Posted by: Bod AtoUpdated at : 12:00 AM
Tags: LOANS
Discover the types of loans that exist - There are several types of loans granted by banks, boxes and other qualifying entities dependin...
Discover the types of loans that exist - There are several types of loans granted by banks, boxes and other qualifying entities depending on the amount of money granted or the repayment terms. It is useful to know the types of loans that exist in order to decide better what that conforms more to our needs.
Below, are the main features of the different types of loans.
Line of credit. This type of loan is associated with a card that the client can use freely and all the amount it consumes is loaded to which. Spending the owner of the card can do is limited prior agreement with the Bank. The refund of the purchase price involves interests that must be paid in function - only - the amount the user has spent. This represents a great advantage for the usefulness and the lowest rate of interest that this system has on other methods of financing.
Loan installment. It is the best-known form of loan according to which the entity creditor, be it a Bank, a box, or any other, enters the amount of money in the account of the applicant and this has a certain period to pay the fees.
Short-term loans. This type of quick loans is divided into several types, in turn, depending on the use made of the borrowed money. Than usual is that you requested the money to achieve goals, as sanitized accounts or purchase inventory. Payment deadlines are agreed depending on the time necessary to achieve the objective and, due to fewer fees, there is less interest.
Long term loans. They are that last more than one year and are requested to acquire real estate or to increase the production capacity of companies. Therefore, the amortization period is much higher than the rest of the loans. For companies, it is the profit generated investment that pays the loan.
Loans by purpose
In this category there are various types of loans, the most common being:
Below, are the main features of the different types of loans.
Line of credit. This type of loan is associated with a card that the client can use freely and all the amount it consumes is loaded to which. Spending the owner of the card can do is limited prior agreement with the Bank. The refund of the purchase price involves interests that must be paid in function - only - the amount the user has spent. This represents a great advantage for the usefulness and the lowest rate of interest that this system has on other methods of financing.
Loan installment. It is the best-known form of loan according to which the entity creditor, be it a Bank, a box, or any other, enters the amount of money in the account of the applicant and this has a certain period to pay the fees.
Short-term loans. This type of quick loans is divided into several types, in turn, depending on the use made of the borrowed money. Than usual is that you requested the money to achieve goals, as sanitized accounts or purchase inventory. Payment deadlines are agreed depending on the time necessary to achieve the objective and, due to fewer fees, there is less interest.
Long term loans. They are that last more than one year and are requested to acquire real estate or to increase the production capacity of companies. Therefore, the amortization period is much higher than the rest of the loans. For companies, it is the profit generated investment that pays the loan.
Loans by purpose
In this category there are various types of loans, the most common being:
- Consumer loans
- Loans for students
- Home loans
- Personal loans
- Business loans
- Loans to buy cars
- Loans to reform home
Each of these loans is designed to fit the needs of a particular customer profile. For this reason, each of these loans have repayment terms and conditions different. These loans allow many people to achieve the objectives proposed and that - otherwise - could not carry out.
In conclusion, there is a loan for each type of customer and for every purpose. To find the loan that best fits your profile and needs only you must analyze the types of loans that exist. Your choice will depend on all the features of the loan, since interest until the repayment term.
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Title : Discover the Types of Loans that Exist
Description : Discover the types of loans that exist - There are several types of loans granted by banks, boxes and other qualifying entities dependin...
Description : Discover the types of loans that exist - There are several types of loans granted by banks, boxes and other qualifying entities dependin...