Refinancing

Learn about “Refinancing”

Transforming your current credit or credits from one or more financial institutions, either bank or non-bank, into a more advantageous credit offered by a single bank or non-bank financial institution.

Which loans can you refinance?

• Personal Loans: Only unsecured personal loans, credit cards, and overdrafts can be refinanced.
• Personal Loans with Mortgage: All types of loans and credit cards can be refinanced.
• Mortgage Loans: Only acquisition, construction, or renovation mortgage loans can be refinanced.
• Credit cards and overdrafts are credit products similar to unsecured personal loans and can be refinanced through a personal loan.

What conditions must you meet to qualify for refinancing?

• You must have a minimum income of RON 1000 per month.
• Minimum of 3 months of employment at your current job.
• Age: Minimum 18 years – Maximum 70 years.
• No significant employment gaps.

It’s important to note that no type of collateral is required for refinancing if it’s an unsecured personal loan, overdraft, or credit card.

Documents needed if you’re applying for a refinancing loan:

• Client profile;
• GDPR agreements;
• ANAF agreements;
• Copy of ID card.

How can Bright Finance brokers help you obtain a refinancing loan?

Our agency’s specialists simplify the identification of the best refinancing solution for you. With access to offers from over 15 banks in the Romanian market, we can easily select the credit that benefits you based on your needs. We understand that the benefits of refinancing are numerous, and they depend on negotiation with the new banking entity. Therefore, our specialists’ extensive experience in the field will help you choose the best credit in terms of interest, repayment period, and grace period. Thanks to our extensive portfolio of successful cases, our brokers ensure that you’ll make an informed choice that will result in significant savings on the total amount repaid to the bank.

Here are some useful details if you’re considering a refinancing loan:

• Eligible borrowers include: employed individuals, retirees, self-employed individuals/freelancers, individuals with rental income, copyright income, or foreign income, business owners with work contracts at their own companies, and employees of multinational corporations earning income through their own micro-enterprises or dividends.
• Loan periods are: between 6 and 120 months for unsecured loans and between 6 and 420 months for secured loans. If the products being refinanced were contracted before October 31, 2011, the refinancing period can exceed 60 months.
• Refinancing amounts: unlimited, based on the refinancing loan balance.
• Interest rates can be fixed or variable.
• In certain situations, the client may need to pay a processing fee for an order to secure the provided amount; Bright Finance specialists can assist with negotiating this fee to ensure you pay as little as possible.

A financial product broker does not charge commissions from clients. Therefore, the financial broker’s services are free, as the credit institutions and non-bank financial institutions pay the credit broker for the intermediation of each loan.