If we are involved in a process of negotiating the return of a quick loan, it is convenient to know how it works. Fast loans, such as online loan, come to solve the need for financial aid that the consumer requires for current expenses such as home renovations, the purchase of a car, higher education or other tasks such as travel. or vacation. There are financial entities that will make certain financial products available to the client, such as fast loans , although online loans can also be purchased through the Internet. In some cases, these types of loans are subject to interest or commissions and are governed by clauses that regulate their fast loan return .
We must be clear that when you sign an online loan it is also a financial product that will allow the consumer to have an economic solution that allows the user to have money quickly, with the obligation of a fractioned payment commitment, during a specific period of time. time and with an extra sum in the installments, which are interest, provided that the service is associated with the collection of these interests, since in some quick loans the first loan does not involve associated interests or additional costs. For the specific loan, you may have a higher interest rate than if it were an ordinary home mortgage. In the same way, the amortization period varies (the total months that are offered to the customer to return the quick loan) are terms of less than 5 years in most cases, as a general rule and it is advisable to negotiate the refund of the loan to satisfy the debt at the lowest cost.
At the moment of signing the loan agreement, the client will receive the agreed amount and will have set an account for the refund in the form of installments within the established period. The delays in the payment of the same, as well as possible discoveries in cash could cause penalties in the form of surcharges or extra commissions that the borrowing entity will impose.
They can not be subrogated
Another substantial difference with respect to mortgages is that bank loans can not be transferred, through subrogation to other entities. The solution is difficult because it would involve the cancellation of the loan and the opening of a new one in another branch, generating by means of many costs in commissions, study time and other expenses added in bureaucracy. These expenses may mean that the advantage of saving some point of interest, are not of interest to make the decision. Therefore, you have to evaluate and compare well before making the decision to request them.
Types of loans
Depending on the total amount required, the agreed period, the purpose of the investment or the personal characteristics of the applicant: employee, self-employed person, entrepreneur, etc. Several types of loans can be found, although the most usual is to speak of personal loans. Knowing your existence can help you make the best decision:
* Consumer loans
They are the most generic, allowing their funds to be used for different purposes, not requiring justification of the expense by the client. Within this category, various loan lines can be opened to meet special financing needs, such as the payment of a breakdown, trips abroad, business expansion, etc.
* Pre-granted loans
It is a form of extraordinary financing that the entities make available to clients with solvency ratios, seniority and with specific characteristics according to the profile, their level of income … They do not need anything more than the signature for their concession and usually have a closed amount and an almost immediate processing, are specific offers that the entity reports without needing to exist prior to the consumer’s demand.
Small financial product, usually do not exceed 600 euros of capital and the deadline for its return will not exceed 60 days. They have less requirements for their concession and do not need paperwork or endorsements. Many companies offer the first free loan with no interest or additional expenses associated.
* Quick loans
They are products of an intermediate nature, between microloan and traditional or generic loan (consumer loan). The amount that is lent, will generally not exceed 10,000 euros and a term not exceeding 5 years for its return. They are available in physical bank branches or by loan institutions that operate on the internet.
Once the type of financial products has been clarified, the amount needed and the term for the amortization of the installments, it will be possible to make a comparison to select the best option in terms of cost and conditions. Prudence must govern a financial transaction that can take several years with a part of the income intended to satisfy the debt incurred, plus interest. As a general advice, make a provision of at least 3 months of fees in the bank account that is chosen to pay the fees and go replacing the corresponding to the total of the ordinary amount equivalent to the monthly fee.
In this way, it can be avoided that a direct debit of an amount not foreseen as an expense with the card at the last minute or a withdrawal of untimely cash, reduce the amount necessary for the payment of the loan. This can generate a double commission (uncovered and surcharge for delay or efforts to return) that would involve an extra cost of up to 50 euros, depending on the entity in question. Another possibility is the domiciliation of the payroll and receipts such as electricity, water, internet and the like. The greater the relationship with the entity, the better conditions may be offered or the response to situations such as those described above will not go against the current balance.
Finally, it is key to negotiate on favorable terms, make an early refund of loan online and show goodwill in the return of outstanding fees and accrued interest, so it is very common to negotiate with the entity to eliminate or reduce Cancellation fees or request the cancellation of previous charges in possible commissions supported always in a climate of consensus and justifying the non-fulfillment of the commitments acquired in a clear and demonstrable way.