On the financial market, the Finaref brand is known for its consumer loans . This brand, which belongs to the CA Consumer Finance group in the same way as the Sofinco brand, has merged with its colleague. During a reorganization of its entities, the CA Consumer Finance group decided to merge the Finaref brand with Sofinco. Henceforth, there is therefore only one pole that deals with financing solutions of all kinds. This is Sofinco. What does Sofinco-Finaref offer to “gain in agility”, as the advertising slogan puts it? Let's do a check in.
Finaref / Sofinco: The repurchase of credit
Consolidating its loans is a common procedure for the financial institution that is Finaref / Sofinco. Indeed, more and more households are using this process to improve their living comfort , to anticipate the future:
- retirement for example
- avoid over-indebtedness
For information, we remind you that over-indebtedness causes discomfort even if the financial situation is progressing (commission in Bank of United States ). For example, it is possible to be banned from credit card or checkbook for the duration of loan repayments. This ban puts a brake on your plans.
Sofinco / Finaref, which is a financing expert, had to show solidarity with citizens by integrating the pooling of loans into its product portfolio.
To play on flexibility and management, Finaref has implemented several solutions:
- Solution 1: the redemption of credits less than $ 20,000
For a loan for an amount not exceeding $ 20,000, it is possible to spread the debt from 36 to 96 months.
- Solution 2: the redemption of credits greater than $ 20,000 and less than $ 100,000
For a loan for an amount exceeding $ 20,000, it is possible to spread the debt from 36 to 120 months.
Downside to remember : the company Finaref / Sofinco does not take mortgage loans into account. It groups together personal loans such as revolving loans and loans for the purchase of a vehicle. It is possible to include a loan to finance a new project. In addition, at least two current credits are required to qualify for this budget reduction solution.
This new loan, which will settle the scattered loans of the interested party, makes it possible to reduce the monthly amount of repayments. Mathematically, if the expenses decrease, the remainder to live of the interested party increases. Be careful, however, the total cost of credit increases considerably.
The Lagarde law set rules to protect the lending company as well as the interested party. Thus, the company must offer you to collect your debts . In addition, it must play on transparency.
The loan offer for the consolidation of credits
The loan offer for the consolidation of credits must clearly mention:
- The duration of the loan .
- The rate of the loan. Sofinco / Finaref offers a fixed rate. The fixed rate has the advantage of ensuring a constant monthly payment to be repaid.
- The total cost of credit.
- The amount of management fees ( 1% of the total loan amount up to a limit of $ 150 ).
To comply with French law, it is essential to provide a good number of supporting documents so that the study is carried out under the best possible conditions:
- credit schedules
- personal situation
In addition, the borrower can request optional insurance . This insurance is a guarantee for the organization since it takes care of the reimbursement of monthly payments in the event of a hard blow to life. This insurance can be taken out with any banking or insurance organization.
Obtain a personalized study by Finaref
Computer enthusiasts will be happy to learn that there is an online tool that allows you to perform a simulation . If you prefer to talk to a finance expert , call 09 74 50 25 04. The telephone platform is open Monday to Saturday, 8:45 am to 6:45 pm. Closes at 4:45 pm on Saturdays. There are also Sofinco / Finaref agencies which welcome the public.