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What Is A Personal Credit?

by adminon June 17, 2019June 17, 2019

It may seem like a very simple question but it is critical to realize for sure what a personal loan is so you can make the best financial decision. Ultimately, you should seek a credit that is appropriate to your needs, goals and interests. Right? See cocinaconcarmen.com for details

Personal Loan Or Personal Loan?

Personal Loan Or Personal Loan?

Credit or loan are two synonyms for the same issue. A personal loan is a financial product designed to advance a certain amount that can be used for multiple situations (whereas a saving is the postponement of an expense). The two potential advantages of these products are:

  • Satisfaction of a need and
  • No obligation to say the purpose.

They are personal loans, so you do not have to say what the money is for.

Do I Need Any Warranty?

Do I Need Any Warranty?

In order to have access to a personal credit you do not need to give a real guarantee (a car or a house, for example). However, the bank will make a more or less rigorous analysis taking into account the amount in question. In any case, it is necessary that the client gives guarantees of being able to honor the commitment of the payment:

  • Low Effort Rate – Relationship between family income and credit benefits;
  • Income Stability – Is it effective in your job? Do you have a large variable yield component?

Do not Forget the Relationship Between Cost and Risk

Do not Forget the Relationship Between Cost and Risk

Even if you do not have to give guarantees to access personal credit, that does not mean you should not show your bank that you are a trustworthy customer. Banks like customers who deliver on their installments and who have income levels appropriate to their intended credit value.

In this context, it is intuitive to realize why a housing loan has a lower interest rate than a personal loan. As the home is given as a guarantee of performance of the contract, the bank is in a willingness to lower the interest rate of the contract. The higher the risk, the more we pay …

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