Month: December 2018

 

 

When asking for personal loans, is it better to do it with or without a guarantor? This is one of the most widespread questions in this area, as many people do not have a clear understanding of the role of the guarantor as regards the provision of personal loans. First of all it must be said that a guarantor is not always necessary (in many cases there is no need for this, which in fact is a further guarantee).

 

It must also be said, but we will see it in more detail later, that not everyone can act as guarantor. The purpose of this article is to clarify this topic once and for all. Let’s see in detail everything you need to know about personal loans and the figure of the guarantor.

When does the guarantor serve?

First we try to understand when it is really necessary to have a guarantor. As we all know, getting a personal loan is not a simple thing at this time. Banks and financial institutions demand precise income guarantees without which it is impossible to access credit.

Even if the guidelines are different according to the credit institution, we can say that the basic rule imposes a ratio of income to income of 20% . This means that with a monthly income of 1000 euros you can not access a loan with an installment of more than 200 euros. This, in part, may be a limitation, but, of course, it is a rule designed to limit people’s debt exposure.

To overcome this obstacle one can resort to a guarantor . Another context in which it is fundamental to have recourse to the guarantor for access to a personal loan is that relating to the lack of sufficient guarantees. It is the case of a precarious worker, that is, without a permanent employment contract, or even if they are reported as bad payers.

In this case too, the signature of a guarantor is fundamental for obtaining the financing required by circumventing the problem of claims in crif or protests in progress. Finally, another example is that relating to personal loans for pensioners . When the applicant is of an age close to the limit granted, the credit institution may request the signature of a guarantor as an additional insurance against the payment of the entire loan.

Can everyone be the guarantor for a loan?

Another question that many ask is: can everyone be the guarantor? The answer to this question is no. To be able to act as a guarantor a person must necessarily have certain basic requirements that we have summarized below:

• income : a guarantor must have sufficient income to support any payment of an installment of the personal loan. Basically it takes an income from employment, with a permanent contract, an income from self-employment or a retirement pension. All this without forgetting that the guarantor’s income must be related to the amount of the loan and the monthly payment.
• loans in progress : those who act as guarantors should not have other personal loans or mortgages in progress as they significantly reduce the possibility of acting as guarantor.
• historical debtor : it is very important that the guarantor has no reports in crif or that he has not been protested. In this case, in fact, the bank will refuse the loan application in 99% of cases.

These are, in short, the main requirements that should have a person who wants to act as guarantor for a personal loan.

The guarantor in online funding

Today it is possible to request financing directly online with a great saving of time (avoiding files in the branch) and money (often banks and financial institutions apply cheaper rates to those who choose a loan on the web). Even when you need a guarantor you can apply for personal loans online.

It will be sufficient to send also the documentation related to the guarantor and, in principle, there should be no problem (except for other problems detected in the control phase by the credit institution to which it is addressed).

Who is the guarantor?

Before concluding, we feel obliged to investigate the aspect relating to the figure of the guarantor. It often happens, in fact, to find themselves faced with requests that can put in difficulty. Do the guarantor always be convenient? When is it right to say no to those who ask us to act as guarantor for a loan?

In principle, you should only accept requests from people you trust, of which you are sure. The risk, as we have said, is that in the event of failure to pay the installments, the guarantor has to face them. So if you know that the request has come from a person who is not serious or, however, inclined and not pay their debts with the banks or financial know that you risk having to take charge of this slope.

It is hardly a novelty to find problems when trying to apply for pensioners with social pensions , since there are regularly institutions unable to offer, at any interest rate, this funding opportunity. Below, we will see all the information necessary to understand whether it is possible or not, in these cases, to successfully request the granting of micro-credit with installment repayment on the pension.

Let us first look at the differences between the more classic pension and the social pension: while the former refers to the contributions paid during the years of work, the second is obtained by the State in the case of absence of the minimum contributions. Equal to a maximum of € 447.61, this type of pension often involves the non-granting of the loan, due to the low amount received per month.

Loans for pensioners with a social pension are not normally available, especially if reference is made to the classic repayment procedure with the assignment of the fifth monthly installment from the pension. The reason lies in the law in force on the minimum amount of survival, paid by the state by check and impossible to reduce: restrictions that would instead occur with the subtraction of the fifth.

The only alternative route that can be followed is that of the mortgage loan, which can be requested by persons aged 60 and over and with a house owned by them. Following an appraisal, it will be possible to obtain a loan for a value between 20% and 50% of the cost of the apartment .

The balance of debts will occur only after the death of the applicant, without touching the social pension: it will be the heirs who have to repay within a year the amount due to the institution of reference, with the latter that in case of non-compensation will occur of the mortgage on the apartment. In any case, this is a very special form of financing, to be chosen only in case of absolute necessity on the part of those who want to apply for pensioners with a social pension.

 

Today and today, with the economic crisis that continues to rage , with unemployment always at high levels, especially for young people, and with pensioners who see their purchasing power go down more and more, apply for a loan , even a lot small , it can make the difference to be able to arrive or not at the end of the month.

 

These are small sums of money often requested by people who work with atypical employment contracts when not completely in black, or by people with particularly disadvantaged situations, such as the presence in the family of unemployed, disabled, many children, low income, etc ..

Presenting oneself at a bank or financial agency to request small amounts , perhaps without many guarantees, seems only a waste of time, and often these people ended when forced, with the request for help from friends, family members and, when this was not possible, to not recommendable people.

Small fast loans via SMS

Today, however, there is another solution to be able to arrive safely at the end of the month, and are the small fast loans via SMS. It is a loan with which you can request from 50 up to € 500, repayable in up to 30 days, then more than suitable for the ordinary needs of the month.

To request this type of loan, you need to be a current account holder with a credit institution, and the latter provides this type of possibility. In this case it is necessary to register on the website of the credit institution, providing all your credentials.

When you need the small loan , you will need to send an sms with the request for the amount, and the bank will respond with the actual cost of the loan and the possibilities of repayment, within the 30 days of the maximum limit.

Once you have read the conditions offered by the bank, you can choose the solution that best suits your needs and accept the loan . In this case the amount requested will be credited within a short time from the confirmation, even a few minutes, directly to your current account.

As for the costs, they are considered a bit ‘all very high, perhaps because it is a practice still little used in Italy, and many lenders apply quite high costs. This request for a loan via text message is a widespread practice especially in Northern Europe, but that is starting to take place gradually even in Italy.

These are very easy loans to obtain , as credit institutions already have all the documentation related to your financial situation. Furthermore, there is no need for further guarantees, given that the entire transaction is carried out by crediting and debiting the current account, again within the bank itself.

It is a solution that can be useful to get to the end of the month in case of problems, or to face an unexpected expense or to help you pay an installment without going into the red with the bill.

 

The loans that have been changed are a particular type of personal loan and are based on the stipulation of bills that the debtor undertakes to pay at the fixed term. Usually the payment of the bills of exchange changed monthly, but the customer and the credit company can, by mutual agreement, establish a different frequency for the payment of bills.

Although currently the major bank lending institutions and many lending companies have decided to remove loans changed from their product package, in the last few years special lending companies have developed and developed on this type of personal financing. They provide the client with the required financing, at the same time issuing the bills necessary to repay the loan completely.

Money collateral loans

 

In addition to traditional loans being changed, there is another type of loan: personal loans to guarantee exchange. This type is widely used to regulate lending between individuals, always respecting obviously the maximum limits of interest imposed by the prohibition of usury.

In order for a converted loan to be properly stipulated, the customer must provide the creditor with a valid guarantee . This varies according to the loan applicant and is the employee severance indemnity fund, a guarantor for newly hired employees and a life insurance policy (initiated by a minimum of two years) for freelancers.

In reality these guarantees are not mandatory, at least in terms of the law, but are requested by the creditor to have greater security, in addition to the bill of exchange.

Loans changed, if we exclude bills, are practically indistinguishable from other types of personal loans.

The applicant can personalize the loan, choosing the amount to be requested (up to the maximum established by the creditor, based on the repayment capacity of the debtor), the duration of the loan (usually from a minimum of 12 to a maximum of 120 months) and possibly the possibility of extinguishing the entire loan in advance. As previously described, the creditor may request further guarantees, in addition to that offered by the issue of the same promissory note.

The advantages

The changed loan offers considerable advantages compared to traditional personal financing :

1. A loan that has been changed, to be granted, does not necessarily require an inspection of the applicant in the database. The only exception is the collateral loan financing.
2. Bad payers can apply for and obtain a changed loan. Usually the loan is not granted to protestants, but it is possible that the sum requested will be paid to them, according to the choice of the single credit institution.
3. You can apply for a loan that has been changed even if you do not have a paycheck because the issue of bills of exchange is a sufficient guarantee for the creditor.
4. It is a more flexible loan, capable of meeting any debtor’s difficulties: the client may request to reduce the amount of the installments even on loans already made, increasing the overall duration of the loan (and consequently increasing the rate of interest).

How the bill works

The issue of bills of exchange, which allow you to take advantage of the advantages described, is also the negative aspect of the loan changed, due to the nature of the bills. The bills are executive securities , therefore the creditor has the right, at the expiration date, to obtain the payment, without having to provide, in case of delay of the debtor, further evidence of the legitimacy of the transaction.

With the loan changed, it is easier for the credit company to get the payment, possibly by distraint and selling the debtor’s assets that delay the payment of the installment. The credit recovery of traditional personal financing is instead a much slower procedure.

The loan is a good solution for those who need financing , but can not take advantage of other types of loans. It must be remembered that this type of personal financing is not the best in terms of interest to be paid, so it is advisable to compare, if possible, the loan with other personal loans options.