For various reasons, some Romanians find it difficult to repay their loans. Economists have found that the biggest delays occur when making mortgage and real estate payments. If you find yourself in this situation, find out how to avoid interest and penalties and how to make sure you don’t lose your investment.
For various reasons, some Romanians find it difficult to repay their loans.Economists have found that the biggest delays occur when making mortgage and real estate payments. If you find yourself in this situation, find out how to avoid interest and penalties and how to make sure you don’t lose your investment.
1. What is a refinancing loan?
A refinance loan is a solution you can use to pay off part or all of your old loan. So you can choose a lower interest rate, change your payment term, or get out of delinquency.
For example, if you have a 5-year loan with a monthly interest rate of €400, but your income has decreased since you took out the loan, you can apply for a longer-term refinance loan with an interest rate halved or less.
Get financial peace of mind when applying for a loan with a global calculation of your flat rates. Ideally, the balance between income and expenses should favor income. Even if you have to make monthly payments, it’s a good idea to save some savings in case you need them.
2. The refinancing loan: when to use such a solution
Of course, in the short term, you can also count on the help of your family or friends to cover your immediate needs. However, if your financial situation is difficult, it is much healthier to apply for a refinancing loan, especially so that you do not find yourself in unpleasant situations with your loved ones.
Most of the time, Romanians apply for refinancing loans in the following situations:
- the monthly rate on the previous loan exceeds your current repayment possibilities;
- they have accumulated arrears that they can no longer cover;
- they want to free their house from the mortgage.
The most problematic situation is when you have a mortgage or real estate loan secured by one or more pieces of real estate. If you can no longer repay such loans, you risk losing the corresponding assets. If you have mortgaged your home and you cannot repay the loan with the bank, the entity can put your home up for sale.
Another bad situation is trading below the market price to get out of trouble.
It can’t be overlooked either: the longer you’re in arrears, the bigger the refund, as this will add to certain legal penalty benefits.
Loan refinancing can save you these worries by helping you find a solution that works for you.
3. Fast refinancing loan: how to get it in just a few hours
Currently there are refinancing loans that can be credited in a single day. The documents you will need are copies of your identification documents, bank statements, and an application that you can complete online. So get it without leaving home or work.
However, there must be a salary or pension of at least RON 500 per month. In addition, you must be over 18 years of age, have your payroll or pension transferred to your card, and have an email address and mobile phone where you can be reached.
Get an emergency loan online in just a few hours after submitting the above documents online!
So, without much effort or experience, you can manage your finances without risking losing years of investment assets. Ask an advisor for all the information you need to work together on a payment plan that works and makes your life easier!