Expenses and commissions of the personal loans
The personal loans have a functioning similar to that of the mortgage loans that we have already seen. The expenses and commissions that they usually affect to the personal loans are the following ones:
Opening commission
It is paid at the moment of formalizing the operation and is somewhat a per cent on the given quantity. We remember that this commission is included when we are going to calculate TAE (to see TAE)
Study commission
It is paid to the beginning by way of analysis and study of the loan. It usually a minimum and be have a percentage. As in case of the mortgages, sometimes already it is included in the opening commission.
Commission for amortization or early cancellation
Only it is applied if this amortization or early cancellation takes place. It expresses itself in a percentage on the amount amortized prematurely.
Expenses of Brokerage
This expense originates for the intervention of the Business agent, who takes control of the insurance policy to give faith of the contract.