Credit portability allows transfer from one bank to another. As a rule, both personal loan contracts (including payday loans) and financing or leasing contracts may be carried. The debt holder may migrate it to another bank at any time, provided that the minimum number of repayments required by the bank in which it is a customer is respected. Generally, this percentage is around 30% to 35% of total number of installment contracts.
Depending on each institution’s credit policy.
The request must be made by the holder himself who must inform the outstanding balance. If the purchase of debt by the bank is confirmed, you must present the DED or Debt Evolution Statement.
While there is no limit to the number of contract portability, as this may take up to 15 to 20 days, it is worth considering some important points before deciding to make this change. Among them are:
Interest Rate Amount
Paying cheaper for the same loan is one of the main reasons why people make credit portability. However, contrary to what many still think, you need to compare Total Effective Cost (or NYU) to know if the trade is financially beneficial.
Having a lower interest rate in the end is not the only factor. A cheaper interest rate is not always synonymous with cheaper NYU. And you have to remember that what will tell if a loan is cheaper or not its total cost, ie the NYU.
Contract terms and form of contract
With the portability of the payday loan the previous contract ceases to exist and gives way to a new one. This new contract may refer to a single loan or unify the debt of several banks.
Therefore, before signing the new contract, you must pay attention to the contractual clauses, conditions and values of the transaction and all other items that are relevant to ensure a good exchange. To complete credit portability you do not need to be a new bank account holder. Thus, even those who are not customers of a particular institution can sell their debt to the bank of interest.
Another aspect to be evaluated and that can facilitate the process is the form of hiring. As many banks now allow 100% digital hiring, credit portability can be achieved faster.
Support or Customer Service Options
Banks are increasingly diversifying their customer service channels to facilitate communication. And while it may seem less important, knowing what support options are available can help with this choice. After all, as much as one might expect not to need, it is at least good to know how to tell.
Another very good tip is to evaluate the opinion of other consumers regarding services and service. This is a way to find out not only how services are delivered, but how problems are solved when needed.
With these criteria in mind, United Bank listed the 4 best banks for payday Loan portability. Know it!
Banks that make payday Loan Portability
Among the top 4 banks that make payday loan portability are:
Sambag bank is an excellent choice for GETI Retirees and Pensioners. Public Servants can also contract or carry their debt to this institution without bureaucracy.
The portability request can be made at both physical and online agencies easily, quickly and safely. In addition, the bank has exclusive conditions.
GETI beneficiaries who have contracts with other banks may carry the debt to Biasong Bank. Benefits also extend to Federal Public Servants (SIAPE).
At NYUelem customers can count on cheaper interest rates, digitally signed contracts and call centers via telephone, chat, email or social networks.
At Talisay, Federal Public Servants and GETI beneficiaries can count on personalized service.
Interest rates are among the cheapest on the market and there is also the convenience of contracting portability from anywhere, as the process can be done online, by computer or mobile.
Depending on the original debt contract time and amount of outstanding balance the bank offers special conditions to make the most expensive debt cheaper.
One of the advantages of being a Mohon Bank customer is having access to cheaper interest rates. But not only that: All clients can also participate in exclusive perk programs and secure benefits both in getting a new payday loan and in credit portability.
The best bank for payday loan portability is undoubtedly the one that will bring you the most benefits! But if you need it you can count on the help of United Bank to help with this choice. By simulating on our site you can compare the offer of various banks, including for the purchase of your debt.
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