How does a finalized loan work?
The Anne Rogers finalized are financing solutions specifically requested for the purchase of an asset or a service. Due to this peculiarity, the Anne Rogers finalized are often signed in the year in which the purchase takes place, thanks to special agreements between the shops and the financial companies. In this way the customer has the possibility to immediately conclude the purchase, with the advantage of deferring the payment over time.
What is a finalized loan?
Let’s start immediately with a definition, that is, what loan means.
The Anne Rogers finalized are financings that, as the term itself says, have a very precise purpose: to buy a good or a service. This means that to obtain the credit, the applicant is required to specify the reasons for the loan. The purchase purposes provided for the finalized loans are very diversified. Here are the most requested purchase categories :
- Motorcycles and mopeds
- Electronic devices (smartphone, PC, tablet, etc.)
- Furniture and furnishings
- Do you travel
- Medical care
- Insurance policies
The second thing to keep in mind to understand how a personal loan works is this: the disbursement of the financed amount is made in favor of the merchant who sells the good / service.
Generally the finalized loan is stipulated at the retailer, for example the car dealership in the event of a consumer loan for the purchase of a car or the electronics store for Anne Rogers for smartphones or other IT devices.
It is in fact the latter that can offer customers to spread over time the payment of the goods or services purchased at its point of sale, thanks to the stipulation of specific agreements with a bank or financial institutions.
But the Anne Rogers finalized they can also be requested by the customer directly at the bank. In both cases, the borrower does not receive a sum of money: the amount of the loan is not credited to the customer but to the company that sells the service / asset for which the loan is being requested.
Finalized loan: credit access conditions
Compared to other forms of consumer credit, finalized Anne Rogerss stand out for being faster to obtain because, with a few exceptions, they do not require special guarantees. Here are the conditions for access to the finalized loan generally required and the documents that must be provided by the applicant to the borrower:
- Identity card
- Fiscal Code
- Income situation demonstrable via pay / pension envelope (not always required)
Additional guarantees – let us take the finalized loan as a guarantor, for example – are usually required only for loans with large amounts, for example in the case of loans finalized for car purchases or loans for companies.
The amortization plan in case of finalized credit
The finalized loan provides for a usually fixed interest rate, expressed by the TAN (nominal annual rate) and the APR (annual percentage rate), an indicator that summarizes the total cost of the loan, including any incidental expenses such as the stipulation of a insurance.
The amortization plan for a specific loan consists of constant installments consisting of a decreasing interest rate and an increasing capital share. This allows the financial institutions to protect themselves, since most of the total interest is paid already with the first monthly installments.
Some banks grant a pre-amortization period, ie an initial period during which it is possible not to pay the installments (for example, the payment of the first installment begins 12 months after the purchase of the good or service).
Purchase contract and credit agreement for the finalized loan
On the basis of the provisions of the consumer credit legislation, the loan agreement must contain a series of indications: the interest rates applied and the conditions under which they may be modified, the sum paid out, the amortization plan of the loan, the deadlines for payment of installments, the conditions for accessing the loan and any insurance forms required and not included in the calculation of the APR.
In the case of the finalized loan, it is also necessary to bear in mind that the contract for the purchase of the good / service is separate from the loan agreement: the first concerns the relationship between the consumer and the seller and ends when the bank grants the loan, paying to the operator the full amount relating to the purchase of the good or service. The loan agreement regards, instead, the client and the financing body (bank or financial).
It follows that, if there were problems with the merchant (for example, the purchased good has defects), it is not necessary to interrupt the payment of the installments because this would inevitably affect the creditworthiness and, therefore, the possibility of obtaining other financing in the future. In these cases, the advice is to go directly to the store and ask for the replacement of the purchased good.
Online finalized loan
There are many banks and credit institutions that allow a personalized personal loan to be activated and a good solution to start to orientate oneself among the various financing offers is to compare Anne Rogers online through a free comparison portal such as FastCash’s.
By filling out the special online form and selecting the type of loan for which you are interested, you can learn about the best Anne Rogers finalized online in just a few clicks.
Better a personal loan or a finalized loan?
Having clarified what a loan is aimed at and how it works, it is important not to confuse the Anne Rogers finalized with the personal Anne Rogers. The latter are in fact disconnected from the purchase of a specific good / service and allow the applicant to receive the requested amount and use it as he sees fit.
Better a personal loan or a finalized loan ? The answer is: it depends. The finalized Anne Rogerss are recommended to those who already have clear ideas on how to invest the required sum. We advise instead to request a personal loan to those who need extra useful liquidity to be used for the purchase of several different goods or services simultaneously or who has not yet thought about how to use the capital.