What is refinancing?
Refinancing of a loan is replacing an existing loan or debt obligation with another obligation under different loan terms. With loan refinancing you might be able to reduce loan interest expenses, monthly repayment amount or consolidate few loans into one loan obligation. Read more...
Refinancing might be a good opportunity how to repay your existing expensive quick loan. Compared to quick loans refinancing usually offers you a longer loan period and the loan application process is more thorough. Reviewing of the loan application is more time consuming and the loan decision depends on your personal circumstances. A thorough analysis enables to assess the borrower’s previous credit history, capability to service the debt and the potential risk of default.
Banks usually offer refinancing of a loan if the borrower can provide a surety or a security deposit to the bank. Refinancing is a financial obligation. Therefore you should consider the loan terms carefully. As a result of a loan repayment default your loan debt might increse because of the late fees and any other fees associated with the debt collection process.
Advantages of refinancing with MoneyZen
- Reasonable interest rate
- Borrow up to €10 000
- Loan period up to 7 years
Recommendations before applying for a loan
- Consider carefully if you really need a loan and in which amount Why?
- Research Investigate and compare the terms of several loan providers Why?
- All your loan repayments should not exceed 33 percent of your total monthly income Why?
- Make sure that you have considered all additional terms and costs Why?