Month: April 2019
When you decide to apply for a loan , in addition to evaluating the expense items associated with opening and managing the loan, you will also need to consider the amount of the installment . Requesting the calculation of the loan installment before signing the contract, will allow you to understand if you will be able to support the repayment plan provided by the body providing the liquidity. Among the other things that you will need to evaluate in advance is also the simulation in the event of the loan being extinguished , useful for understanding what the procedures and any costs to be incurred are.
Simulation for the extinction of the loan
What to evaluate before submitting the request?
As we said, before signing any loan agreement it is always advisable to know all the items of expense and the procedures adopted by the credit institution both in the event of early repayment of the loan, and in the event of delays or non-payment of one or more installments . In this article we will deal specifically with the early repayment of the loan, the procedures to be followed to request it and any costs to be incurred.
Paying off a debt with respect to the term agreed with the bank offers the great advantage of saving on interest rates . In fact, although the law allows the debt to be extinguished at any time, the advantages associated with this type of transaction are greater if you decide to intervene in the first months / years of the loan . Extinguish the debt when there are only a few installments left, and in the end there are almost zero benefits.
The amortization plan envisaged by most Italian banks – called the French one – initially provides for the payment of interest, which will prevail over the share of capital required, especially in the first installments of the loan. For this reason we advise you to carry out a simulation before requesting the extinction of the loan, only in this way you will be able to know the amount of the residual debt and the overall savings obtained.
Remember that if you decide to partially extinguish the loan you can choose between two possible solutions:
– the first, to reduce the duration of the loan, leaving the amount of the installment unchanged;
– the second, reduce the amount of the installment without changing the loan term.
Does the early repayment of the loan include penalties?
Another factor that you will not have to forget to evaluate before submitting your request concerns the possible application of extra costs , or penalties . In this regard it should be noted that thanks to the Bersani Decree an important measure was introduced to protect savers. The provision establishes that all loans and mortgages opened after February 2, 2007 for the purchase or renovation of a building are exempt from penalties in the event of early repayment of the debt.
For all other types of financing, penalties are instead provided for in the manner established by the chosen credit institution and expressed in the prospectus as well as in the contract, which however can never exceed the amount of residual interest . Remember that there are particular insurance coverage that, if signed at the time of signing the contract, can protect you from the risk of any type of penalty.
Have you ever heard of fiduciary loan ? If you need extra liquidity in a short time but you don’t have concrete guarantees to offer in exchange for the bank, you can request one of these Nick Carter provided you respect certain conditions. This solution can be useful if for example if you find yourself facing a sudden and important expense, but without possessing the necessary liquidity. In this article we will explain the features of this financing solution and the procedures to follow to request it .
How does a fiduciary loan work?
The fiduciary loan is a loan granted on the simple trust of the applicant , therefore no material guarantees are required but only the necessary documentation to prove to the credit institution that will provide the loan, its own social and economic position , but also the possibility of returning the sum obtained . In this way it will be possible to determine also the amount of the installment and the time of return.
Trust financing is a loan suitable for those who have liquidity problems to be solved in a short time and not for the purchase of a specific consumer good or for another type of investment.
Who can request one of these?
The requisites required to access this solution are: an age between 18 and 75 and a demonstrable fixed monthly income (by salary and Unico model). You can apply for it even if you are a protestor or a bad payer. Your monthly cash entry must be demonstrable and sufficient to cover the value of the periodic repayment installment. It therefore also applies to recipients such as employees , freelancers , self-employed persons and pensioners who comply with this requirement. The presence of a guarantor is not required and you will not be denied access if you have other active loans in progress.
Trustee Loan: How it is obtained and how long it lasts
To get a fiduciary loan , the best thing is to go to your bank and ask for information. Bank-to-bank conditions can change, so we advise you to compare the features of multiple solutions. Usually this type of financing is indicated for amounts between € 2,500 and € 10,000, but some banks go further and can request up to € 30,000. To repay the money, the maximum period is usually 72 months, but once again in the case of special situations the repayment can be extended to 120 months.
The financing will be provided by the financing institution in a single solution , by bank transfer or check made out to the person requesting it , while the repayment is made by monthly installments. The fiduciary loan can also be disbursed with other loans in progress as long as you are able to prove that you can pay all the installments every month.
Waiting times for receiving a response to the request for financing vary according to one’s financial situation and the employment contract. Generally, however, it is possible to get an answer within 4-5 business days immediately after receiving the money. This type of loan is in fact dedicated to those who need immediate liquidity to cover urgent expenses and who very often do not have the requisites and guarantees to access another type of credit.