Unsecured loans are also known as commercial loans.

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What are they?

And they correspond to credit operations with a short and medium term that can be granted to a person or a legal firm that agrees to return the sums requested together with the agreed interest through the signature of a document called promissory note .

Concept

This type of loans does not have any type of guarantee besides the signed commitment of payment and is basically used to solve very specific and urgent needs in professional or work activities.

A promissory note is what is used in this type of financial transactions. This is a document that entails the declaration of obligations in which the subscribing party (which is the debtor part).

It is obliged to pay the beneficiary party (the party with which the debt is contracted) a specific amount granted as a loan within a period of time agreed between both parties.

The term promissory note arises from a statement with which the document begins: “I owe and I will pay”.

Although the terms established for the return of money are variable , they are usually set in attention to the operations that are carried out within the business activity process or in the field of professional activity that exercises the potential debtor.

The operations of the activity involve the business process from the stage of production of the goods or services until the final delivery in the hands of the consumer.

But it can also be taken into account that the final consumer does not have to be a person but an end, for example, a dressmaker can request a loan for the purchase of some fabrics in order to make garments that will then be distributed to a store for its commercialization.

What is really taken into account is that the production period is not long because if this is the case, the credit is not granted. Therefore it is important that the credit conditions are clear in the documents to be signed.

Loans unsecured requirements

To access a loan of these characteristics you have to be ( Affiliate, retired or pensioner ).

A payment term corresponds to the amount of time that is granted to a person for the return of the amounts he has requested as a loan . To make clear the types of term it is good to keep in mind what these terms refer to in the field of economics:

  • The Short Term : refers to a period of time that can not be longer than one month. In some circumstances, some entities consider the short term within the range of 0 to 6 months.
  • The Medium Term : this type of term extends from a month to a year approximately. Some financial entities propose medium-term periods between 6 months and 1 year, depending on the interests established.
  • The Long term : long terms involve periods of time exceeding one year for which they are long-term terms. In some cases the long term involves 2 or 3 years or more.

Although this information can be used as a reference, it must be borne in mind that these ranges are variable and that in some cases when companies start activities, short-term credits can be granted with pay periods of up to 5 years.

This is due to the fact that many financial institutions provide advantages to new entrepreneurs or entrepreneurs and thus guarantee the establishment of the business activity and its solidification for the return of the amounts requested as a loan.

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