This type of loan is very common in Jordan and many financial institutions and banks are going to try to buy the obligations of borrowers from other banks in order to increase their credit potfolio do they are attracting them for their satisfaction credit history with the banks that deals with.
The financial institutions and banks shall repay the obligations of the borrowers at their existing bank after the credit study and the relevent approvals. Then,they issue certified checks from the borrower's account to the order of the bank to buy the obligations from them. And the new bank will pay the fine of an early repayment commision of 1% of the amount paid.