The possibility of early repayment depends on the terms and conditions of the credit institutions. You will then receive the exact date of the end of the loan agreement and the date on which you can repay your existing loan. For example, an official loan must be used to repay existing loans. However, the obligation to redeem does not apply to all financing offered by the banks. Installment loans can be terminated six months after disbursement with a notice period of three months.
Replacement of existing loans
It is advisable to combine the existing loans into a single one. This makes sense, because then you only have to pay a monthly installment and have to keep a better eye on your financial circumstances. Some people think that at the moment they only have one loan. However, they forget that they also pay in installments through the retailers, where they may spend only small sums per calendar month.
But also the 20 USD, which are paid for the new mobile phone or the regular charges for the sofa bed purchased from the retailer are credits. However, if you combine the loans, all short-term debts are deducted from the loan amount and you pay only one installment per calendar month. Which loans are repayable, you tell the lending institution.
In addition, you authorize us so that we can repay the current loan for you. Everything else we do for you and move your credit. Not just for existing customers of the Bankive banking group. As a new customer, you can also replace your existing loans with us.
A customer has an existing loan
Now she wants to increase her financial flexibility and starts a credit check with the Bankive banking group over 20,000 USD. After the loan has been approved, the USD 12,000 will be transferred to your former house bank and the remaining USD 8,000 will be transferred to your account.
With this procedure, no additional monthly installment is added, but it pays only a fixed installment per started year. If you would like to receive a recommendation and to know if your loans can be combined, please contact our employees in the branches.
If you want to take out a loan with us, you can do so through our website or one of our branches. For general inquiries about this topic, feel free to submit a note under this article.