How to get a 15-year work loan?
Several solutions are possible to obtain a work loan over a period of 15 years, the choice of the financing solution will depend on the desired amount and the situation of the borrower.
There are more financing facilities when you are the owner of your home, and this is verified with the existence of a property that can be put as collateral or not. When a household wishes to apply for a work loan, it has several solutions at their fingertips: the consumer loan, the home loan, or the credit consolidation. Simply put, each loan has its own particular features such as the amount, duration of the borrower’s ability to borrow. For a household owner wishing to obtain a work loan over 15 years, only the mortgage and the grouping of credit are possible, indeed the consumer loan is limited to a maximum duration of 7 years.
How to obtain a work loan?
To be able to obtain satisfaction over a period of 15 years, it is, therefore, possible to turn first to the mortgage but the amount must be at least 75,000 dollars, the legislation on this funding imposes a minimum amount on subscription. If the borrower wishes to finance work on a lower amount, it will then be necessary to turn to credit consolidation, an operation often underestimated but which offers just as many advantages as for a conventional consumer loan, starting with durations longer repayment and more flexible conditions with a good to offer as a guarantee.
Credit consolidation to financing the work over 15 years
One of the strengths of credit consolidation is that it is possible to obtain financing over a long period since the only consolidation of consumer loans can go up to 144 months of repayment and that a household may have recourse by having only one loan to redeem since the amount dedicated to the works will enable the financing transaction to be validated. If the borrower has several credits including a mortgage, the terms can extend up to 30 years for most credit institutions and above all offer attractive rates, because the mortgage guarantees the repayment of the loan.
Useful information: most of the work loan requests via conventional consumer credit are not successful, due to the lack of borrowing capacity and too high a debt ratio, credit consolidation is, therefore, a much more effective solution for obtaining satisfaction. , the bank manages to readjust the reimbursement conditions to adapt to the applicant’s current situation.
Obviously, this financing is accessible subject to conditions falling within the criteria of credit institutions, it is therefore strongly advised to carry out a loan consolidation simulation by specifying the amount of the various loans in progress as well as the desired amount for the works. The borrower can inform the amount of the desired duration and above all fix a monthly amount not to be exceeded, this facilitating the proposal of financing conditions adapted to his needs. Note that the funds requested as part of the work will be released at the time of funding, and transferred directly to the subscriber’s account.