Finalized loan: how to apply for it?

 

Why and when should the finalized loan be preferred to the personal one? Among the offers, loans that fall into the category of personal ones are much more frequent and offer more choice than the classic finalized loan. In fact, it is possible to find proposals both from financial companies such as Spin Lender, and from banks such as Spin Lender, Cream Bank or Lite Lender Company.

Having said this, in some situations the finalized loan is to be preferred without any doubt. In order to understand the situations in which it should be sought and chosen, let’s see in the meantime what it is and what it is used for.

What is it?

What is it?

Very often, when we need to buy commonly used objects (such as appliances, cars, smartphones, and so on) if we do not have the opportunity to pay the full amount, we are already offered to accept inside the store. take out a loan finalized (or finalized loan) in installments, connected with the main financial companies in Italy (for example Spin Lender, Spin Lender, Prestitempo, etc.).

This eventuality is practically always present in the big chain stores (for example for those of technology we offer purchases with financing also online), or when it comes to buying a car from a dealer. If, on the other hand, we are referring to a small exercise, then we could have few alternatives, and be forced to ask for a personal loan or decide to make a purchase using a revolving card.

What is this financing for?

What is this financing for?

The first thing to know is that a finalized loan differs from a personal one in that in the first case the sum requested is “finalized” to purchase a specific object inside a shopping center, a shop, or any other merchant. Loans not finalized, on the other hand, are those requested from banks or financial companies (without the intermediary of the merchant) and which must not be accounted for as regards the purposes of use. In a very concise way, they are required when you need liquidity to be used to deal with an urgency, or for any use that should not however be justified or explained.

In a nutshell, the sum disbursed by the finance company, in a finalized loan, is paid to the operator directly by the credit institution, unlike the non-finalized, in which the sum goes to the final customer. This also applies in the event that a personal loan is required to purchase an asset (eventuality used very often for example for a used car or a private individual).

How does it work?

How does it work?

In practice, when we give consent to a loan aimed at cars, appliances, smartphones or other objects that we purchase, we are already signing a consumer credit request contract at the point of sale, to stipulate which the operator first informs about the conditions and interest rates of the loan, then collects all our data (such as identity card and tax code, paycheck or other document that demonstrates the repayment capacity) and forwards the request to the chosen financial or bank. In this case we can therefore have a loan aimed at Lite Lender Company, Spin Lender, etc.

Response times are fast, ranging from about ten minutes to little more. Once the request has been accepted, the finance company will withdraw the sum established during the signing of the contract from the current account (via RID) of the customer, which will be valid as an installment until the balance of the debt.

This procedure is not followed in the case of Across Lender, which allows you to pay in installments by using your own ATM, without having to make any request by completing and submitting a contract. However, it falls into the category of targeted loans. Instead, the installment made with the use of the revolving card remains in consumer credit but is part of personal loans.

How to apply online?

How to apply online?

The first thing to do is to make sure that for the type of purchase you want to make online there is the possibility of requesting a finalized loan. If it is possible, when selecting the product, selecting the purchase, once you have entered the section of payment methods that can be used, you will also find the reference to the financial.

By choosing this as an option, you are referred to the financial page, which will ask for a series of mandatory personal data, the indication of the income, the recognition of the identity by bank transfer for the digital signature, and then the sending of the documents in digital format. For the entire period in which the financial will take charge of the file, the booking of the product will remain active in the online shop system. Then, if the finance company decides to grant the loan, the goods purchased will be sent, if instead the booking will be denied, it will automatically lapse.

Agreements and brands affiliated with financial companies

Agreements and brands affiliated with financial companies

It almost always happens that it is not the customer who chooses the financial company that will provide the loan, but the operator. This is because agreements and conventions exist between financial and marketed brands. An example may be the agreement that Spin Lender has entered into with Honda, Piaggio and Suzuki for the purchase of motorcycles and mopeds, while other agreements have been entered into with chains of shopping centers.

Obviously exhibitors will tend to enter into agreements with various financial companies, which will also allow them a good profit margin. Today the most used are Spin Lender and Lite Lender Company, while in third place we often find Cream Bank Easy, but they are above all the first two that most often offer zero-rate loans (usually with repayment in 10 installments but recently longer durations are emerging up to at 4 or 25 installments).

However, it is necessary to highlight the fact that there is a difference between the purchase contract and the loan agreement: this means that if there are problems with the operator (due to the malfunction of the purchased object or other unforeseen events) the loan must still be carried out (see also Immediate online loans ). In fact, once the loan was granted, the financial company paid the price agreed on behalf of the applicant to the seller, with whom it will have no slope. For all the details on the operation of this type of loan, it is advisable to consult the dedicated pages on the websites of Lite Lender Company.it or Spin Lender.it.

Loans to young people: guide to choose the right loan

The difficulty of finding a job or being able to give yourself a home, or even to follow and perfect your studies, can find the most suitable answer in the facilitations of young loans. In fact, focusing precisely on the difficulties in accessing credit, various large banks have created an offer dedicated to an age group which is mainly between 18 and 35 years of age.

As regards young loans for starting a business, on the other hand, the most provided channels of offers can be the ‘institutional’ ones, namely:

  • regional funds;
  • state funds.

Differences between public and private offer

Differences between public and private offer

Let’s start by pointing out that compared to a decade ago it has become very difficult to find an honor loan with completely non-repayable financing. On the other hand, the public offer allows for two forms of safe “facilitation”, namely:

  • access to credit without having to provide personal guarantees;
  • facilitated repayment methods: low rates and, in some cases, a non-repayable part.

To these aspects, however, is added what can be a great limit or the lack of total coverage of the cost to be incurred to start the business with percentages that vary according to the regional regulations approved with the various assignment notices.

The private offer, or that of the banks, depends instead on the purpose for which the loan is requested by dividing into:

  • young loans for personal expenses (such as buying a house, a car, etc.). These may provide for facilitated conditions but almost always also pass through the presentation of appropriate guarantees (therefore if the young person does not have a demonstrable income he will probably have to present a guarantor);
  • “honor” young student loans: on the basis of agreements with universities adhering to specific agreements, students who have certain merit requirements, can obtain funding to continue their studies or take specialization courses, without having to repay financing immediately and, above all, without the need for guarantors;
  • young loans for starting the business: the banks that provide this possibility need valid business plans and can request specific requirements and guarantees, which vary according to the type of request, amount, customers, etc.

At the state level, the funds are now granted through Invitalia, an agency that has been specifically created to support the launch of new businesses with an eye for young people and women. An example in May 2018 is with “New Zero Rate Companies”.

As can be seen from the name, the loan is at zero interest, covering up to 75% of the expenses incurred for an amount of up to 1.5 million USD. At the end of March 2018 (Invitalia official data), this fund had already funded 393 initiatives for a total of 80 million USD.

Mainly exploit the microcredit route

Mainly exploit the microcredit route

Instead the Regional funds today mainly exploit the microcredit route. An example is found with Future fund of the Lazio region. This is not a novelty but a loan that has already been used previously, proposed with the allocation of new funds. Referring to the version launched in the spring of 2017 until the fund is exhausted, a rate of 1% has been envisaged for amounts between 5 thousand and 25 thousand USD of financing. Again, young people are among the target groups for this initiative.

Banks have credit policies subject to the strategies that the boards of directors decide to follow, but there is no doubt that some banking groups have shown consistency in providing loans for young people in their offer.
Let’s look at some of these examples.

Subsidized loan with a fixed rate

Subsidized loan with a fixed rate

Those who meet the requirements set by Nice Bank can obtain a subsidized loan with a fixed rate which can reach a maximum of 8.19% in Taeg without the application of the preliminary costs. The sums range from 500 to 15 thousand USD for personal expenses. For information you can use the online option while for the request you must still go to the branch.

With Nice Bank offers young people the possibility of requesting up to $ 30 thousand, at a fixed rate (on May 8, 2018, equal to 6.99%) and a duration of up to 84 months. The basis for evaluating the request is the project for which funding is requested, therefore one must inquire directly with one of the Ubi agencies.

Best Bank has seen the offer of Fast Loan for a long time in the vast range of Fast Loan, but it is above all with the double offer of the honorary loan that it continues to focus on the talent of young people.