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HOW LOANS WORK BETWEEN PARTICULARS AND MORE

October 31, 2019 • Scott Garvey

There is a wide variety of loans that are available in the market. In many cases, the financial companies that offer them do not explain well the scope that each of them has and for what cases they can serve. In fact, people still have many doubts about common personal loans, but that is another issue.

The topic at hand right now has to do with loans between individuals and personal loans with credit cards. In this article we will talk about these types of loans and some other topics of interest. Ready to learn?

Personal loans between individuals

Personal loans between individuals

Having debts and having to borrow money is usually an issue that, in most cases, tries to go unnoticed and under the table by customers who ask for them. The need to have recourse to outside sources of financing can be cause for lack of liquidity in the family economy, something that is embarrassing to society.

Because of this, people looking for a personal loan want discretion, ease of payment and a low interest rate. Because of this, personal loans between individuals were born, whose main objective is to simplify the procedures and allocation conditions.

The banks, which have always been responsible for providing financing, were affected by the economic crisis and tightened the conditions for accessing loans.

This brought personal loans between individuals to reappear. Through this type of financing a person lends money to another by establishing a series of conditions, among which are, among others, the repayment term and the interest rate to be paid. The main difference with respect to traditional loans is that the borrower is a private individual and not a financial entity.

Therefore, this type of personal loan is always based on trust between both parties, especially if it involves financing between friends or family.

Personal loans between individuals, in addition to being requested between family or friends, can also be managed on online platforms made for this purpose. Although in none of these cases it is a bank entity, the most convenient is to formalize a contract when lending the money. This way you will avoid many problems in the future.

Personal loans with credit card

Personal loans with credit card

Now is the time to talk about another type of loan quite famous, but whose operation it knows little. We refer to personal loans with a credit card.

Credit cards are, along with fast credits, the methods of obtaining money in an easier and faster way. There are three methods to obtain financing through credit cards that are to make purchases through cards, withdrawing money with the card at an ATM and making a transfer of the credit card to one of your bank accounts.

Personal loans with credit cards are linked to banks, since these are the ones that are granting the financing. The only requirement to obtain this type of loan is obviously having a credit card. The rest of the requirements are set by the company.

Personal Loan Calculator

Personal Loan Calculator

A personal loan calculator is a tool used when applying for personal loans at any traditional financial agency or bank. In it, the client will place the amount of money that he wishes to receive in the loan and the number of installments in which he wishes to pay it.

After having entered these data, the personal loan calculator will throw the amount of money that must be paid at the end of the terms and in installments.

In a comparative personal loan you can, worth of redundancy, compare two types of loans offered by different financial institutions. The comparison of personal loans is very useful because it will help us choose the best loan available among several.

Using the comparative personal loans will make us see the panorama better in terms of the loans that are available. It is advisable to always use it before making the request.

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