Personal credit: what options exist?

Sometimes it may be necessary for resort to personal credit to obtain liquidity in the bank account. Maybe to face unexpected expenses or large programmed expenses for which you don’t want to fund your savings, or to start new projects. Personal credit solutions are not lacking. But what options are available? How to get them?

What types of funding can I choose?

What types of funding can I choose?

The most common solution for obtaining liquidity without strings is a personal loan. What is it specifically?

Personal loan

A personal loan is a form of financing that the lender grants directly to the customer. This provides for a repayment plan through monthly installments, which are approved by the applicant by signing the contract.

It’s the best way to get the liquidity you need, directly to your bank account. In fact, for this type of financing, the amount disbursed can be used for everything you need, it is not necessary to give explanations to the person who grants the loan: you want to invest in a new project, take the trip you have always wanted, carry out dental treatments that you postpone for some time, or face other daily expenses? With this form of personal credit you can finally do it!

In order for it to be defined as such, the amount of the personal loan must generally not exceed 30,000 dollars (for some banks it can go up to 50,000), otherwise for higher amounts it is called a liquidity loan.

Employee Loans

Are there other solutions? Well yes.

If you are looking for a personal credit and you are an employee or pensioner you will be able to access another form of financing, created specifically for these two categories of customers, the salary-backed loan.

In recent times it is increasingly in demand, as it has several advantages compared to other products available on the market. One of all is the possibility of accessing it also to those who have been reported the “bad payers”. But the main characteristic of the loan is that of providing fixed repayment installments that never exceed a salary, that is, 20% of the salary or net pension received by the customer. You will therefore have the certainty that the expense you will face every month for the repayment of the loan will never be too high, and therefore you will have no particular problems in repaying. In addition, the payment of the installments will take place automatically, through the holding by the bank of the monthly amount due by us.

What are the requirements for accessing personal credit?

What are the requirements for accessing personal credit?

Each credit institution can decide its own specific criteria, also according to the type of financing offered. In general, the most important is always the installment / income ratio: the installment should not exceed 30-35% of income, net of any other ongoing financial commitments. To have more disbursement possibilities, if for example your monthly income is USD 1,300 and, suppose, a mortgage in progress with a monthly installment of USD 300, you must apply for a loan whose installment does not exceed USD 300-350.

However, there are universal requirements which generally apply to everyone, both large and small loans. Both the personal and economic data of the applicant are considered.

PERSONAL DATE

The applicant must be aged between 18 and 75 (sometimes this may vary), must have a current account and be resident . The finance company first checks the regularity of the personal documents: identity card, driving license or passport valid for citizens, residence permit for non-EU foreign citizens.

FINANCIAL DATE

He then proceeds to verify the financial situation of the person and his repayment ability, the fundamental thing is that the customer has a demonstrable income.

It is necessary to prove one’s income through a paycheck (in the case of employees), for pensioners the pension slip or the CUD, while for freelancers the latest Unico model.

The banking and credit history is also checked: if you have skipped the payment of some installments of a previous loan or paid them late, it could be a problem, as you will be considered a bad payer and therefore at risk of insolvency.

How to find the best personal credit solutions?

How to find the best personal credit solutions?

To find the best personal credit quickly and easily, have you ever thought of using an online comparator?

Our tool that will help you find the most suitable solution for you!

In this way you can compare the various offers of the main banks and financial institutions and calculate the installments of your loan directly online. How does it work?

Chat with us only a few minutes: tell us how much you want, what you are looking for … we will immediately show you the best offers!

What are you waiting for to confront immediately? It’s free!