CONSUMER CREDIT: FEATURES
credit, loan, credit loans, loans credit
All those loans that are designed to meet the personal needs can be found within the definition of consumer credits. These credits are requested by clients to finance a car, house furniture, take a trip, buy appliances, celebrating a wedding or a birthday, etc. The economic function of a consumer credit is the most important, because it’s a small amount of money for immediate spending.
The main features that have a credit of consumption are:
1. it is concluded by a professional, which is not always a Bank, can also be a financial institution or an insurance company, and the relationship is with a user perceived that amount to attend a personal or family need unrelated to their professional activity or not.
2. the contract is in writing and the customer gets a copy. You must have the signature of both parties, otherwise, it is null.
3. it must contain certain important information, that will assure the applicant knowledge of each of the financial data which meet in the operation.
Some of the data that can not miss on contracts when consumer loans are requested are:
-Annual rate (corresponds to the amount borrowed and consists in the total cost of the loan expressed as a percentage, taking into account fees, administrative costs, etc.).
-Nominal interest rate (in the case of not to establish annual rate, with their corresponding costs).
-Amount of the loan (it is much lower than in other cases, such as a mortgage).
–Number of fees to pay (also lower than in other loans).
–The amount of each share (if they are all the same or vary). -Periodicity of payment (weekly, monthly, bi-monthly, etc.).
–Constitution of guarantees, penalties and other fees that may apply.
For its part, the rights of both parties should not miss throughout the process of granting and payment of the loan, terms and conditions, and delimit this credit does not have a specific end, but that the customer can use it for what you want, without having to notify the borrower entity of money.
In ComparaOnline you can simulate your consumer credit, see fees and interest, and choose the most suitable. It quotes the alternatives of the free market and without leaving your home. You’ll take a wise purchase and without paying more!