The purpose loan is a type of loan that is provided by a bank or a credit company and which is linked to the purchase that is made. The loan is granted directly at the points of sale. In fact, with the finalized loans, the client does not obtain liquidity from the bank or from the financial institution, but can pay in installments the cost of the good or service purchased. To explain better: the money lent by the bank is not credited to the applicant, but to the company that sells the asset or service for which the loan was requested.
If we decide to buy a bedroom, the business owner may suggest a payment in installments: the bank or the financial will evaluate the possibility of granting the loan and after analyzing all our data, both personal and income, we can proceed with payment of the bedroom in installments.
Finalized loan: the main features
A loan is recognized by other types of financing for some fundamental characteristics: the amount is paid directly to the commercial activity or the company that sells the good or service; the customer is required to specify the purpose of the loan and to purchase an asset. The type of purchase will be included in the contract.
The financing institution is aware of the good or service that the applicant intends to purchase. The lenders in the field of personal loans are the financial ones.
| CREDIT TYPE |
THE MAIN CHARACTERISTICS |
| Finalized loan |
Funding is provided directly by resellers of goods and services |
| The dealer called ‘dealer’ |
The trader, through an agreement with a financial institution, offers installment financing to customers |
| The provision of the loan |
The loan amount is paid not to the customer but to the business owner |
| The financing contract |
The loan contract indicates the good purchased in installments |
For non-finalized loans , on the other hand, the amount of the loan is disbursed to the customer who is not required to indicate the reason for the request for credit. The customer can use the sum obtained without too many restrictions. The finalized loans differ from those not finalized because they are characterized by a simpler and faster practice . Very often this type of financing is provided directly from the point of sale of the asset and service through agreements with the financial companies . What is needed to access this loan are few documents: an identity card, the tax code and rarely the paycheck. Obviously, if the amount is high, the procedure may appear more complex. These are usually goods that are not immediately available and must be ordered: a valid example is the purchase of a car or furniture.
When it comes to personal loans, the main requirement is to provide guarantees . In the case of a loan with a transfer of the fifth, the salary or pension will serve as a guarantee. The installment is retained, in fact, directly from the paycheck or from the client’s pension. In the case of finalized loans , which as already explains the word itself are aimed at buying a good, an appliance, a car or a motorcycle, the guarantee is offered by the asset itself .
Loan finalized without paycheck and salary: what to know
Especially in the last few years the payday loan is getting more and more going. At the base of the “success” of this form of financing there is certainly the labor crisis, but also the economic uncertainty with which many Italian families find themselves confronted. While in the past the request for funding was accepted by banks and credit institutions only that the applicant had a permanent contract, now it is mainly people without paychecks and salary to apply for a loan. A payday loan allows you to receive a low amount, except in cases where there is a guarantor. The capital provided in the event of a loan without a paycheck goes from: 100 to 1,000 euros when the applicant has no guarantees of fixed income, such as a salary or a rent . Up to 5,000 euros with the presence of a guarantor and guarantor.
To access a loan without a paycheck you must still provide guarantees. In the case of a loan for the purchase of a good or a service , the guarantee is given by the asset itself. In other cases it is possible to mortgage a real estate property: the person does not lose possession of the house, but in case of non-payment of the debt the bank may request the sale of the property in order to obtain the return of the amount paid. There are also cases in which a property owned by a third person is proposed which presents it as a guarantee. The rent that represents a fixed income can also be considered a guarantee in the case of loans without pay as well as regular payments into a current account. Other guarantees, in the case of loans without a paycheck, are the presence of a co-holder of the loan or a guarantor who will act as guarantor . The latter will be responsible for the repayment of the debt equally to the principal debtor. If the customer is not able to pay the debt, it will be up to the guarantor to repay the installments of the loan.
Finalized loan without paycheck: amortization plan
The purpose of a loan with no paychecks is a particularly convenient type of loan: the client is able to access the credit quickly and with favorable interest rates for Tan and Taeg. The asset to be purchased is inserted during the stipulation of the contract: the furnishing of a house, marriage, a car. The amount is paid directly to the seller of the asset that can then subject the property to a mortgage if the customer is insolvent. The amortization plan for a loan is characterized by constant installments. The latter are made up of a decreasing interest rate and an increasing share of capital. This aspect is mainly used by financial institutions and their protection: almost all the total interest is paid, in fact, already with the first monthly installments.
Loan finalized with or without paycheck: who are the lenders
When we talk about targeted loans, we must bear in mind that the lenders are financial . The financial companies, which operate in the credit sector, enter into agreements with merchants who sell goods and services and who need financing. The agreements with the points of sale are carried out through specific commercial networks . How does it work? The financial institutions give their affiliates the terminals through which the owners of the commercial activities can upload the requests for financing. The instances are processed in real time and ensure in most cases a confirmation during the purchase phase of the good or service.
Here are the main financials :
- Compass SpA, a financial company of the Mediobanca group;
- Findomestic Banca SpA, a financial company of the BNP Paribas group;
- Intesa Sanpaolo Personal Finance SpA, a financial company of the Intesa Sanpaolo group;
- Deutsche Bank Easy, a brand assigned to Prestitempo of the Deutsche Bank group;
- Santander Consumer Bank of the Santander group;
- Fiditalia SpA of the Société Générale group;
- Agos Ducato SpA, a financial company of the Banco Popolare group.
Targeted loans: what are the distribution channels
In the finalized loans, the distribution channels are the sellers of goods and services and therefore the merchants. In fact, customers may need financing for the purchase of goods. They are also used as a guarantee in cases where the applicant has no paycheck or salary. The financial companies compete with each other to grab the owners of the assets that are able to circulate the major credit flows. On the other hand, merchants stipulate agreements with financial institutions that tend to offer higher commissions and which provide more freedom in granting credit.
When a credit is not granted by a financial institution, the problem arises for the merchant. This inconvenience can lead, in fact, the owner of the activity to renounce the commission in case of credit granting, but also to the sale of the good or service.
Usually targeted loans are provided by companies that sell high-cost goods or services. And not only. However, we are talking about purchases that are made regularly in certain activities, such as: furniture, car dealers, home appliance sales and IT and electronic equipment.
Customers often do not realize that they are contracting targeted loans at the time of purchase. For some, the feeling is simply that you have purchased an asset in installments or have entered into a contract with the owner of the activity that allows payment in installments. Even in the case of mobile phones and smartphones, the purchase is financed through a finalized loan. The mobile phones are granted, in fact, following the signing of a contract with the telephone company.
Targeted loans: repayment and guarantees
Payment in case of finalized loans takes place in installments . The form is usually installment.
The repayment of the sum due can take place in different ways. Payment can be made by debiting from a bank account authorized by the holder (Rid). Unlike other types of loans, the finalized ones do not require any special guarantees. This is why the finalized loans are granted with greater speed and based on the customer’s personal data and income information. The amount is not paid to people reported in Crif or Experian and have therefore been reported as “bad payers”.
In the case of loans without paychecks, as well as for other types of financing, the rate is decided upon the signing of the contract. Under the lens the fixed rate and the variable rate . The choice obviously varies depending on the needs of the applicant. Who wants a stable installment, which will not undergo changes during the entire contract period, opts for the fixed rate; the variable rate can have advantages when the possibility of a reduction in interest is created, but at the same time there is also the risk that the installment may increase.
In these cases, especially in the absence of a paycheck or a salary, the advice is to know the amount due without risk of increasing the repayment installment. Indeed, it may happen that the amount is high compared to our liquid disposition. Some banks give users a period of pre-amortization . This is an initial period in which the installments are not paid. The reimbursement of the first installment can take place for example one year after the purchase of the good and service.
Loans finalized online
There are so many banks, as well as lenders, that allow a client to activate a personal loan. If you want to activate this form of financing, you can start browsing the net to find out about the wide range of financing offers. It is possible, in fact, to compare online loans by filling out specific forms and clicking on the type of loan that interests us most. In a few minutes the applicant can learn about the best online loans.
Personal loans and finalized loans: which one to choose?
Clarified for good what a loan is and how it works, it is important to make a distinction with personal loans . Personal loans, unlike the first, are not linked to the purchase of a specific good / service. Moreover, this form of financing allows the customer to receive the requested amount and to use it as desired. We can not say what the best form of financing is between personal and finalized loans. The truth is that it depends on the cases. The targeted loans are intended for those who already know what to buy and therefore how to invest the amount requested. To ask for a personal loan are those who need more liquidity that can be used for the purchase of more assets but also for other types of projects.
In the case of the finalized loan, it must never be forgotten that the contract for the purchase of the good or service is different from the financing contract. The contract for the purchase of goods and services is related to the relationship between the consumer and the seller; ends once the bank has granted the loan and has paid the business owner. The loan contract is linked, instead, to the client and to the institution that provided the credit (bank or financial).
If there were, therefore, problems with the trader, the payment of installments should not be suspended. In this circumstance the user will be reported as a bad payer. The suggestion, in case of criticality of the product purchased, is to contact the store to have the purchased good replaced and not working.
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