To buy a car, a house... it is always necessary to have a starting financing. This financing is still not available to many people. They therefore choose to use a personal credit. What is it? What are the advantages of such a credit? Details in this article.
What is a personal credit?
Personal credit is an amount obtained by a person from a financing structure. It is a consumer credit with no goods or services associated with it. Get more information on credit score in this article. The borrower can dispose of the credit amount as he or she wishes, to manage his or her various activities. It is a credit available at all financing companies, with well-defined criteria for obtaining it (loan ceiling, repayment terms...)
The personal credit is considered as a consumer credit. It is therefore not intended for large projects. The ceiling of such a credit is 75.000 €, what it is necessary to finance studies, a trip, to buy a car, or project of marriage... In addition, the repayment period varies between 4 months and 7 years.
Advantages of obtaining a personal loan
The first advantage of a personal loan is the flexibility of obtaining it. It is a simple, fast and effective solution. This is the loan to use when you need urgent financing for a small project. Moreover, the loan rates offered by the financing institutions are very advantageous. These rates depend on the amount of the loan and the repayment period. Indeed, the higher the value of the loan, the lower the interest rates.
Also, when the repayment period is short, the interest rates decrease. In this case, the monthly payments are higher, but the borrower pays less interest. However, it is possible to pay off the loan early without paying a penalty. In addition to being reduced, the interest rate is guaranteed for the duration of the contract. It is therefore a safe way to obtain credit.
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