How many times in one’s life have we found ourselves faced with a choice, buy the object of our desires, or give up because we do not have the money to do it? For this there are loans, that source of economic income that can come from the banks , and that with the different rates of interest in circulation must be returned in a certain period of time. This period may vary depending on the needs of the customer, but the most used are those from 5 to 10 years. But which different types of loan can be found? Let’s see in detail how many different types of loans there are, and what are the respective characteristics, bearing in mind that a personal loan can not exceed 60,000 euros.
The home loan
This type of loan is the most used for the maintenance and renovation of its property, for the purchase of furniture, or for the systems of the house (radiators, boiler, etc). Why do you prefer a home loan for this type of purchase? This is because between the different types of loan does not provide for notary fees, and the amount financed covers the entire amount of expenses to be incurred.
The car loan
If the expense to be incurred is that of buying a vehicle, whether it is a car, a motorcycle, or any other means of transport, this type of loan is the most appropriate. The amount that can be obtained is up to the maximum value of the vehicle purchased, and reimbursement can take place up to a maximum of 10 years. The duration will obviously be generated by the amount that is financed. In this type of loan the interest rate is fixed, allowing the final user to have an installment that is always constant over time.
The assignment of the fifth
Among the different types of loans, the transfer of the fifth does not require to specify what is the purpose to which you want to arrive with the sum of money. The amount that can be requested is limited to the amount of your salary, as the individual installments can not exceed one fifth of salary. These payments will take place monthly, and will be deducted directly from your paycheck. This type of loan is reserved for all public and private employees who have a permanent contract, and therefore a fixed paycheck every month. For some time now, the possibility of tapping into this source of financing has also been open to pensioners.
The consolidation of debts is a type of loan that is aimed at those who have different inclinations to assets. By unifying all the various loans with a single bank , it allows to improve the management of their own slopes, reducing the expiry of the installments to a single univocal date. In addition, by accessing the consolidation of debts , two different choices can be accessed: the first is to change the duration of the loan, lengthening the time and also being able to have additional liquidity. The second is instead to lower the payment that is being paid, proceeding with a modification of the amortization plan.