Buying back credit, does your job change that?

Many criteria are studied when setting up a loan buy-back, as is taking out a conventional loan. Find out with us why your job is one of the most studied by banks.

Employment, a fundamental factor in the repurchase of credits?

Employment, a fundamental factor in the repurchase of credits?

When granting loans, banking establishments and other similar financial organizations ensure the creditworthiness of the borrower. It is in this sense that the people who justify more easily obtain a repurchase of credits unlike applicants in a situation considered more precarious like the the interim. From this observation, it can be said that in the context of a credit repurchase operation, the nature of the job of the applicant is an essential datum to which the lending organizations attach capital importance. So what are the requirements of the banks depending on the type of employment contract of the applicant?

The situation of applicants who have a permanent contract.

The situation of applicants who have a permanent contract.

As mentioned in the introduction, this type of applicant does not actually encounter major difficulties (at least linked to their employment) when the conditions laid down by credit institutions are met. The reason for this behavior of lending institutions towards applicants who have an open-ended employment contract is simple. They benefit from a more stable professional and financial situation. In other words, claimants who fall into this category pose lower risks of insolvency.

What about people on temporary or fixed-term contracts?

What about people on temporary or fixed-term contracts?

Their situation is less obvious to request a loan buyback, of course, but there are offers that are offered to them by specialized financial organizations, especially if they have a co-borrower on a permanent contract. In fact, a person who falls into this category must, for example, confirm the solidity of their file by providing additional guarantees in addition to their salary. It is for this reason that the deposit of a third party is interesting.

In this case, it is a question of applying for a loan with a co-borrower who can prove an open-ended employment contract. In general, the conditions required are the same as those of a traditional buyout. It is therefore advisable to verify that you meet these conditions before you start, and on this point, we are at your side!

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