We all want to go through life and meet all our needs without money being a problem. Unfortunately this is not the case and at some point we will be in the situation of not having the money that is required to obtain something or solve a problem.
So we inevitably turn to the loan . In the following lines we are going to briefly explain what types exist, but not before remembering that they are an obligation and that it is best to pay on time and under the conditions agreed with the entity that has given you the money.
According to time
These are classified into three types: short, medium and long term.
- Short-term ones are those that are granted for 30 days to be returned in 12 months. Here you have more information about short-term loans .
- Those of medium term, are those that are granted to be paid from 12 to 36 months (three years).
- The long - term are all in excess of 36 months to be paid. Here you have more information on long-term loans .
Maturity times are usually commensurate with the amounts being loaned, so small amounts of money are usually granted to be repaid in a year or less, while larger amounts, such as home loans, generally fall in the range. long term.
According to its purpose
They can also be classified according to the "why" I am requesting that money:
- Personal loans: is the one that is requested to pay for things such as a medical emergency, a date at the movies, a trip, meals, that is, perishable or intangible things. We recommend that you ask for the lowest figure possible because failure to pay carries very high penalties.
- Consumer loans: these are those that are used to pay for tangible, non-perishable goods such as appliances, a computer, cars, etc. Like personal ones, these are short-term and advisable for not very large quantities.
- Loans for study (university) : this type of credit is gaining ground in Spain, although it is very popular in the United Kingdom United States, it is not very common in most of Europe to pay for studies through the support of financial institutions. In any case, loans of this type are more flexible and with lower interest rates.
- Mortgage loans (mortgages): These are large loans that are requested to buy a home or business. To grant them, financial institutions ask, apart from personal guarantees, the asset that is being acquired as collateral. This means that if it is not paid, the bank or institution that granted the money has the right to dispose of the property to repay the debt. In terms of duration, these are long-term, usually between 15 and 30 years. And with respect to interest, the rate is set in accordance with the policies of the financial institution.
- Loans for retirees : there are loans that take into account the particular situation of those who are retired and therefore have a stable pension as the main part of their income.
- Loans for companies : companies have special credit lines both from certain public administrations and from many entities. These lines of credit are often closely tied to productivity and the business plan.
- Loans for the self-employed : the self-employed are another group that can access special loans according to the work needs of their business.
Fast, with and without payroll
This is a way to get cash in an expeditious manner . With this we recommend reading the contract conditions very well and calmly. Banking institutions are increasingly open to this type of loan, but if it is done with any other financial entity it is necessary to be alert, especially with the interests on the capital that tend to be high.
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