It is a product with a bank or financial institution that will allow a customer to receive the requested money in exchange for timely payment, adding statutory interest. These payments will be made in monthly or periodic installments as the case.
Its name comes from one main characteristic: It has a special guarantee based on the amount borrowed but all current or future well enter as collateral. The contract clauses are not written but a well as in the case of the mortgage.
The main features of personal loans are as follows:
*. The odds are not great.
*. Is made by small amounts of money.
*. It is intended in most cases the purchase of consumer goods such as computers, home furniture, holidays, studies and specializations, car, etc..
*. Explicit commitment not any good.
*. The money to pay the beneficiary must be different from the supplier of goods and services it uses.
*. Interest rates for personal loans can be variable or fixed depending on customer needs.
*. This type of loan is ideal to pay debts, buy any items and pay in the short term.
*. Destination is free.
How much is paid?
Like any type of loan, the payment will vary by financial institution and our credit history. While you are in a better position our history, less money to pay.
Financial institutions are free to set the rate they wish, provided that, not out of the existing legal parameters.
Keep in mind that any personal loan is required to pay in the short term and taking into account the amount of money that we requested, we could pay a high monthly fee.
The interest rate may be variable or fixed.
* Fixed Rate: In this type of interest, as mentioned above, fees will be the same with regard to the percentage of interest from the beginning to the end of the loan period.
Note that the longer the time for a refund, the higher the interest rate.
* Variable Interest: The interest rate on this kind of interest with respect to personal loans, will be amended throughout the period of payment of debt. This means that a user will pay the interest rate expressed as the rate of EURIBOR (European Interbank Offered Rate) at the time of publication of daily trading. To this was added 1% to round up or down the percentage to be paid in that month depreciation rate.
At the time of change, the financial institution must notify the beneficiary customer variation and the possible impact (either positive or negative) about the payments.
In conclusion, in a payment of fixed or variable interest simply changes the amount of money you must pay each period as depreciation or quotas. If you prefer the security using a fixed rate personal loan, but if instead you want to “playing” with market conditions, causing a possible benefit using the personal loan with variable interest rates.
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