We can all end up in a situation where our economy needs a fresh start. A restart loan is another word for a loan taken to improve the borrower’s financial position. Unlike many private loans, these loans may be granted even if the applicant has payment notes.
What is a restart loan?
Sometimes life can go hand in hand with the consequence that the private economy takes a proper knock, then it can feel like there is no way out of the misery. But some banks and lenders offer special loans that they call restructuring loans. Sometimes this type of loan is also called a refinancing loan or collective loan. In practice, it is a loan that can be taken out when it can otherwise be difficult to borrow. This may be the case for making payment remarks. It can also be a case of having many small loans and credits that you need to collect all loans in one place. The idea is that even though economic history is not perfect, loans can be granted for the future.
It may sound prudent to borrow even more when you are already indebted, but collecting the debts with larger cheaper loans often means lower monthly costs and a faster way towards debt relief.
What distinguishes a restart loan?
The idea is that the restructuring loan will solve a temporary problematic situation in the private economy. Just like when you take out a private loan, the bank does a test of your credit rating before they can lend the money. It may be that a guarantor is also needed for the loan to be granted. A guarantor is a third person who undertakes to repay to the bank if the borrower’s finances are unable to do so.
It is not uncommon for the restructuring loan to be taken out with a security, usually the borrower’s home. Since the loan is taken with a collateral, the interest rate can be lower. Some banks also offer a so-called amortization-free loan.
Sometimes restarts loans are also offered without any collateral. It is then a loan with a higher interest rate than a regular private loan, since the lender experiences a greater risk of granting the loan due to the borrower’s financial situation.
Works with lenders who can offer low-interest loans without collateral when you need a financial restart. Contact us and we will examine your options for borrowing at no cost, even if you have payment notes. We are also happy to help you collect your loans if you have small loans and credits that you want to collect for a larger and cheaper loan.
Benefits of comparing the banks
Whether you want to take out a restructuring loan or a regular private loan, you should always compare the banks first. All banks specialize in different types of customers. It is therefore not possible to say that one bank is better than another when it comes to loans. Therefore, it is important to compare different loan offers to find which bank suits you best!
If you as a private individual go to several different banks to compare the terms, they each take credit information on you. This affects your credit rating and can impair your ability to get a really low interest rate. If you choose to compare with Astro Finance, only one credit report is made. The service is completely free of charge and you do not commit to anything when you make a comparison. Instead, Astro Finance gets paid directly by the bank or lender when we help them get a new satisfied customer.