Among the various forms of financing available, falling within the so-called “consumer credit”, we can distinguish, among others, two categories in particular: the finalized loan and the non-finalized loan.
The non-finalized loan, as the name itself suggests, is a form of financing that is granted to meet generic liquidity needs, therefore not tied to a specific purpose. In this case, the lender makes the agreed sum available to the applicant, in a single solution, and this undertakes to return it according to the agreed repayment plan.
If we want to make a small renovation, face an unexpected expense, buy a used car from a private individual, we can resort to a non-finalized loan.
The personal loan is a form of non-finalized loan which provides for the payment of installments or with postal current account slips, or direct debit on the bank / postal current account. When the request is presented, the lender evaluates the applicant’s economic and financial situation – which can be an employee, self-employed person or a pensioner – taking into account the income that he receives, as well as any commitments already underway, related to previously contracted loans . If other commitments exist, there must be no irregularities in the payment of the installments (delayed or non-payments), a condition which will already jeopardize the possibility of proceeding with the request. Furthermore, to protect against the risk of non-repayment, it is possible that the lender may request additional guarantees, such as the signature of a guarantor who undertakes to pay the loan together with the principal applicant. Therefore, it must be considered that a personal loan is always evaluated very carefully and it is not obvious that it can be granted.
The personal loan, however, is not the only form of financing not finalized, in fact, there is another very interesting and convenient possibility, represented by the assignment of the fifth (if you want to deepen laws (“What is the Transfer of the Fifth?” E who can request it? “).
The finalized loan, on the other hand, is a loan linked to the purchase of a specific good or service. It is therefore paid for a specific purpose.
Unlike the non-finalized loan, the consumer can obtain it directly from the retailer, which has an agreement with the company or the lending bank and is authorized to manage the request on their behalf.
In this case, the sum to be financed, necessary for the purchase, is paid by the financial institution directly to the affiliated retailer and not to the applicant who, obviously, undertakes to pay the installments relating to the goods or services purchased, shown on the contract. financing. In general, the finalized loan is a very fast and easy to obtain operation, which is granted with greater elasticity than a personal loan, in fact, the approval takes place in real time, just when you have to make the purchase, especially if it concerns goods with a cost of a few hundred euros.
In many cases, moreover, it is possible to take advantage of promotions that can entice you to buy in installments rather than in cash, even if you must always be careful in evaluating these offers, such as for example those at “zero rate”.