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What's a personnal loan ?
The personal loan is a contract by which an amount money is placed at the disposal one individual which must refund it according to given methods and with the help of the payment of interest. It's a nonaffected credit with a given purchase. To make the request a personal loan, it is not necessary tell what for that on account to make lent sum.
It is adapted to finance, for example:
- Projects: marriage, voyage, holidays…
- A large expenditure: various repairs or replacements.
You can make to the request of personnal loan attached to your financial institution (popular cases, banks) or you can apply to the finance companies specialized in the consumer credit.
Generally, the payments of refunding can be weekly, at the two weeks, semi-monthlies or monthly magazines and can be refunded partly or complete in any time and without penalization.
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There are two kinds of personal loans which arise:
- The personal loan at fixed rate and the personal loan at fluctuating rate:
- A fixed rate offers a rate and a term which were established at the time of the request. The minimum term varies between 1 year and 5 years at most. The maximum period damping is 20 years, according to the amount, goal and aptitudes of refunding of the applicant.
- A fluctuating rate offers a rate related to the basic rate of financial institution which increases or decreases according to its fluctuations. The fluctuating rate is equal to the basic rate plus a percentage. It is matched at term one year and one period damping 25 years, according to the borrowed amount and the aptitudes of refunding of the applicant.
It is important to know qu´un ready personnel at fluctuating rate can be converted into a loan at fixed rate in any time and usually without fresh aucuns.
It is advantageous to choose the personal loan, because the rate is in general lower than that of the affected credit to a purchase and one credit limit renewable or credit revolving). Moreover, all is known with advance: the rate, duration of refunding, the amount of the monthly payments. On the other hand, legal absence of bond between the loan and the sale contract in are a disadvantage. What wants to say that you are held to pay the amount in entirety even if the good n´est not delivered, if is nonin conformity or if is defective. With reverse, if you do not obtain the loan, you remain held to regulate acquisition.
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