Millions of Americans have student debt and housing debt that many have gotten into without fully understanding what debts involve. Most are appalled to find that after years of paying, they have only made a small dent in their debt. When you find your original loan too expensive, you may consider refinancing. But what is refinancing, and is it a better choice for you? Keep reading to find out.
The Definition Of Refinancing
Refinancing means replacing an existing loan with a new, ideally better,
loan. You can refinance any type of loan out there, from student loans to auto
loans. The new loan will pay for the original debt, and then you will pay for the
new loan. This means that you will still owe the original loan balance.
However, the new loan you will use to refinance the original one may offer
better terms and features that will help you improve your financial well-being.
How Does Refinancing Work?
In order to refinance a loan, you will have to actively search for
lenders that offer better loan terms. Depending on your situation, “better loan
terms” could mean a lower interest rate, a fixed interest rate, lower monthly
payments, or a shorter loan length.
It is imperative to consider the loan terms of the new lender to make
sure you will benefit from the refinancing. We offer better
loan terms for federal employees and public sector employees
looking to refinance their debts.
Once your refinance loan is approved, it will pay off your debt/s. You,
on the other hand, will start paying off the refinance loan, ideally within a
shorter period.
Benefits Of Access Loans Refinance Program
Refinancing has the potential to improve your credit standing and
financial status by giving you access to better loan options. Guarantee that
you get the ideal terms to refinance your loans with Access Loans Refinance
Program. Access Loans offers a refinance program once you have made 10
consecutive payments on your original loan amount. This gives you the option to
increase your loan amount giving you extra funds while keeping the low cost
loan as well as the low repayments. The application also won’t affect your
allotment or split direct deposit payment. It is a simple and quick application
that just requires you to upload the most recent documents in order to receive
your funds within 1-2 business days, if you qualify.
1. No Need For Credit Score Or FICO Score
Access Loans aims to give federal employees access to refinancing so we
look beyond credit history. Even if your credit or FICO score is low, you have
a chance at getting approved in Access Loans Refinance Program.
2. Better Interest Rates
Many consider refinancing when they realize how much they’re paying on
interest from their current loans. Federal and public sector employees who are
looking for better interest rates have come to Access Loans. With better
interest rates, you can pay off your loans much faster.
3. Tailored For Federal And Public Sector Employees
Access Loans’ aim is to help federal and public sector employees achieve
their financial goals. The application process is convenient and the entire
process is quick. You only need to count days to receive your application
results and funds—perfect for the busy life of federal and public sector
employees.
If you have any questions about Access Loans, our refinance program, or
questions about your current loan, please call our customer service department
at 321-396-0172.
