The loans with personal guarantee are financial products that will allow us to obtain high amounts of money to carry out any type of project. However, before applying for a personal loan we must have clear the conditions of this financial contract that will join us to the entity or the credit company for several years. In this article, we resolve the main doubts that may arise when requesting debt management payday loans.
According to the Bank of Spain (BdE) the average APR of consumer loans during the month of May 2017 was 8.77 %, but in reality, the interest on a personal loan can vary a lot, depending on the purpose of the loan. financing, the term, the amount and our financial profile. In fact, the APR of a credit with personal guarantee usually ranges between 5% and 15%.
The APR or Annual Equivalent Rate is the cost of financing per year. It includes the TIN or Nominal Interest Rate, the cost of commissions and related products, such as insurance, cards, etc. However, nowadays it is possible to hire personal loans without any type of connection and without commissions, with which we can get up to 15.ooo euros, at an interest rate of 4.95% TIN.
The loans with personal guarantee offered by the traditional bank present the possibility of choosing a specific term, within the limits that each entity establishes. In general, the minimum period to repay the debt can go from 3 months, while the maximum period to repay the personal loan can be up to 10 years. However, we must bear in mind that the longer we extend the financing, the more we will pay in total, although each month the quotas will be smaller. This is because the longer the term is, the more interest we pay for longer.
Although the self-employed, the pensioners, the unemployed, and in particular all the consumers who do not have a payroll, have more complicated access to financing, the truth is that they can obtain a personal loan with an entity if they present income. stable and periodic. For example, the Cetelem Personal Loan grants up to 50,000 euros, from 6.95% TIN without having to have a payroll.
Yes and no, it depends on the funding source. Traditional banks assume a lower level of risk, so it will be impossible for us to contact a personal loan with a bank if we have outstanding debts. However, private equity companies, which do assume a higher level of risk, can grant us financing. Although the financing we could get would not be a traditional personal loan to use, but a mini-credit, a quick loan, or a mortgage loan.