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Payment of another bank loan at Bank, refinancing.

Thanks to the specialists of Lendoff Bank, paying a loan from another bank is as simple and profitable as possible for its customers. In this article, we will cover the topic of refinancing a loan. This service is called a “balance sheet transfer”. Not many borrowers are aware of the operation and functionality of this procedure. And those customers who are in the know in vain believe that this procedure is time-consuming and time-consuming.

In most third-party banking institutions, this procedure is really capable of causing difficulties in the registration process, but this does not apply to Lendoff. In this bank you will get registered in 10 minutes, and the red tape with all kinds of papers is minimal.

What is refinancing? This term refers to the process of repaying a loan taken in one bank by the resources of another banking institution. For example, if you have a credit card debt in one bank, it’s simpler to say, it will happen as a direct transfer of the amount of debt from this credit card to Lendoff to a similar loan product.

This operation is beneficial to everyone – the client finds a comfortable service with a reduced rate, and Lendoff – the client. Especially this service will appeal to those who pay at the same time several loans at various banks. Undoubtedly, it is more convenient to make payments to one bank with a reduced amount of payments than to different ones.

Is refinancing in Lendoff profitable?

Is refinancing in Lendoff profitable?

The main advantage of the service is a significant savings on the interest rate. A 120-day period of interest-free use, plus a favorable interest rate, becomes available for the client on the stock.

Here is an example

Suppose you took a loan with a credit card in the amount of 200,000 USD. at one bank at a rate of 30%. The period of interest-free use ends in a couple of days and you have planned its repayment at 15,000 per month. By doing so, in 17 months you will be able to repay this loan by paying 246 353 USD.

Having studied the offers on the lending market, you wanted to transfer your loan to Lendoff Bank. You have received credit card approval at 15%. Plus, according to the promotional conditions, you received an additional 120 days of the period of interest-free use.

Suppose you want to repay it in the same way (15,000 USD per month). Using the benefits of refinancing, you will pay 219 965 USD.

Now we give some simple calculations:

246 353 – 219 965 = 26 388

Real savings of 26,000 USD!

Whether this scheme will help you, you can find out by simply filling out an application on the Lendoff website.

Other Lendoff Refinancing Benefits

Other Lendoff Refinancing Benefits

  • The client has the opportunity to extend the loan circulation period. With the extension of the loan term, the amount of monthly payments decreases.
  • You save not only finances, but also time if you paid loans at the same time at several banks. You no longer need to think about who, where and how much you owe. It will be easier for you to plan your budget. You do not have to spend time staying in queues for bank operators. You can calculate the monetary compensation based on the available credit loans.
  • If you again feel the need for a loan, then you are not issuing a new one, but simply use the funds on a credit card. But first, we advise you to calculate the risks in order to avoid the “debt hole”.
  • Different methods for debt repayment – terminals, ATMs, mobile banking and the Internet. Total more than 300,000 points.
  • The bonus program developed by Lendoff allows all customers to return 1% of the money spent on the purchase of funds. By special offers from affiliate network cashback reaches 30%

Terms and Conditions

Terms and Conditions

The maximum threshold for on-lending is 300,000 USD. The size of the limit is determined by representatives of the bank, it may differ in the direction of reduction.

The annual interest rate on a loan is from 15% (until the end of the promotional period in July 2017). The rate is set individually based on the specific situation.

The fee for transferring finance to a bank refinancing loan is free of charge.

The minimum payment amount is not more than 8%, but not less than 600 USD (determined individually, average value of 6%).

The time of interest-free use of credit funds is 120 days. During this time period, you repay only the loan part of the loan. Interest in this period is not paid by the client. After a 120-day period, a standard period of 55 days begins.
For refinancing, the borrower must meet the requirements of:

  • Age – from 18 to 70 years.
  • Valid Russian registration.
  • Systemic defaulters are waiting for a refusal.

Stages of refinancing

Stages of refinancing

  1. To get started, make out a Platinum credit card from Lendoff. You just need to fill out a form on the site.
  2. The completed Card will be handed over to you by an employee of the courier service in a few days. If this service is not available at your address, the card will be delivered by mail, the period may be increased.
  3. Once you have received a credit card, you need to activate it. Subsequently, you will receive notifications from two banking institutions. The message will be sent information about refinancing. The client controls this process in real time.

Refinancing in Lendoff – disadvantages

Refinancing in Lendoff - disadvantages

There are no critical shortcomings in the refinancing operation. Success directly depends on the situation of an individual client – it will be beneficial to implement it or not. It is important to calculate everything beforehand.

Do not forget that the bank takes care of paying the loan of another banking structure for itself, in view of which absolutely it will not do this to everyone. He methodically considers the debt formed by the client, his solvency and may well refuse.