Applying for credit from banks and lending institutions is a quick solution to finance your projects. But who says several credits in progress says several monthly payments to be paid. These accumulating monthly payments can put you in financial difficulty since the charges can become too large in relation to the income. This is why resorting to a loan buyback will be advantageous to you to avoid the risk of over-indebtedness. But what about buying back credits when you are a civil servant?
Why are civil servants privileged?
Banks give preference to civil servants for any request for financing, including the repurchase of credits. But why ?
The credit redemption system
The repurchase of credit consists in being repurchased several loans by a lending organization. The latter will settle the rest of all repayments of all your outstanding credits. You will therefore only have a reduced monthly payment to repay with this organization with an extended duration and a better rate. A repurchase of credit allows you to remedy your financial problems and regain a higher purchasing power. You could better manage your income and consider new projects. Find all our tips here .
The repurchase of credit for civil servants
There are solutions dedicated to civil servantsthat the banks offer. Indeed, the latter can easily obtain a repurchase of credits on the best conditions. This is simply because they have job security and financial stability. By granting loans, banks run a huge risk, which is why they study the files of each borrower with care and thoroughness. It is on the basis of several criteria such as family situation, professional and financial situation, history of repayments, etc. that the banks will decide whether or not to grant the repurchase of credit and will set the interest rate. The status of civil servants (fixed and regular remuneration) reassures the banks given that they will be certain of being reimbursed in full within the agreed deadlines.
The benefits of civil servants
If you are a civil servant and want to request a loan buy-back, know that you will benefit from several advantages, mainly a lower interest rate. The more the profile is reassuring like that of civil servants, the more the rate will be advantageous. But the cost of your borrower insurance and guarantees will also be reduced if you work for the public service.
However, not all banks offer the same conditions for civil servants. This implies that the interest rate for a loan buy-back can vary from one bank to another. Even if you are a civil servant, take the time to compete. By going through the credit redemption comparators, you could perform a free and quick simulation to find all the best offers that meet your needs and your situation. A broker can also intervene as soon as your file is set up to increase your chances of obtaining the best offer.