Choosing a credit repurchase broker allows you to benefit from its network of partners to obtain several offers likely to perfectly meet your expectations. This intermediary specialized in the repurchase of credit brings its skills and its expertise to carry out the operation since the analysis of the file until the final offer transmitted by the bank.
What is the point of betting on a loan consolidation specialist? What are the stages where the role of the intermediary is most interesting? Or even, how to find a broker in repurchase of credit? Here are all the answers to these questions to allow you to move forward on this project with full knowledge of the facts!
Why use a loan repurchase broker?
Going through a broker specializing in credit buyout allows the borrower to maximize his chances of obtaining the most advantageous solution compared to his needs. We can mention three major reasons to call on a loan consolidation expert: its network of partners, the time saved and its expertise.
- The network
The loan repurchase broker has a network of partners, banks and other lending organizations that he makes available to borrowers. He can therefore formulate a wide range of business proposals to his customers in order to seize the best opportunity.
Please note: a distinction must be made between the exclusive agent linked to a single financial institution and the non-exclusive agent who has mandates provided by several banks.
- Save time
The credit repurchase broker saves precious time because the broker saves the subscriber from prospecting the lending organizations . Its role is to mobilize its network, to make various telephone contacts and to develop the assembly of the file, all while respecting the regulatory framework imposed by the Consumer Code. This avoids the borrower having to make an appointment with each banking establishment and then to re-explain their situation and their project at each interview.
- Skills and experience
The loan repurchase broker makes available to borrowers his know-how, his knowledge of the market and the legal rules in force . Indeed, certain groups of real estate loans require real expertise to be carried out. Over time, he also knows how to send the files to the appropriate financial institutions to speed up the operation while finding the best offers to buy back credit.
Trusting the expertise of a broker means offering yourself the possibility of obtaining the best conditions in a simple and effective manner, whether your project is to buy back a home loan, consumer loans, revolving credits or a set of several debts of a different nature.
How to choose a broker for a credit buy-back?
The loan consolidation broker can specialize in the repurchase of consumer credit, the repurchase of revolving credits or the repurchase of mortgage. He operates under the status of intermediary in banking operations and payment services.
The broker is not the representative of financial institutions. It is an intermediary who receives a mandate from his client. Held in his duty of advice, he works in the interest of the borrower. He therefore does not have to favor one banking establishment over another.
The professionals most active in the repurchase of credit are intermediary agents (more than 5,000 operations in 2017), ahead of brokers (more than 2,000 operations) and non-exclusive agents (approximately 500 operations).
In summary: to choose a broker in repurchase of credit, it is recommended to verify its registration in the Orias, to know the age of its activity, to obtain returns from other customers and to evaluate the relational during the first contacts including knowledge and responsiveness of the professional.
How much does a broker cost to buy back credit?
The payment of the remuneration of a broker specializing in credit redemption must only be made when the transaction is effective. Before the final loan is obtained, the law stipulates that no payment may be required.
If the commercial transactions are concluded by the absence of an agreement, the borrower does not have to pay anything to the broker . Nor does the latter have to request a check to cash it later. If necessary, it is possible to enter the repression of fraud.
Indeed, such a request from a broker must immediately alert borrowers of the possibility of a scam.
As an intermediary in banking operations and payment services, the professional is bound by ethical and transparency constraints. The commercial proposal and the calculation of the APR must contain all the costs of the transaction, including the broker’s fees or any fees charged by the requested financial institution.
Often the fees charged by the bank correspond to the commission received by the broker as a business provider. On average, the intermediary receives 1% of the loan amount granted (excluding subsidized loans). The amount and conditions of this remuneration must be clearly communicated when the loan offer is submitted on the standardized information sheet.