Which loan to choose: find the most convenient solution
Which loan to choose? This is a more than legitimate question if you are thinking about applying for a loan to a lender. To find the solution that best suits your needs, here are the things to know.
Types of loans
First of all, we must specify that there are different types of financing, each of which has specific characteristics:
- Employee loans. It is so called because the monthly payment, which is automatically deducted from the salary or pension, can not exceed one fifth of the salary or pension.
- Personal loan. Surely the most requested type of loan. Available from people aged 18 to 75, the amount of funding ranges from a minimum of two hundred euros up to a maximum of 75 thousand euros.
- Loan with proxy. Also called double fifth (because the monthly payment can reach two fifths of salary or pension), with this solution you can request an extra loan.
- Debt consolidation loan. If you have more active loans, you can “consolidate” them into one and pay only one monthly installment.
- Advance TFS. A very special loan, as it allows those entitled to receive an advance on the end of service treatment.
Here we will answer a very common doubt: for a loan, better the fixed rate or the variable rate? In general, to be really sure to stipulate the most sustainable financing, we must always remember that:
- The fixed rate is convenient for long-term loans, so as to draw up a sustainable return plan;
- The variable rate is advisable for short-term loans, in order to limit the possible risks connected to market variability.
Personal loan at zero rate
If you are, in whole or in part, oriented towards this solution, the personal loan at zero interest rate is paid, mainly, when you want to incentivize a specific purchase. For example, cars can often be purchased through zero interest financing.
The concept of “convenience” of the loan must be explained, because it is not enough simply to refer to the interest rate. In order to correctly evaluate the thing, in fact, we must always keep in mind what are TAG and TAEN.
- The nominal annual rate (TAN) is the annual interest rate that the credit institution applies to the loan;
- The total annual percentage rate (APR) is the total cost of the loan expressed as a percentage.
These two values define how much the loan costs to the applicant.
Where it is convenient to ask for a loan
Just make an appointment, by phone or online, with a consultant and go to one of the branches of Manubank : an expert will always advise on which loan to choose to find the most convenient solution to suit your needs.