Personal loans are defined as those forms of financing that allow an individual to obtain money for the most varied spending needs.
Such as the purchase of a property or the renovation of the house, the financing of a holiday, the purchase of furniture or household appliances. , of car or motorbike, the payment of medical expenses, the consolidation of previous debts and, again, the need for additional liquidity.
For this reason, personal loans, which fall under the category of consumer credit, are called “non-finalized loans” or “without obligation of destination”, thus distinguishing themselves from the finalized loans that are instead bound to the purchase of a specific good or service. However, at the time of the request, the grantor can ask the client to specify the reason why he needs the money, as well as an estimate of the expenses he intends to face: the conditions applied to this type of loan change according to the purpose of the loan and indicating the correct purpose the customer can access the most convenient rates for their spending needs.
The debt contracted with the bank or financial institution that grants the loan will then be reimbursed by the customer by a predetermined date, by paying installments (more or less adaptable to their current economic situation) generally on a monthly basis and with fixed interest rates or variables.
The requirements for obtaining funding obviously vary depending on the financial institution to which you are addressing but, normally, you need to be aged between 18 and 70 years (but there are also funding for over 75) and have a “Reimbursement capacity” that takes into account all the additional monthly expenses of the customer and that can be demonstrated through the presentation of the payroll if the customer is a salaried employee, the tax return if self-employed or retirement pension if retired.
The request for funding can, of course, be rejected if the “repayment capacity” is not sufficient or the client has suffered protests in the past, but there are still numerous financial institutions willing to grant money to the so-called “bad payers”. Funding may be requested materially from financial institutions or, as is increasingly the case, by opening an online application.