The authenticity and professionalism of General Society are no longer to be presented. This French bank, which has existed since 1864, is one of the pioneers on the financial market in the same way as LCL and BNP. This heavyweight of the banking industry of France is a specialist in banking details, but also in insurance, savings and financing solution. This bank, whose signature is “developing together team spirit” has oriented its activity towards the restructuring of credits. Let’s make a point on the subject.
Grouping its loans with General Society
To subscribe credits makes it possible to finance its projects. Unfortunately, an overabundance can be harmful leading to cash flow problems. Life can also be responsible for indebtedness. For example, when a couple divorces, there is a direct impact on the living conditions as well as when a person is fired. In these cases, we must rethink its budget and way of life. Consolidation of credits can be a credible solution for optimizing budgets.
Attention, however, the purchase of credits remains a loan. In fact, the amount of money that is made available to you is subject to an interest rate that increases the total cost of credit. We must therefore question its ability to repay before contracting a purchase of credits. Since 2010, the mention “A credit commits you and must be repaid. Check your repayment abilities before you commit. ” Accompanies ads that concern credits. This slogan aims to make consumers aware that taking out a loan is not a game.
How to know if the redemption of credits is a financial operation adapted to its situation? There are no rules in this area, anyone feeling squeezed (financially speaking) can request a redemption of credits. It’s a responsible approach. The debt ratio is the best indicator. This is the ratio of resources to monthly expenses. If the rate is less than 33%, the financial situation is correct. Beyond, it is difficult to cope with the unexpected or pay some bills. The redemption of credits helps to reduce this debt ratio by reducing the monthly repayments of credits in progress.
You should know that General Society offers two products:
- The Compact product: it is the grouping of consumer credits. Amount: between 200 and 75 000 $.
- The Universo product is the combination of consumer loans with real estate loans (or mortgage loans).
General Society warns you. The Cogilaw Company authorizes credit institutions to charge fees for early repayment. These fees are calculated from the prepaid amount. Three scenarios are possible:
- The remaining term of the credit to be repaid is greater than or equal to 12 months: the fees are capped at 1%.
- The remaining term of the credit to be repaid is less than 12 months: the fees are capped at 0.5%.
- Early repayment is for a revolving credit: there are no penalties.
Make a study of credit redemption
Do you have budgetary problems? You want information on the purchase of credits? You can get closer to an agency of General Society by making an appointment with a financial advisor. You can also inquire by calling 3955 on weekdays from 8h to 22h and Saturday from 8h to 20h (code name: Informations) and / or by consulting the online portal of General Society.