Personal loans
Personal loans - Often we see informations referred to different types of loans, with a big trade names variety, ej. loans to the consumption, loans to the study, loans you reform, loans car, etc. Although, normally, all of them are included inside what we call ‘personal loans’.
The personal loans are a type of loan that one usually uses to finance a specific need in a given moment if free sufficient money is not had to face to this expense, like a car, trips, studies abroad or of postgraduate course, furniture, reforms, etc., and, generally, of not very high quantity. The personal loans are granted by personal guarantees of the interested party and the term of return usually ranges from one to five years. The maximum amount to finance in the personal loans, is according to the guarantees that could be contributed and normally it goes from 3.000 euros up to the 30.000.
In case of the personal loans the steps usually take less time that in the mortgage ones and in some occasions we can arrange of the money within a period of 48 hours.
In some occasions it is possible to need the presence of guarantees. The guarantors acquire with his signature the commitment to take responsibility of the payment of the debt in case we break with our obligations.
Although we speak about personal loans, these also are granted to companies or other legal persons. One speaks about personal loans because, as we have seen, the guarantee is personal. The companies use these loans to finance circulating or short-term investments.
In most cases the insurance policy or contract of the loan is signed before a Business agent (Fedatario Público).
With the current competition between financial institutions, we can see on the market a wide scale of products and trade names that try to adapt the personal loans to every particular need. This way, there is normal to see products like loan payroll, loan pension, loans company, loan master's degree, etc.