for a better job. Whatever your situation, if you think that unemployment loans can be a good solution for you, do not hesitate to contact us.