The personal loan, which can be obtained without proof of use of the sum, can also be concluded over a long repayment period, thus facilitating the obtaining of a smaller monthly payment.
Personal loan: monthly payment and duration
The subscription of a personal loan makes it possible to finance all the types of projects, namely recreation, the purchase of a car or the studies of the children but this credit proposes a unique asset, that to be able to obtain the funds without justifying their usage. It is thus possible to define the desired amount and customize the repayment conditions, namely the duration and the monthly payment. The limit obviously lies in the household’s repayment capacity and the debt ratio.
A personal loan is a so-called unrestricted credit, meaning that the amounts used are not linked to a purchase or a contract. If the purchase of the car does not finally happen, the credit will still be concluded, unlike a car loan where the loan is linked to the act of purchase and therefore, the latter will be canceled. The personal loan, however, meets a specific need for funding, the amount can vary between 200 and 75 000 USD but for large sums, it is better to adjust the repayment period.
Long term for his personal loan
The repayment period makes it possible to define the amount of the monthly payment but also the cost of the personal credit. That is to say, the longer the duration, the more the monthly payment will be reduced but the important cost, it is necessary to play between these different elements to modulate the repayment period to make funding possible and especially at lower cost. It is better not to take too long, the cost will be more important.
A consumer loan must be concluded for a minimum period of 3 months, however, there is no maximum duration under the consumer credit legislation, but most credit institutions and organizations will not exceed 120 months (10 years) of repayment for a personal loan with a large amount, we usually talk about personal loans to carry out work in a home.
Which bank accepts the long-term personal loan?
The personal loan is usually offered by credit agencies specializing in this financing, banks are not always the best positioned and therefore, it is the Internet that will promote the obtaining of its funding but rather than solicit one by one Financing organizations to obtain a long-term personal loan offer, it is better to centralize the application on a comparator that will, find the best deals of the moment with each credit agency.
The comparator makes it possible to file a request for a personal loan, by entering the desired amount and by specifying the information relating to its personal and financial situation, this makes it easier to find the credit institutions that can respond favorably to the request. This approach has the advantage of being completely free and fast.