When you need money – you compare private loans

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With a private loan, you can have money in hand for consumption, investment in your accommodation, purchase of used car and the like. The requirements for being able to take out a private loan are quite generous and you can get your money paid off relatively quickly. Before you take out a private loan, however, there are some things to consider. Not all private loans look the same. You should compare offers of private loans from several banks and credit institutions before deciding. You can compare sms loans if it suits your needs better than a private loan. It is easier and faster to get sms loans but there are higher fees.

 

Terms for private loans

Terms for private loans

In order to take out a private loan, you usually have to be 20 years of age, have a fixed income and have no payment notes. The basic conditions are not very difficult to fulfill. However, what is considered a fixed income can differ between different lenders. In addition, some lenders may have limit amounts for different incomes. This means that you with a low income are limited to borrowing lower amounts. When it comes to payment remarks, there are some lenders who place less weight on them. However, you can expect to have to pay a little extra in interest if you have previously neglected your payment obligations.

 

Private loans

Private loans

The interest rate on a private loan is set individually based on the lender’s analysis of your current ability to pay. You should therefore not stare blindly at the target prices that different lenders present in offers. However, the highest interest rate in the offers is always the highest interest rate you can pay. The better your financial situation looks, the lower the interest rate you will get. However, you should be careful to compare the effective interest rate, that is, the annual interest rate with any costs included. Some lenders may offer low interest rates, but at the same time charge quite hefty fees. For smaller amounts of loans, the fees can be quite hard on the total.

 

Loan Amount

Loan Amount

According to current rules for the industry, a maximum loan amount of $ 350,000 applies. Regarding the lowest loan amount, $ 20,000 is normally a lower limit, although there are lenders who can also lend $ 5000 and $ 10,000 in the form of a private loan. Not all lenders in private loans offer loans of up to $ 350,000, so you have to look a little carefully if you need larger amounts.

Credit for funeral expenses

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Payment in installments and deferral by the funeral director

Payment in installments and deferral by the funeral director

In the event of an inheritance or a life insurance payment that is certain to be expected, relatives do not necessarily have to take out a loan for the funeral costs, since most funeral companies are willing to defer payment in such cases, for which they either charge little or no interest; in some cases, the interest is only calculated on designed external costs.

However, only a few morticians offer long-term installment payments, so that the bereaved mostly have to contact a bank for borrowing. In many regions, a coffee table is customary on the day of the funeral and is paid for directly in the restaurant, although it is rarely possible to defer payment.

The billing of further costs such as the amounts for the flower arrangement and the cemetery fees can be handled as a service by the undertaker. This procedure is useful if you need to borrow funeral expenses because the bank can be provided with a complete estimate.

Take credit for the funeral through a bank

Take credit for the funeral through a bank

Even people with a poor credit rating can easily borrow for funeral expenses, provided they can provide the bank with expected payments from an inheritance or insurance contracts. In this case, the financial institution secures the loan amount by assigning the corresponding payments up to the amount of the funeral loan.

If no inheritance or insurance benefits are to be expected, the approval of the application for a loan for funeral expenses is based on the creditworthiness of the borrower. In such a case, however, smaller financial institutions are more willing than large direct banks to lend despite their poor creditworthiness, as they perceive the special situation of the bereaved in addition to economic aspects.

However, the bank is obliged to partially offset an increased default risk with an above-average interest rate. A loan for funeral expenses is easy to obtain on personal loan brokerage websites because private lenders agree to pity lending to survivors.

Is there government aid?

Is there government aid?

If neither the assets of the relatives nor the expected inheritance including any insurance benefits are sufficient for a decent funeral, a loan for the funeral costs can be applied for through the social welfare office. When it comes to lending, the municipality has a lot of leeway; however, if the loan application is rejected, they must pay a simple social funeral without a claim for reimbursement.

Favorable loan for debt restructuring.

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Debt restructuring is used to combine expensive existing loans with a cheap loan. Usually, the number of existing contractual partners decreases with the borrowing for a debt rescheduling, which, however, is not a noteworthy advantage in itself, since the payment of the loan installments is usually made by direct debit and does not cause any work or costs. Since the borrowing rates for new loans have dropped regularly in recent years, rescheduling older loans makes sense in many cases.

Which loans are included in the debt restructuring?

Which loans are included in the debt restructuring?

A cheap loan for debt restructuring serves to replace most of the existing loan liabilities. Loans that were granted on particularly favorable terms are not included in the measure. Above all, this includes real estate loans and vehicle loans, but installment payment agreements with mail order companies and brick-and-mortar stores are often made at particularly favorable conditions or free of interest.

However, credit lines that are used are included in the debt restructuring on the current account and on the credit card account, since particularly high interest rates are charged for the overdraft facility and the credit card facility.

What to consider with debt rescheduling loans

What to consider with <a href=debt rescheduling loans” width=”640″ height=”426″ />

Borrowers only apply for the pooling of loans if a cheap debt for debt restructuring actually leads to savings. When calculating the cost savings from the planned rescheduling, debtors take into account not only the interest on the new loan but also any prepayment penalties that may have to be paid to their previous lenders.

In a few exceptional cases, a cheap debt rescheduling loan also makes sense without saving money. This only applies if the borrower absolutely has to reduce his monthly burden from the loan installments and the previous partner banks have rejected an application.

A cheap loan for debt restructuring is practically processed in such a way that the borrower sends the new bank a list of the debts to be paid and at the same time authorizes them to transfer the debt rescheduling loan to the accounts of the previous lenders.

This procedure is necessary so that the credit institution responsible for the rescheduling knows that the borrower is not taking out an alleged debt rescheduling loan as a new loan and may therefore no longer be able to meet its obligations.

Maintain discipline after debt restructuring

Maintain discipline after debt restructuring

A cheap loan for a debt rescheduling does not automatically reduce the overdraft facility on the checking account or any other credit line such as that of the credit card account. Thus, the recipient of a corresponding loan must maintain discipline after the debt rescheduling so that he does not accumulate a costly negative balance on the checking account or credit card account shortly after the successful measure.

An active reduction of the discount range by the account holder is possible at any time, but is rarely required to ensure solvency in the event of unforeseeable expenses.

Mortgage loan with the lowest commission

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When most of them need to buy, build or renovate a home, most people opt for a mortgage loan. Other types of garages are accepted for a real estate loan, but for a mortgage loan it is obligatory to guarantee with that house for which the money is taken.

Unlike quick loans or for personal needs that are usually repaid in 1-5 years, a mortgage loan will extend over a much longer period of time. Most mortgage loans are offered for 30 years, but there are some banks that offer a repayment term of even 35 years.

The amount borrowed is large, but so are the commissions taken by the bank (especially the analysis and granting commission). Penalties are generally granted if the loan is repaid earlier than the deadline.

How to Choose a Mortgage?

How to Choose a Mortgage?

There are many banks that grant mortgages. Taking a mortgage is a very important decision, because it will be paid for the rest of your life. That is why it is necessary to analyze all the options very well.

We compare different offers and helps you find the best solution. We work at national level with the best partners in the financial sector and we take care to analyze objectively each offer.

What Are the Steps to Obtaining a Mortgage?

What Are the Steps to Obtaining a Mortgage?

It depends on each bank or lending company what conditions it has. But most companies will ask:

  • Proof of salary or proof of income obtained (pensions, rents, dividends, independent activities, copyright, etc.).
  • A certain age at work
  • Age of minimum 18 years and maximum 65 years
  • An advance that differs from one bank to another (generally it’s 15%)
  • Other specific conditions

Why Should We Consider Before Taking A Mortgage?

Why Should We Consider Before Taking A Mortgage?

The most important aspect to be taken into account is the interest rate and the commissions received. Banks can grant a mortgage with a fixed, variable or mixed rate.

Fixed rate – the payment amount stays constant throughout the contract. The advantage of this method is that you will know in advance exactly how much is paid each month. You don’t have to worry that the rate will increase. A mortgage with a fixed rate usually has a repayment term of 20 years

Variable rate – this rate is reviewed annually or twice a year, and changes depending on market conditions and the index. The advantage is that the rate is lower at first, and sometimes it can even fall. It is also granted for a longer period of time, for 20-30 years. The disadvantage is obvious that the rate can increase.

Bad Payer Debt Consolidation – What Alternatives?

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Businessman cutting a credit card that canceled by financial institute due to negligent usage

Self-employed workers, employees and retirees can all apply for bad payer debt consolidation loans. With this in mind, large banks such as Likecredit, BeOne Bank, Sanjuan Finance, and companies with a more local connection, such as the various mutual banks, have therefore enriched their offer with this type of financing, which should have a fundamental objective to pursue: to make the burden of repayments linked to several ongoing loans is more “bearable”.

 

Personal or “purpose” loan?

Personal or "purpose" loan?

Simplifications of concepts, especially in the financial sphere, are useful but often misleading. For simplicity, finalized loans are defined as those that are granted for a specific good or service, while personal loans lack any form of justification. In the case of consolidation loans for bad payers, protested or financed with a good credit rating, we should speak of “purpose” loans instead. In fact it is a form of loans that is granted on a personal basis but to achieve the aim of improving the sustainability of one’s debt exposure.

This is a loan that can be obtained both when you have objective difficulties in repaying the loans that are already in place, and when you simply want to rearrange the various loans making them easier to manage as a whole (in terms of amount and number of installments).

Precisely for this reason, before becoming bad payers, you should act in a timely manner, given that banks can have very different “tolerance” thresholds. Some accept a number of payment “delays” equal to 3, while others can reach at least 6. Furthermore, when choosing the bank with which to take out the loan, one should look precisely at the credit relationship matured with it. Here we can have two extreme situations:

  • you have a loan in progress with a bank A that we are unable to repay. After the first delay when it is now clear that it will be difficult to keep up with the payment of the installments also in the future, it is useful to request debt consolidation with it before becoming chronic and aggravating the bad payer status;
  • you have an excellent relationship with bank B, with which you also have the current account through which the installments of loans already in progress are paid. It is appropriate to ask for debt consolidation with it even if the installments that it is difficult to pay are with other credit institutions.

 

Operation and choice

debt consolidation

In requesting a debt consolidation for bad payers, also in relation to one’s job position, a first investigation must be carried out aimed at knowing the tolerance thresholds of the various banks that offer this type of loan. Lenders who prefer a threshold higher than the accumulated delays are preferable (for example if you have 3 delays it is better to contact a bank that accepts 4 or 6 and avoid those that accept no more than 3 delays). Therefore, as with any other loan, various estimates should be requested, then a comparison should be made and the one that provides a lower outlay overall should be chosen.

Once you have found the best estimate, you must follow the procedure indicated by the chosen bank or financial institution: deliver the income documents, personal documents and the repayment accounts of all the loans you wish to consolidate. At this point all you have to do is wait for the outcome of the preliminary investigation phase and in case of a positive outcome, be punctual in repaying the only installment that will result.

What does it mean to consolidate?

debt consolidation

As mentioned at the beginning, the consolidation of loans or debts was created to make a loan more manageable. This is done by grouping the various installments into one monthly or periodic installment. In addition, it is possible to choose a ratio between rate and duration that allows to achieve a lower overall outlay. This means that if before we had 5 installments of 100 dollars each, now we would have to repay a single installment which is for example 400 or 450 dollars. For this reason, it is normally not recommended to request a debt consolidation by adding new liquidity.

 

When can I request it?

There are no limitations of “opportunity” if by requesting a consolidation loan an improvement is obtained compared to the previous situation. However, there are limitations dictated by the “time” that should not recommend a request for debt consolidation. For example, when loans that are coming to an end are included in the transaction (for which the repayment of the main portion remains), there is no convenience in refinancing a loan for which almost all the interest has already been repaid.

Furthermore, given that the reduction of the amounts passes both for the application of a normally lower interest rate and for an extension of the duration of the repayment period, a longer duration than necessary should not be chosen, unless this is dictated by the real need to have a decidedly lower installment than the sum of those already in progress. However, this is a decision that must be carefully considered.

 

The alternative of the transfer of the fifth

The alternative of the transfer of the fifth

Sometimes it can happen that the bad payer status is such as not to allow access to a normal debt consolidation. In these cases, with the exception of the self-employed, the transfer of a fifth of the salary can be requested. Thanks to the operation that characterizes it, it can in fact be used to pay off already existing loans, as well as to request new liquidity. However, each early repayment must be made by the applicant, having no relevance to the loans already present.

 

Examples of loans to consolidate debts

consolidate debts

Sanjuan Finance has already included Monorata in the loans section for some years. Also in this case the duration can reach up to 120 installments but the maximum amount obtainable rises to 75 thousand dollars. For those who want to protect themselves against the unexpected, the optional Loan Protection policy is provided.