A personal loan is a loan of money that the Bank does not require another guarantee that the staff. They tend to be minor and with a determined deadline and an agreed interest rate loans. It is common to apply for a personal loan for the purchase of a car, make a trip and other expenses from reduced amount. See also a definition of what is a loan staff on our website the personal loans allow us to enjoy things that we want, so that, typically, do not have enough money saved. We want to buy a car, a motorcycle, a trip, pursue a master or studies in another city or country, starting a small business, make reforms at home or simply buy it! Change of car, redecorate the House, buy appliances, change computer, enjoy your vacation or to finance the studies of their children are spending and acquisitions of consumption that may require some type of financing. Fortunately, the competition among the financial institutions is growing, thus offering consumers a greater variety of loans and conditions where to choose. Collect information from such a variety of options not always easy but it is before such abundance of figures, names, acronyms and terms, the best thing is to be well informed to make sure that I choose the best option, so we do not have problems. There are three alternatives funding for private clients: mortgage loans: suppose put a real good as a guarantee for the operation, which may occur by high times.
Its formalization process is complicated, which implies assume a series of expenses of some importance. Cards: Are payment instruments equipped with maximum agility, which, therefore, does not require very stringent requirements; for this reason, the time limits are reduced and the credit limits are typically small, so do not seem appropriate for purchases of certain amount. Personal loans: require the personal guarantee of the borrower and, normally, of one or several guarantors, and are often subject to verification of notary public. The warranty associated with this product allows you to adopt deadlines for several years and sufficient amounts to finance purchases of higher amounts. Personal loans for consumption have the following set of elements: term: is the maximum period of repayment of the loan, which can vary between 6 months and 8 years.
Interest rate: it is the price that repay the borrowed funds, and depends on the interest rate of the financial markets and the risk profile of the operation. Normally, the interest rate has two modalities: fixed, is that remains constant throughout the life of the loan with what the monthly payments of the loan will not change. It is the commonest in the consumer loans. Variable, i.e., which varies depending on a market reference, so that the applicable rate is reviewed regularly. Commissions: Are the rates that applied the entity to pay the inherent to the operation expenses and compensate for operations associated with the loan, such as the feasibility study, the processing of application and grant, checking of goods and guarantees, etc.