THE ADVANTAGES OF A PERSONAL LOAN

At present on the market as many ways to borrow, which has become quite difficult to choose which loan is the task that we ask.

In addition, we will have to be clear about some factors such as the ability we have to return the personal loan we ask for, and the money needs we have.

THE ADVANTAGES OF A PRIVATE PERSONAL LOAN AGAINST A BANK

What we are going to see today are the differences that exist between personal loans offered by private lenders and those offered by banks.

In this way, you can have enough and adequate information to be able to choose if it is better for you to apply for the personal credit to a private entity or a traditional bank.

Purpose

The purpose of private personal loans can be any, private loan companies do not usually have specific products for personal loans, nor do they ask you why you need the money.

In the case of personal loans from banks, they usually have specific purposes, car loans, loans for reforms, for university students…

Amount

In the case of private lenders, depends a lot on the lender company, can be from 1,000 to 10,000 euros.

Banks offer financing in personal loans of up to € 15,000.

Term

It depends on the private company that makes the financing. In the case of Bankil, the term to be paid is up to 41 months.

The term to pay a personal loan from a bank is up to 4 years.

Expenses

Private lenders usually do not include expenses on their loans.

Banks usually offer loans with study, opening and maintenance costs.

Financial Credit Institutions

Some private entities accept that people who request their loans are people included in delinquency records such as the Financial Credit Institutions.

This does not happen in the case of banks, which do not accept loans to people with Financial Credit Institutions.

Other

To request a personal loan from a private lender, you will not need a payroll, guarantee or guarantee. There are no paperwork to request the loan.

The answer is immediate and do not require linked products.

Banks give loans to people with payroll.

Loan approval can take days, and sometimes it is necessary to contract linked products that can make the loan more expensive.

What is better for me?

Personal bank loans take longer to be approved or denied, they need to justify the purpose that the money will have, and this purpose is usually reforms, buying or renewing a car, celebrations, trips, etc.

Private personal loans are recommended when we need personal financing without having to go through so many procedures and without having to give so many explanations.

We can get it in less than an hour and their requirements are more flexible, which makes the chances of their approval higher.

If you are thinking of applying for a personal loan, we invite you to go to our homepage to the personal loans section so you can see the financing of this type that we have available for you.