A loan , or loan, is a sum of money that a bank or financial agency grants as a loan. The sum will be repaid in monthly installments, with the application of an interest or, in the case of loans at rate 0, with the payment of the necessary costs of practice and investigation.
The various types of loan
There are various types of loans that a subject can ask for, to face a costly expense or to raise his finances in a time of difficulty:
- mortgages: they are paid only on important figures and with a specific reason, for example the purchase or renovation of a house or the purchase of real estate to start a professional or commercial activity
- credit card loans: these are particular credit cards, called revolving, which instead of paying the entire amount of monthly expenditure to the following month, spreads the sum of the purchases over different months, applying a percentage of interest
- financing: it is the possibility of making a purchase and paying it in installments. Usually, it is the same shops that deal with making the request for the file, directly at the moment of the payment of the purchased good
- personal loans : they are the most sought after and most useful solution in case of need for small sums, which are not used to purchase a specific object or service, but to obtain liquidity
How do you apply for a loan?
For each type of loan there is a particular procedure to follow:
- for mortgages, you must contact the bank where you are a current account holder or, at the limit, a banking institution where you will necessarily have to open a current account. To obtain a mortgage, all the documents relating to the property that is being purchased or to the activity that is being started must be delivered at the time of signing the contract.
- the financing for the purchase of a specific good is requested, on behalf of the customer, directly from the shop that sells that good or that service
- revolving credit cards or personal loans , however, are requested from financial agencies that deal with loans or credit to private individuals
For what reasons can a loan be requested?
We have already seen that, in the case of mortgages or loans, the money requested on loan must correspond to the exact cost of a property, an asset or a service that is being purchased, of which all commercial and legal documentation must be presented. As for personal loans , however, there is no obligation to specify to the lending agency what it is used for, how it will be used, spent or invested the sum loaned. The reasons why a person can choose to apply for a personal loan are many and can have several causes:
- a moment of economic difficulty and the consequent need for liquids to be able to reach the end of the month, pay the bills, the installments of the rent or another asset that is being paid in installments, for example the car
- the need to do small jobs for the home which, however, do not have a cost that justifies taking out a demanding mortgage
- in the event of a wedding, to have the cash to face the preparation of the new house, the purchase of furniture or to enjoy the honeymoon
- to go on vacation without having to affect the capital
- to finance the studies of the children, in the absence of liquid, to face the school expenses and the first installments of the rent, if they go to stay away from home
What are the requirements for applying for a loan?
Financial agencies, of course, evaluate the application and the person before lending money. First of all, they verify that the applicant is not registered in the Register of Bad Payers. It is a register which includes the names of those who, in the past, have not honored mortgages, rents, loans. Anyone who has been included in this database, however, is aware of it, because it is a legal act that is done after communicating it to the Bad Payer. The other basic requirements to have access to a personal loan are:
- an age between 18 and 70, although some financials are elastic in their age and agree to lend money even to older people
- an income: as an employee, as a freelancer or as a pensioner. According to your situation, you will have to submit to the agency: the last paycheck, the last tax return or the last credit of the pension.
- some financial companies consider income obtained from annuities such as houses, properties or land for rent to be valid, if they can be demonstrated with a regular contract
- in the case of employees, the employment contract must be open-ended. Alternatively, the term of the contract must cover the entire term of the loan. An employee with a 12-month contract that has just started, therefore, can access a 6-month or 12-month loan, but not a 24-month loan
- be resident in Italy or have a residence permit that covers the entire duration of the loan
- have a bank account, in any bank, for which the bank statement of the last 4 months must be presented