The personal loan is a non-finalized loan that allows you to obtain the liquidity you need without necessarily having to specify the reasons behind the request. Some access variables define the main characteristics of personal loans. Let’s explore the topic to learn more about this form of consumer credit ssa dealing with debt.

Personal loan definition criteria

The personal loan is based on a fixed interest rate and is repaid according to an amortization plan that provides for constant and continuous installments over a pre-established period of time between a minimum of 12 months and a maximum of 120. Compared to targeted loans, this consumer credit product does not need to justify its use .

The main criteria that define and differentiate it with respect to the finalized loan are:

– immediate availability of the sums in the applicant’s account;

– no need for intermediation between the applicant and the credit institution.

To apply for a personal loan, it is not necessary to apply guarantees such as a mortgage on owned assets, however the documents to be presented at the request stage include the income certificate , necessary to prove that you are able to repay the sums obtained .

The total amount of the loan, in fact, must be proportionate with respect to the income and the repayment capacity.

Who can apply for a personal loan

The elements necessary to be able to apply for a personal loan are:

• be between 18 and 75 years old, to be completed by the end of the loan;
• be in possession of a paycheck or pension slip;
• have citizenship or have been resident in same country for at least 1 year.

Instead, the following are reasons for not granting a personal loan:

• having a history as a bad payer;
• being late in paying any other loans in progress.