Modified loans: features and requirements
Modified loans represent the banking products that best adapt to the various needs of those who can not offer the credit institution a paycheck as a guarantee or those who have had problems as a bad payer with reporting in Crif.
These are important loans that are disbursed by issuing bills. Precisely for this reason, the request for a loan that has been changed is rather simple and, in particular, fast : generally, you receive a reply in the 24 or maximum 48 hours.
It will be possible to ask for a loan that has been changed without having a paycheck or for those who are reported as bad payers through other guarantees :
- signature of a guarantor that has a reasonable demonstrable income, such as paycheck, CUD, pension slip and, in particular, that is not reported to a central risk as a bad payer;
- mortgage on a property: if you do not have anyone who can sign as a guarantor, you can offer the mortgage on a property owned. In the event of default on bills of exchange, the bank may go and redo the property given as collateral by an auction.
The loans that have been changed are a privileged form for creditors, who have the opportunity to refer to the debtor’s assets quickly and effectively.
Therefore, it is possible to outline two main figures of potential applicants , among whom perhaps we can recognize:
- those who have an income from employment or self-employment, without major burdens determined by additional loans in progress and without being bad payers or protested;
- those that do not have creditworthiness requirements: this could be due to the lack of a paycheck or income certification or to problems in repaying other loans. In this case, the changed loan is an obligatory path, for the greater security given to the creditor bank to satisfy the credit.
The elasticity in the repayment and the possible renewal characterize the loan changed, compared to other forms of personal loan. In cases of temporary difficulties, there may be the possibility that a bill will be renewed or a new effect will be issued.
However, there is no need to place unlimited trust in loans that have been changed since they are loans that are paid out at the end of an investigation in which the bank will try to understand how it intends to repay the capital. So, if you have an insufficient income, even with a loan that has been changed, the bank may require a third party guarantee or endorsement.
Moreover, the request for a loan that has been changed and the impossibility to pay could have more negative consequences for the debt situation, exacerbating its economic-financial position and, therefore, the family budget.
News on changed loans
2015 saw a significant increase in requests for personal loans, as well as mortgages, leases and loans that had been changed. Likewise, funding concessions are also growing; in fact, the first months of 2016 have confirmed this trend. Both families and companies increasingly require credit to support both small and large expenses.
In general, funding is required primarily to purchase new cars, to incur medical expenses and study costs, especially for university courses.
Above all in the field of loans for loans, new financial realities have emerged with the use of ad hoc credit products. As in the field of banking institutions or credit institutions, various online portals specialized in consulting or guidance for the request for a personal loan to be repaid through installment changes, have focused on a more direct and professional service with the user. Among the characteristics of the loan that the user usually searches online is the ease and speed with which it is requested and provided.