Finance

The Advantages of a Personal Loan

Sometimes you do not have enough cash to finance the project of your dreams. Planning a wedding, a trip, changing cars, or doing chores are expensive life projects that sometimes require a personal loan. At Slick cash loan, we are offering you a new 100% instant cash loans experience for the financing of your project; you can sign your contract remotely and directly download your documents required to complete your personal credit report.

Online staff is simple, fast and transparent. A financing solution that allows you, in addition, to benefit from a particularly attractive fixed annual borrowing rate (or annual percentage rate). Enough to bring your project to life without having to worry about the next day!

What is a Personal Loan?

A personal loan is a credit that is said to be “unaffected”. Indeed, the amount borrowed from a personal loan does not correspond to the precise purchase of a good (car, motorcycle, real estate, etc.). Consequently, the personal loan is not triggered on presentation of an invoice as for “affected” credits, but simply meets a household cash requirement. Ultimately, the borrower is free to use the amount of credit as he sees fit, whether for the financing of a consumer good (car, refrigerator, food) or for any other service. This type of credit can be issued either by a bank or by a financing organization specializing in loans.

The repayment of a personal loan is usually done every month. Its duration, stipulated in the contract, varies according to the amount of the loan and the financial capacities of the borrower. The monthly payments take into account the total amount of the loan and its duration, the APR (annual percentage rate) as well as the insurance, if the borrower has subscribed to it.

Amount and duration of a personal loan

The personal loan is framed by the Consumer Code, which defines a minimum and maximum duration and amount. As such, it allows you to borrow from $ 1,000 to $ 50,000 from Slick cash loan. As for the repayment period, it ranges between 6 and 84 months.

Generally, the first monthly payment occurs 30 days after the funds are made available. The exact date of withdrawal of this monthly payment is stipulated in the contract. The organization which grants you the financing can also grant you a deferral of payment of 2 to 3 months, but this is not systematic.

Good to know: A Fixed Interest Rate

If the APR (annual percentage rate of charge) varies in particular according to the amount and the duration of the loan, it does not change in any way during the course of a personal loan. Also note: the APR includes all the costs associated with the credit. The cash loan for individuals is neither more nor less than a consumer credit. This type of consumer credit can be fixed APR or variable APR.

As with any other consumer credit, the cash loan is necessarily the subject of a contract between the bank and the borrower. The borrower has to pay what are called monthly repayment installments. The amount of these monthly payments depends on both the duration of the credit, the total amount borrowed and the rate applied. The big advantage of the cash loan? The borrower can simply use the sum granted as a security thread without having to justify a particular purchase or use. This is largely what explains the speed of obtaining cash credit!

Before granting credit, the lender may require the borrower to take out insurance. In addition, this, although the law does not impose it. In any case, it is in the borrower’s interest to think about this optional insurance. Because in the event of a payment incident following, for example, a loss of employment or a death, it is the insurance which will be responsible for reimbursing the outstanding capital.

The acceptance of a personal loan depends mainly on the resources and the patrimony of the applicant. It is indeed crucial to ensure, upstream, that its financial situation and its capital will enable it to meet the monthly repayment installments.

Thus, for the assembly of your file, authority requests the supporting documents required by law or in accordance with the practices of banking establishments. However, we will not ask you to provide original documents: all you need to do is upload your supporting documents on our platform. Finally, you will be asked to provide a complete file to be able to obtain a loan offer.

Tom William

My name is Tom William a expert content creator and SEO expert having Proven record of excellent writing demonstrated in a professional portfolio Impeccable grasp of the English language, including press releases and current trends in slang and details.

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