The personal loan is a form of financing that is part of the category of non-finalized loans ; therefore, those who request the loan can use it for the most disparate purposes, including purchase of cars or motorcycles, home renovation, debt consolidation, purchase of furniture or household appliances, medical expenses, travel and holidays, liquidity or purchase of a box.
To obtain a loan, it is necessary to know which bodies are responsible for providing the loan and the guarantees required to provide the loan.
Requirements for a loan (which depend on the type of loan required) are typically:
Subsequently, the bank will evaluate the granting of the loan according to its own risk policies and the creditworthiness of the applicant. Each bank applies its own risk policy according to the statistical data it has, so as to keep defaults below a certain level. As far as the creditworthiness of the applicant is concerned, an assessment is made that considers the ratio between the repayment installment and the income of the same applicant who, generally, should not exceed 30%; the reports provided by the CRIF, the Central Financial Risks, which records any missed payments or delays in repayments of previous loans are also consulted.
As an alternative to the traditional types of loans, if the applicant is registered in the CRIF lists , he may request the transfer of the fifth which, proposing the appropriate guarantees of the employer for the salaried employees or the INPS for the retired, allows to receive a loan in the event of a bad credit history. It is, however, important to remember that the reimbursement rates of the transfer of the fifth applied are higher than those envisaged by other forms of financing.
When a loan is required, in addition to the minimum requirements, the credit institution can ask for additional guarantees . Generally, the granting of a loan is not subordinated to the provision of collateral, but to limit the risk of insolvency often the banks require the signature of other subjects, called co-obligors , who take responsibility for repaying the credit if the principal debtor does not fulfill the loan.
Another form of guarantee that protects creditors is the stipulation of compulsory insurance in the case of transfer of the fifth and life loan, while they are optional in other cases.
The loan contract establishes the conditions under which the credit institution grants a certain sum of money to the requesting party who undertakes to return it in a given period of time with the payment of the installments.
This contract must be signed by both parties; the bank must accurately and accurately declare the actual conditions of its offer and the customer must ratify its commitment to repay the loan on the terms agreed.
The intervention of the law in defining the punctual terms of the loan contract represents a protection against the entity that provides, but in particular, the financed subject, which must be able to understand the characteristics and the cost of the loan that is underwritten.
According to the law, a personal loan contract must contain certain elements:
Consumer credit agreements that have as their object the purchase of goods or services contain under penalty of nullity:
No sum can be requested or charged to the consumer unless expressly provided for in the contract. These provisions are mandatory; in fact, failure to respect even one condition would lead to the nullity of the contract.