Sometimes, each of us lacks money to buy the necessary things. The easiest and the most secure way to get them is to get a bank loan. What types of loans can we use?
Consumer credit can be granted to all persons who achieve stable income. These incomes do not have to be high either. All banks grant consumer loans not only to persons employed under an employment contract, but also to those who receive a pension. In some banks, such loans can also be granted to persons who are employed under a specific work contract or mandate contract. In the latter case and in the case of low income, the bank is unlikely to grant a loan for a high amount. Consumer credit can be in the form of cash or non-cash. If you want to know about cash loans check out this article.
It can be used by persons who have a current account in a given bank. However, there is one condition: at least three months must have passed since its establishment. What limit the bank will grant us depends on the amount of our earnings. Most often you can get a limit from one to three times your monthly earnings. A revolving loan has a lower interest rate than the consumer one. Additionally, interest is calculated by the bank only on the amount of money that we use. It must be repaid in full within twelve months.
Credit card loan
Can be issued to people with fixed income. Banks usually do not charge any fees for issuing the card for the first time. The limit we receive depends on the amount of our income. In the case of a high limit granted to one of the spouses, the other must give their consent. In the case of credit card loans, there is the so-called interest-free period. By paying back the debt at this time, the bank will not charge us interest. In most banks, this period is fifty days. But the bank does not charge interest only for non-cash transactions. So don’t use a credit card to withdraw money from an ATM.