The timeframe for a loan repurchase transaction is very variable, several factors are taken into consideration. The most decisive element is the honesty and transparency that the borrower demonstrates at the outset with the online simulation or with the study of your file carried out directly by phone.
As soon as you have the analyst on the phone, he is dedicated to you. He is by your side throughout the course of your file, he is your single point of contact. If the file is complete, the processing time will be quick.
The deadlines also vary depending on the type of loan consolidation
You will need and which are managed by different so-called “Scrivener Law” set up by the French government for consumer credits and home loans.
The duration of the processing of the file is not the same if you opt for the consolidation of consumer loans or repurchase of credit with a mortgage guarantee.
The total delay for a file can vary between 3 weeks or 21 days for loan repayment to the consumer without a mortgage guarantee and a number of 6 to 8 weeks or a duration of 45 to 60 days for a credit repayment with a mortgage guarantee.
Step-by-step response time
What are the deadlines for the analysis of your file?
It is not possible for the analyst specializing in credit repurchase to properly study the file if it presents misunderstandings due to missing documents. The processing time begins upon receipt of the file. So, if borrowers have to be raised several times in order to obtain a complete file, the time allocated to the analysis of the file is automatically extended.
If the analyst has to go back 3, 4 or 5 times to the file, he necessarily ends up having a more negative approach to the file. And you, as borrowers, have the impression that you are constantly asked for documents and that your file is not progressing.
So ask yourself the question: Is my file complete?
If the analyst validates the fact that the file is sent complete, that is to say, that all the supporting documents correspond to the documents which were requested following the study made by telephone or internet, then, an answer you are given much faster. The processing time on the feasibility from the reception of your complete file is 48 hours working days, within our agency Good Finance.
The file is then transmitted to our lenders on the internet, via protected sites, which allows us to reduce the time compared to postal mail. The financial organizations take charge of your file and study it rigorously, provided that it is complete.
The time taken to take charge of your file is variable depending on the flow of files they receive. The deadlines are very different from one lender to another, they can be from one day to one month, but in general, it takes around 3 to 5 working days to get a response.
In all cases, we warn you before sending your file, the estimated time that you will have to wait to get a response from our lenders.
The deadline for buying back a consumer loan
Borrowers need to be patient with a loan consolidation package. The cohabiting couple, pacs (e) or married, or the single person, widowed (divorced) or unmarried who make redeem their loans have the habit of obtaining their revolving credits in a record time of 48 hours. As soon as the loan request is made we have the offer within an hour and the funds within two days at the latest.
For a repurchase of consumer loans which includes revolving loans, personal loans, car loans and home loans (provided that the amount of the home loan is less than 60% of the total amount of the transaction) the deadline of setting up for the edition of loan offer is shortened, taking into account that there is no mortgage guarantee to set up.
The deadline for analyzing the file and editing the loan offer takes approximately 8 days if no additional document is requested.
This is why we cannot say it enough: a file must be presented in full in order to save time and shorten processing times.
The deadline for a loan repurchase with a mortgage guarantee:
For a mortgage repurchase file to be validated in the committee, the lender must have an appraisal done on the borrower’s property, in order to have an estimate of real estate value. Each of our lenders transmits all their files to their internal experts. It is the expert who will assess each property. The deadline for the appraisal in principle is made within two to three days.
Depending on the result of the value of the appraised property, he can transmit the file to the bank committee for editing the loan offer. If the amount of the loan is high, or if the mortgage ratio is low, an estimate of the property is made on site: at the address of the borrower. The expert who is diligent has in principle 5 working days to make his estimate, provided that the borrower accepts an appointment very quickly.
The deadline for accepting the loan offer
For a consumer loan file, the mandatory deadline to apply is that of the so-called “Scrivener 1 law” and since May 2011 the so-called “Lagarde law”.
The legal deadline for accepting the loan offer and the reflection period has been reduced from 7 days to 14 days. This is often the time that is going to be the longest compared to the entire set-up time.
The withdrawal period and the deadline for the release of funds
After having affixed the date of acceptance and his signature on his consumer loan repurchase contract, the borrower has the power to assert his right of withdrawal for a period of 14 calendar days. The lender must wait until the time has passed to release the funds.
With some of our lenders, the borrower has the option of checking the option that he wishes to receive the funds from the 8th day. The loans bought back are directly settled by the lender without going through the borrower’s bank account, if cash is provided, the money is transferred to the borrower’s bank account.
After signing your loan offer and sending it to the lender, it is checked by the legal department and then sent to the notary of your choice. The notary takes care of your file and takes care of repaying all the credits and debts that are listed on the loan buy-back offer.