A loan banking is the operation through which the financial institution offers to the customer a certain cash amount, stipulated previously, through a contract with which the above-mentioned customer acquires the obligation of return the money in a time delimited. In a usual way, to the cash amount given by the bank, you add some interests that also is necessary to return, and that varies depending on the type of loan requested.
A loan banking, therefore, is a commitment that not owes take hastily and that in order take out him the best profitability requires of a prior knowledge of your characteristics. Know what loan types there are is basic in order request to our financial institution the one which better conforms to our needs.
What elements form a loan?
- Capital: cash amount requested to the bank.
- Interest: the price that the customer pays to the company for having the capital lent.
- Term: a period of time stipulated in the contract for return the principal more the interest.
Although is different loan types, for that matter, all can include within two major categories known as personal loans and mortgages.
The personal loans are those intended for finance needs specific to the customer at one point. As a general rule, the principal or amount economic requested in this type of loan is small. Within the personal loans, they are, for example, so-called consumption loans and loans of studies. Those ones of consumption use for finance consumer goods of character long-lasting as a car, for example. Whereas those ones of studies, as your name points out, are reasoned to cover the expenses of the registrations of the degrees, postgraduate and even university trips as the Erasmus.
In the simulator of loans of BBVA’s website, can see the personal loan types that offer the bank and check your conditions depending on the cash amount that wanted a request. BBVA offers until ten different types of this group of loans: a clear example of what was varied that can be.
The mortgages, on the other hand, are those intended for finance the purchase of a housing and, sometimes, the start-up of a business. Besides, involve cash amounts higher than those ones of the personal loans, the mortgages have a collateral for the bank. That is, if the customer does not give back the money of the loan, the bank can do sell the real estate mortgaged for compensating of the debt, and also can become the owner of the financed housing.
Besides the two mentioned types, the loans also differentiate depending on if have an endorsement or not. Have an endorsement when request a loan supposes a way of guarantee the discharge of responsibilities economic acquired. The avalista declares prepared to face to the commitments of the backed one, that is, to pay the capital lent more the interests in the event that the borrower not can. However, to be avalista is necessary to fulfill a series of characteristics, among others:
- Being of legal age: this requirement can not fulfill in some cases very punctual and exceptional.
- Have solvency: the avalista owes have some income higher than the obligations acquired with the bank for the applicant of the loan.
- Income stable: as well as creditworthy, the person that guarantees has to have guaranteed your income as far as possible.
- Have properties free to load: this requirement is especially important if mortgage, since the avalista be able to cover the loan conditions with your own housing.
Have an endorsement is always a sign reliable that increases a lot of the probabilities of that the bank approves the loan requested is of the type that is. Additionally fits remember that if the account holder does not pay the loan, the avalista owe pay the debt with your current and future goods.