We often approach the world of consumer credit without having too much information on the functioning of loans and the amounts that can be disbursed.
At times, however, it happens that we need money to meet our commitments: ad hoc financing can be an excellent solution to compensate for a temporary lack of liquidity. To maximize your investment, you need to study the most suitable loan for your needs.
The first thing to do is to understand what amount to request, knowing what is the maximum limit set by the financial target.
The amounts payable tend to be lower than those of a mortgage: usually starting from a minimum of 2-3 thousand euros, to reach about 30,000 euros.
The advantage, compared to a mortgage, is that the practices are very streamlined and the amounts are disbursed quickly, if the requisites required by the bank or the financial company are respected.
These characteristics make the loan very attractive, especially in relation to investments in which the figures are rather high, but the mortgage is not the most functional product. It is, for example, the case of restructuring interventions: thanks to the possibility of deducting expenses, as we explained in the article “Extension home bonus: loans to take advantage of it”, many people evaluate interventions on their homes, both at the building level and to change the fixtures with a view to saving energy.
Certainly there are ad hoc mortgages, but, for amounts not exceeding 50,000 euros, the loans represent a valid alternative. In these cases you save on the notary fee and it is not necessary to register the mortgage on the building to be restored.
We can say, to have a benchmark, that banks and financial institutions, based on statistical data, tend not to commit more than 20-25% of customer income, knowing that otherwise financial difficulties may arise, making it difficult to regular payment.
In cases where this proportion is not respected, it is necessary to involve a third person who acts as guarantor, or to move towards specific types of loan, such as the sale of the fifth.
In assessing the solutions on the market, it is always good to compare not only the installment, but also the Taeg, which represents the true cost of the loan.
How much you can borrow
The Bankery comparator, in addition to giving the possibility to request free estimates, provides a series of tools that can help you understand how much you can request. This is the case, for example, of the tool called “How much can I borrow?” Which allows you to understand, based on the possibility of monthly savings, what amount can be disbursed in the form of a loan.
The calculation also takes into account the duration of the loan, ie the period in which it is necessary to set aside the money of the installment. The annual rate that is applied to the loan is also highlighted.
Wanting to make an example using this tool, let’s assume we have a maximum amount obtainable from the saving capacity of around 500 euros, to want to commit it for 20 months, with a Taeg of 9%. The calculation shows us that, given these values, the maximum amount we can request is € 10,983.
Bankery also allows you to carry out simulations to identify the most convenient rate: in this case the easy tool for comparing the best offers is available.
At 8 March, the best proposal is a personal loan of Agos, with a monthly payment of 572.34 euros and Taeg 5.62%.