Personal loans, payday advance loans Colorado
The personal loan is a fixed rate loan, with amortization in constant installments to be repaid normally on a monthly basis.
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On our website you can find many offers of personal loan made available by the best specialized institutes, both banks and financial companies: make free your quotes and find out in a few clicks the best financing for you.
Below we show you the characteristics of the loans offered on our site:
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To apply for a personal loan, you must be resident in USA and be between 18 and 70 years of age.
Furthermore, in order to increase the chances of the request being successful, you must have a good credit position (not being protested, have not accumulated delays in paying previous loans and do not request a disproportionate amount compared to your income and / or your repayment capacity).
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Unlike the finalized loan, in which the requested sum is paid to the seller of the asset and / or service object of the loan, in the personal loan the money is paid directly to the customer. Most of the affiliated Institutes provide funding through direct credit to the applicant’s current account; some offer the alternative of the check.
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Almost all Institutes require reimbursement by direct debit to the applicant’s current account (RID) as this procedure offers greater guarantees of punctuality in repayments. As an alternative, some Institutes accept reimbursement through postal slips.
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Normally no guarantee is requested. In some cases, however (eg when the amount requested is quite high compared to the applicant’s income capacity), it may happen that a claim from a guarantor is requested.
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The evaluation of the requests is not the responsibility of our website the latter are sent to the Institutes chosen by the customers after comparing the offers.
It is the same Institutes that collaborate with our website to carry out the evaluation, independently and according to their own criteria.
As a rule, the feasibility opinion is given within two working days even if, in some cases, additional information is requested.
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The personal loan is a consumer credit product which provides for the financing of a pre-set amount at a fixed rate of interest and repayable according to a repayment plan in constant installments.
It is included in the category of non-finalized loans, ie in those financing transactions not directly connected to the purchase of a specific good or service.
So, unlike what happens in the finalized loans, the figure of the agreement does not come into play, but the contract is concluded directly between the financing institute and the applicant, who are therefore the only interested parties.
Consequently, if the request for funding is accepted, the payment of the sum takes place directly in the hands of the consumer, and not to a third party (the agreement in fact).
The presence of a good or service that can act as a guarantee for the eventual insolvency of the debtor is also missing, which makes this product rather risky for the lender.
The personal loan is normally granted by banks and specialized financial companies.
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In general, the granting of a personal loan is not subject to the presentation of collateral (ie pledge or mortgage rights on assets owned by the applicant).
However, in some cases, in order to limit the risk of insolvency, the lender institutions submit to the applicant a contract that provides for the payment of installments, or a single bill, able to guarantee a part or the entire amount paid .
The most widespread form of guarantee, however, is the signature of a co-obligor or of a third guarantor, who guarantees the successful completion of the operation. This is a rather common request, in the presence of particular conditions (such as an applicant with a recent working age or a particularly high amount).
In any case, it is not possible to establish rules that are valid a priori as the request for guarantees is at the discretion of the individual institution that decides on a case-by-case basis, depending on the risk profile of the transaction and the individual applicant.
Finally, the Banks or Financial Institutions sometimes try to mitigate the credit risk associated with the granting of a loan by subscribing the particular insurance products. In most cases, these are insurance policies that cover the risk of death or the risk of loss of employment. In other words, in the event of the death of the financed, the insurance company settles the residual debt to the institution guaranteeing the extinction of the loan. In the event of loss of employment, the Company will pay the installments until the fund has found a new job or, in some cases, up to a maximum number of installments.
These insurances are financial products that generally have a considerable cost and which obviously weigh on the overall cost of the loan, leading to an increase in the repayment installment. It is therefore very important to take this into account when deciding what is the most convenient financing among the various offers of several Institutes.
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The loan agreement establishes the conditions according to which the Bank or the Finance grant a certain sum of money to a subject who undertakes to repay it in a certain period of time by paying installments.
It must be signed by both parties and it is very important that the legislation establishes what it must contain and how it should be written. The Bank must accurately and accurately declare the actual conditions of its offer, and the client must ratify its commitment to repay the loan according to the agreed terms.
The intervention of the legislation to define the punctual terms of the loan contract is a protection against the paying institution and above all of the financed subject, which is enabled to fully understand the characteristics and the cost of the loan that is about to underwrite.