What entities buy payday loan?

 

Purchase of loan is an alternative

Purchase of debt is an alternative

The purchase of debt is an alternative that you may find interesting when managing your debts. Additionally, it is possible, even, that you obtain better conditions for the payment of your debts. In order to guide you on this option, in the following lines we indicate which entities buy personal debts.

When you keep simultaneously debts of different nature with several financial institutions, you can complicate the management of them. In these cases, you can opt for a special personal credit offered by some institutions, called debt purchase. She allows you to group all your debts into one, without meriting more effort on your part.

Among the debt purchase operations, where more can be saved, is the purchase of mortgage loan debt or subrogation of mortgage loans.

The many advantages of a debt purchase, make it a product whose demand is rising. Therefore, every day there are more financial institutions that offer this type of product to their customers. In Mexico, the following are the institutions where you can make a debt purchase.

1.- Banking institutions

1.- Banking institutions

Banking institutions basically make purchases of debts of any kind, from credit cards to mortgages. They usually offer competitive interest rates, which may even be lower than those of the original credits. It is very important that you are not negatively reported to the Credit Bureau or the Credit Circle, since if you are, your request is likely to be rejected.

2.- Savings and credit funds

2.- Savings and credit funds

In Mexico there are 398 Savings Banks. Some savings and credit banks make purchases of debts of different types, although limited to a single institution. They usually offer relatively high interest rates, which generally exceed those of the original loans. Also the terms available for payment are usually shorter than those offered by banks.

They generally only accept debt purchases from people who do not have a negative report in Inforcorp.

3.- Financial companies

3.- Financial companies

Some financial companies make purchases of debts of different types, although they are inclined to include mortgages. They usually offer relatively high interest rates, which generally exceed those of the original loans.

There are a few financiers who agree to buy your debt, even if you have a negative report in the Credit Bureau. Although for that reason they demand some additional guarantees, or they place credit conditions that are translated in a high cost of the loan.

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